Why Bitcoin’s Lightning Network is Ingenious

There are three systems of accounting around the world: single entry, double entry, and triple entry. Blockchain and Bitcoin’s revolutionary success is that it brought about triple entry accounting, which was never used before. But this also has some serious drawbacks which Lightning Network’s double entry accounting system solves. So the paradigm changing technology’s drawbacks are solved just by something that hasn’tevolved in over 500 years?? Yes indeed!

-Single Entry Accounting is simply when an individual or group records negative and positive transactions to their ledger. That’s perfectly fine for personal use, because you’re just keeping track of your own finances and you know you can trust yourself
-Double Entry Accounting is a step forward, here each participant in a transaction records two lines per transaction, a debit/credit on their own ledger and the corresponding credit/debit of the other participant.
-Triple Entry Accounting and Blockchain/Bitcoin Triple entry accounting is where not just each participant in the transaction records the debit and associated credit of the transaction for each party, but every participant involved in the entire economy gets a receipt of acknowldegment of this transaction. It is therefore impossible to create fraud or manipulate the ledger without gaining control over the whole economy of participants (in blockchain jargon this is called a 51% attack). But if everyone has to record all transaction, that means every time a transaction is mademust be checked by the entire community. This indeed takes time to propagate these transactions across the entire network. This creates a bottleneck for how many transactions can be done.

The Lightning Network
The Lightning Network is in plain words a double entry accounting system of standard use built above Bitcoin/Blockchain’s triple entry accounting system. A double entry accounting system is quick and has no transaction throughput bottleneck just because the two participants in a transaction must keep track of their transactions, meaning they don’t have to pass around the receipt of that transaction to the rest of the chain.
Therefore Lightning Network implementation BTC will have the double accounting system reliability and it will be backed up by the triple accounting system and we will get the throughput of the double system with the trustlessness and security of the triple accounting system.