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 an interesting aspect of the cryptocurrency– it is conceived as a different network, adjoining to the existing Bitcoin network. The Network might enable the user-to-user deal. The settlements will certainly be done on a specific basis, thus, cutting down the high deal charges and the suffering from expanded handling times. In a recent tweet, Litecoin owner Charlie Lee stated that his cryptocurrency might assist in assisting in the Lightning Network.

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

To discuss just how that will be possible he tweeted on July 11 that Litecoin “will certainly likewise be the most convenient onramp into the Lightning Network. BTC takes as well long as well as costs [as well] high? No problem. Open an LTC repayment network on chain cheaply as well as swiftly, then atomically exchange for BTC if/when you need to. This can be performed in one action.”

In the meantime, Litecoin is among the prominent cryptos when it involves on-chain deals, considering that its both quick and affordable. Furthermore, Litecoin has its own independent Lightning Network as well as has checked atomic swap. Yet, prior to readily including the procedure, some fine-tuning is needed. However, It is to be kept in mind that Bitcoin network which was as soon as afflicted by congestion has actually conquered those issues. Currently, they don’t work on such high charges and also is chosen as a network for transmission of big transactions.

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

The programmer behind the Network, Lightning Labs has a beta function in its network in which two cryptocurrencies can be chosen, although the features are not yet on the live mainnet. The Lightning Network is in advancement for numerous years as well as was released in March of this year. It was harsh launch as some of the customers even experienced losses. Also months after its launch, the Network did not live up to the assumptions that individuals had.

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