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What is Lightning Network?

What is Lightning Network? A Step-By-Step Guide for Beginners!<br>Do you want to know about what the Lightning Network is, how it works, and how it is expected to be an integral part of Bitcoinu2019s future?. Read this beginner guide on the basics to get yourself started. The Lightning Network is a second layer which aims to resolve Bitcoinu2019s scalability problem.<br>Explore more from here - https://www.developcoins.com/lightning-network

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What is Lightning Network?

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  1. WHAT IS LIGHTNING NETWORK www.developcoins.com

  2. What is Exactly Lightning Network? • How does the Lightning Network work? • Overview of Lightning Network Architecture • Who developed the Bitcoin Lightning Network? • Advantages & Disadvantages of Lightning Network • Interesting facts about Lightning Network • Where is Lightning Network used? • Current Stage of Market Adoption • Future of Lightning Network What we covered here!

  3. While Bitcoin provides a solution to many of the problems given by our current economic system, it still has some difficulty. One of its biggest limitations concerns the speed and price of transactions, exclusively during busy times. These limitations prevent it from becoming a true medium of exchange for day to day microtransactions, like cash or credit card. The lightning network was developed to solve just that. Created as a second layer over the bitcoin network, it allows the user to transfer Bitcoin between one another instantly and without any fees. This is made feasible by creating payment channels between two users. Payments can also be made between users that are connected indirectly, through network channels. Introduction about Lightning Network

  4. Lightning Network - World’s Fastest Blockchain Platform

  5. Joseph Poon • Thaddeus Dryja • It has since evolved into a community effort with third-party individuals and even companies providing to specifications and implementations. Who developed the Lightning Network?

  6. Overview of Lightning Network Architecture Bitcoin Lightning Network Protocol helps instant off chain micro payments, while Ethereum Plasma Framework allows child chains to be pegged to root blockchain.

  7. The Lightning Network is dependent upon the underlying technology of the blockchain. By using real Bitcoin/blockchain transactions and using its native smart-contract scripting language, it is possible to create a secure network of participants which are able to transact at high volume and high speed. This technology is using bidirectional payment channels. Two users freeze the same amount in the Blockchain network to open a payment channel between each other, and then use debt receipts among themselves to perform a transaction. How does the Lightning Network work?

  8. For example:

  9. Advantages & Disadvantages of Lightning Network

  10. Advantages of Lightning Network Scalability Outstanding Anonymity Micro payments Lower Fee Higher Speed

  11. 1. At this time the Bitcoin Lightning Network is on a beginning stage and hence huge important transactions are still better to carry out in the main Bitcoin Blockchain network. 2.P2P protocol handle in Lightning Network needs both peers online in order to complete a transaction. Should one gets offline, the broadcasting stops suddenly. 3.You can’t top up the channel from the mainnet. It’s called "Channel depletion", a situation showing when the first node transfers all the funds of the channel to the second node. Then such a channel can work only in one path direction, hence sending funds from the first node is impossible unless the second one transfers part of the funds back, or the two nodes will have to open a new payment channel. Disadvantages of Lightning Network

  12. Explore more from here https://www.developcoins.com/lightning-network

  13. Contact us Call - +91 9843555651 Skype - live:bitzbillo Email ID - sales@developcoins.com Visit - www.developcoins.com

  14. Thanks! Any questions? You can visit us @ www.developcoins.com

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