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Re: A simple bitcoin Q/A. Learn new and interesting stuff about bitcoin.
by
shahzadafzal
on 25/04/2018, 04:44:03 UTC
Since the lightning network is becoming more popular now,a lot of people are really confused on what actually it is.  So here's a question about it:

Question: What is lightning network? What's its role and what does it do?
What is lightning network?
This is an idea for a instant peer to peer off-chain transactions, without touching the information stored on the blockchain

What's its role?
To minimize the number of transactions per block, (logically increases the overall network speed)

what does it do
It minimizes the fee and eliminates the long confirmation time of blockchian. Thus making transactions almost instant. For security it uses blockchain smart-contracts.

LN is less secure of course because the beauty of blockchian is missing however it can be used for micro or low risk payments.