Lightning Network coming to Bitcoin in 2018? (Hopefully)
Source: https://qoinbook.com/blogs/bitcoin-lightning-network-answer-bitcoins-exponential-difficulty-problem/
Put simply, the Lightning Network is and will be a new software capability that is being adopted by Bitcoin and Litecoin. Litecoin may be a bit faster to market — but eventually both should have it in 2018 or early 2019.
The Lightning Network white paper was proposed in early 2017 as a methodology to increase the speed of the Bitcoin Payment Network.
Why the need for Lightning Network — speed of transactions
Part of Bitcoin’s value is that it is a “payment network” . BTC is and always will be compared against known payment networks today — like Visa, Amex, Western Union etc.... all using fiat currency.
In order for user adoption to resonate over the years the speed and cost of usage must be comparable or cheaper or we may not see the broader adoption that is envisioned for crypto’s.
Without getting to technical or making it complicated, the lightning network is called a Layer 2 or Tier 2 solution since it lays on top of the BTC network. Payments between individuals or companies can be processed without using the slower infrastructure but accomplishing the same objective of passing payment from one to another at very high speeds and practically $0 fees.
Much needs to be done in order for Lightning Network adoption. Each BTC node will need to go through this upgrade invidually and only over time will each node be done and the Lightning Network can be enjoyed by all.
Technically it works, technically it is available to use but it is not propagated by all. There will be plenty of communication coming out as to the progress of the Lightning Network.
This is a discussion from TODAY on all of a sudden people were seeing a drop in BTC fees associated with the mempool clearing up (meaning less was being held for processing....more was being processed). Was it the effect of something be implemented in the network or other...we will see...but it was a surprise to see this morning. https://mobile.twitter.com/88Crypto88
Bitcoin and cryptos are software...we will see changes like this in 2018. Just another reason to be excited.
this will really be Epic
It will take many “barriers” away. The political barriers will always be there.
Understood, but there should be a way ..
Sounds like progress, thou slow.
Agreed...I think there is much discussion on how this will play out —-it’s a little more complicated than fast speeds...I think.