1ML, the popular search engine and analysis of the Lightning network, has added the lightning-fast network of Litecoin. Charlie Lee, the founder of Litecoin, tweeted,
— Charlie Lee [LTC⚡] (@SatoshiLite) October 30, 2018
The LTC Lightning network search and analysis engine are now available in 1ML. Looking at the Litecoin & # 39; s Lightning network, it is clear that the network is very small and has enormous potential for growth. Currently, there are 92 lightning-fast nodes and 303 channels for the LTC lightning network. The bitcoin, on the other hand, has 3886 nodes and 12,202 channels.
In a lighting network, nodes are computers that facilitate the transaction while the channels are messaging platforms that connect different nodes. According to an example of Investopedia,
"Alice opens a channel with her favorite coffee shop and deposits $ 100 in bitcoins, her transactions with the cafeteria are instantaneous because she has a direct channel with it.
Bob, who has an open channel with the frequent shop, buys coffee from Alice's store too. The connection between Alice, the cafeteria and Bob ensures that Alice can use the funds from her balance with the coffee shop to buy groceries from Bob's store. Likewise, Bob can use his store balance to conduct business transactions on Alice's network.
If Bob closes his channel with the grocery store (and there are no other customers in common between the cafeteria and the grocery store), then Alice will have to open another channel with the grocery store to shop there. In this way, a network of transactions is created and routed between multiple lightning nodes in a decentralized manner. "
The lightning network has received a lot of criticism for not being an ideal downsizing solution for Bitcoin, as miners believe that collecting the block size is the right path. Charlie Lee is in full support of the lightning network, even calling it the true vision of Satoshi.
Get the latest news on Blockchain only on Blockmanity.com. Subscribe to us on Google News and follow us on Twitter @Blockmanity
Did you like the news you just read? Please leave feedback to help us serve you better