What is Bitcoin’s Lightning Network?

Posted on by American Coins & Gold

What is Bitcoin’s Lightning Network?
Bitcoin’s scalability issues mean that smaller transactions can congest the blockchain. The Lightning Network was created to fix that.Since each block on Bitcoin’s blockchain takes an average of 10 minutes to process, only a small number of transactions can go through at a time. In 2016, developers Thaddeus Dryja and Joseph Poon proposed an idea that could enable fast and cheap transactions on the network without having to change the block size. They called it, the “Lightning Network.”The Lightning Network creates a second layer on top of the bitcoin blockchain that uses user-generated, micropayment channels to conduct transactions more efficiently.These…