Litecoin can be helpful in facilitating the Bitcoin Lightning Network, Charlie Lee believes
Lightning Network is an interesting aspect of the cryptocurrency – it is conceived as a separate network, adjoining to the existing Bitcoin network. The Network could allow the user-to-user transaction. The payments will be done on an individual basis, thus, cutting down the high transaction fees and the suffering from extended processing times. In a recent tweet, Litecoin founder Charlie Lee said that his cryptocurrency could help in facilitating the Lightning Network.
To explain how that will be possible he tweeted on July 11 that Litecoin “will also be the easiest onramp onto the Lightning Network. BTC takes too long and fees [too] high? No problem. Open an LTC payment channel on chain cheaply and quickly, then atomically swap for BTC if/when you need to. This can be done in one step.”
For now, Litecoin is one of the popular cryptos when it comes to on-chain transactions, since its both fast and cheap. Moreover, Litecoin has its own independent Lightning Network and has tested atomic swap. But, before readily incorporating the procedure, some fine-tuning is required. However, It is to be noted that Bitcoin network which was once plagued by congestion has overcome those issues. Now, they don’t run on such high fees and is preferred as a network for transmission of large transactions.
The developer behind the Network, Lightning Labs has a beta feature in its network in which two cryptocurrencies can be selected, although the features are not yet on the live mainnet. The Lightning Network is in development for several years and was launched in March of this year. It was rough launch as some of the users even experienced losses. Even months after its launch, the Network did not live up to the expectations that people had.
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