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?
I am looking for a simple answer or basically in layman's terms,so that people can actually understand.
I am eagerly waiting for the next question.
Oh crap,I almost forgot..
Don't post just because you have to earn a merit. I am seeing a lot of one/two liners just being rephrased from third party websites. Please understand what you're writing. Or just don't do anything rather.
This terms explains everything in a clever way, so Ill simply reiterate for the laziest who dont feel like clicking a link:
You and I sign a contract.
As long as we both respect it, no one else needs to know we have this contract. But if I try to screw you, you want to be sure theres someone who can force me to desist.
Thats Lightning Network: the contract is a smart contract, the enforcer is the blockchain. As long as no one breaks the law, millions of smart contracts can be stipulated simultaneously off chain, thus reducing greatly the amount of congestion on chain, but as soon as theres a contentious, the smart contract can be broadcasted on the network (classic BTC transaction) and the power of blockchain will fix the issue. As simple as that. Its just the translation of common practices into crypto-space.