What is the Lightning Network? How will it solve the Scalability issue of Bitcoin?

What is the Lightning Network? How will it solve the Scalability issue of Bitcoin?

Each and every person who has invested in Bitcoin directly or indirectly knows what is Lightning Network, which is in fact currently, the most important topic of discussion. After all, this may be the future of Bitcoin. Bitcoin cash hard fork and canceled SegWit 2x hard fork, both were the solutions to the issue of scalability of Bitcoin network.
Right now, at this current stage, Bitcoin is slow but many people believe that Bitcoin is the future of any financial system and the biggest problem of bitcoin’s blockchain is its scalability and speed.
Bitcoin’s network can only speed up to maximum 10 transactions per second but it’s only under some condition and in reality the average, a network of bitcoin handles 3 – 4 transaction per second, as compared to PayPal and visa handles 115 and 24,000 transactions per second respectively. Meanwhile, even the transaction fees are increased up to 1000% since 2015 of bitcoin. As a result, Bitcoin has very low maximum transaction speed. So, until the transaction is not completed, it keeps a long backlog of the unconfirmed transactions...

Comments

Post a Comment

Popular posts from this blog

Difference Between Cryptocurrency Coins and Tokens

Image
Cryptocurrency is a digital currency that uses cryptographic techniques to regulate its use and generate the currency by verifying the transfer of funds. In the Cryptocurrency market, two terms coined largely are Coins and Tokens . Most of the non-tech people often consider these both as one term, which is not true. There are some important differences between them and to understand that, it’s imperative to know the terms thoroughly... To continue reading click https://cointopper.com/guides/difference-between-cryptocurrency-coins-and-tokens .
Read more

A step-by-step guide for beginners for investing in ICOs

Image
An ICO(Initial Coin Offering) is a process when a new cryptocurrency is released by means of crowdfunding to raise the fund for the development of project Nowadays, the ICOs are becoming more and more mainstream among investors and also the general public. Because of the newness of Blockchain ecosystem, there are still some lacks in the standardization of the rules of ICO, which makes it a bit cumbersome for an average person to get into the ICO participation. This step-by-step guide will help you understand the whole process for participating in an ICO... To continue reading https://cointopper.com/guides/a-step-by-step-guide-for-beginners-for-investing-in-icos
Read more

What is Tangle? How it differs from the Blockchain?

Image
Exploring the Blockchain to its fullest is still a mark yet to achieve and here emerged another variation called the " Tangle ". What is Tangle? Tangle, also known as Directed Acyclic Graph(DAG) is a type of data structure that has a unidirectional motion and does not loop back to where it started(explained in detail, below). It is also a distributed ledger, like blockchain, that works on the principle of decentralization.  IOTA is a cryptocurrency which is not built on the blockchain. 'Tangle' is a new concept brought by IOTA engineers, which is expected to be a distributed ledger with low cost and high scalability, specially designed for the Internet of Things(IoT)...    To continue reading visit:  https://cointopper.com/guides/what-is-tangle-how-it-differs-from-blockchain
Read more