Quote from: CryptopieceOfficial on January 02, 2019, 02:57:59 PM

What does it do other than faster payment??

In simple terms, it offers offchain scalability.

I read this interesting interview with Andreas Antonoupolos:

Quote

It allows you to route through payment channels, which are smart contracts using multi-sig and time delays. It allows you to transfer (small amounts of) Bitcoin.between two participants, without the need to record it on the blockchain until there is a settlement or a dispute.

https://bitcoinexchangeguide.com/andreas-antonopoulos-on-btc-lightning-network-ln-is-a-second-layer-network-not-a-sidechain/

You could make numerous small transfers through a channel, and none would be record in the blockchain. It would only be recorded when you decide to leave the channel, paying only one transaction fee.