WHAT IS LIGHTNING NETWORK? HOW IS IT WORKING? WHEN WILL IT BE ACTIVATED?

in #bitcoin7 years ago

Lightning network is a protocol that allows you to work off-chain.
Rather than processing all the transaction directly to the Blockchain Network, it leaves an open door between receiver and sender. As long as this door is open, transactions are made instantly but the receiver cannot withdraw until its closing.
If receiver and sender is done with their transactions, they close the door and those transactions is processed into Blockchain network as they are one transaction. When they are processed, receiver can withdraw.
Lightning network will reduce the total fee and density in the blockchain network by using this system.
On the other hand, BTC is becoming an economic asset that can be used even at grocery shopping with the Lightning network.
In fact, The Lightning Network is currently active and testing by thousands of volunteer programmers. All we need is companies that transfer thousands of Bitcoins a day to activate the Lightning Network protocol and that takes time.
When the Lightning Network protocol is widely used, we will use Satoshis rather than Bitcoin. Because having 1 Bitcoin will be a sign of richness.
Do not hesitate to ask your questions into our telegram group. https://goo.gl/qk1ZE8

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