Litecoin can be helpful in facilitating the Bitcoin Lightning Network, Charlie Lee believes

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July 17, 2018 by
Litecoin can be helpful in facilitating the Bitcoin Lightning Network, Charlie Lee believes

Lightning Network is a fascinating facet of the cryptocurrency– it is conceived as a different network, adjoining to the existing Bitcoin network. The Network might allow the user-to-user deal. The settlements will certainly be done on an individual basis, therefore, reducing the high transaction costs and the suffering from extended processing times. In a current tweet, Litecoin founder Charlie Lee claimed that his cryptocurrency might assist in facilitating the Lightning Network.

See also: Twitter debate between Litecoin, TokenPay CEOs paves way for tie-up

To describe how that will be possible he tweeted on July 11 that Litecoin “will likewise be the simplest onramp into the Lightning Network. BTC takes too long and charges [as well] high? No problem. Open an LTC settlement channel on chain cheaply and quickly, after that atomically swap for BTC if/when you should. This can be done in one step.”

In the meantime, Litecoin is just one of the prominent cryptos when it involves on-chain transactions, because its both quick as well as low-cost. Furthermore, Litecoin has its very own independent Lightning Network and also has actually checked atomic swap. But, prior to conveniently integrating the treatment, some fine-tuning is called for. Nonetheless, It is to be noted that Bitcoin network which was when afflicted by blockage has actually overcome those problems. Now, they don’t work on such high fees and is liked as a network for transmission of large deals.

See also: Bitcoin Cash [BCH], Litecoin [LTC] debut on Robinhood

The designer behind the Network, Lightning Labs has a beta attribute in its network where two cryptocurrencies can be chosen, although the functions are not yet on the online mainnet. The Lightning Network remains in development for several years and was launched in March of this year. It was rough launch as a few of the individuals even experienced losses. Even months after its launch, the Network did not live up to the assumptions that individuals had.

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