Cryptocurrencies possess distinctive attributes that make them resistant to hacking or easy shutdown, allowing anyone to transfer value globally.
The Lightning Network, which operates on the Bitcoin blockchain, is a layer-2 solution that plays a crucial role in enhancing scalability for blockchains.
Recognizing the origins and evolution of the Lightning Network is crucial. In February 2015, Joseph Poon and Tadge Dryja collaborated.
The Lightning Network is a protocol that enables peer-to-peer payment channels between two parties. This makes transactions almost instant and cost-effective.
The Lightning Network, as described on its official website, represents a leading technological advancement in multi-party financial computations with Bitcoin.
In spite of its contribution to enhancing the capabilities of the Bitcoin Network across the blockchain trilemma, the Lightning Network does have some drawbacks.
The Lightning Network has emerged as a promising solution to address the scalability limitations of the Bitcoin blockchain.