What is the Bitcoin Lightning Network? A Beginner’s Explanation

Last updated on December 13th, 2017 at 08:40 pm

While the Lightning Network is extremely promising as a cryptocurrency game-changer, it’s also pretty complicated. But don’t worry! As always, we’re here to translate this fascinating aspect of Bitcoin into plain English.

Since Lightning Networks are anchored to “traditional” blockchains, a solid understanding of the basic workings of blockchain technology is helpful in understanding them. If you lack this foundational knowledge, we recommend that you first review our video guides of the Bitcoin blockchain, before continuing with this guide to Lightning Networks.

In a nutshell, the lightning network is an upgrade to the current Bitcoin system (i.e., the protocol) that will allow users to create instant and feeless transactions.

Lightning Network Origins

In his original Bitcoin design, Satoshi Nakomoto included some of the building blocks for fast transactions—which are unlimited by block times or…


Source: CoinFire

Check Also

oil.jpg

Oil Data Firm Platts Rolls Out Commercial Blockchain Platform

Energy markets data provider S&P Global Platts has announced the commercial deployment of a blockchain ...