Litecoin [LTC] has recently taken a step towards greater integration on the Lightning network, with the support expected to be added to the Lightning House node by the end of the year. The Home Node is an all-in-one solution for running a node on the Lightning network to send and receive payments transferred over the network.
The Bitcoin Lightning Network [BTC] is a level 2 solution built over the Bitcoin blockchain, which allows the opening of payment channels between two nodes on the network. The transactions in the channel would be updated to the main Bitcoin blockchain at the close of the channel. This theoretically allows faster payments and increases transaction throughput.
The Lightning Node device was created by the same individuals behind Lightning Ramp, a solution to link exchanges to the Lightning network to enable fast and untrusted payments. The device can send and receive payments on Bitcoin Lightning Network and open and close custom channels.
Charlie Lee, Managing Director of Litecoin Foundation, has recently contacted Twitter to the Casa team to inquire about the status of Litecoin's support on the product. He said:
"In the future, network routers will be equipped with integrated Lightning Network, they will route your data and payments, and you can also make a little money for LN transaction fees and maybe even atomic swap commissions. @ CasaHODL's product is a first step towards that.But, when Litecoin?
They replied that they would add support during the first part of the fourth quarter of this year. stated:
"TBH, I did not expect @CasaHODL to be working to support LTC so soon. But it is answers like these that show that it was the right decision to integrate Litecoin and not compete with Bitcoin. And when companies see the added value of LTC, it's extremely easy to add LTC support. "
According to Lee, this opens the possibility for Litecoin to become a camp in the Bitcoin Lightning network.This can be achieved by atomic exchanges, where two coins are exchanged with one another through blockchain
In addition, there is a variation in atomic swaps known as submarine swaps: Alex Bosworth's pioneer, the program allows users to transact between Lightning Network addresses and on-chain addresses and also includes support for Litecoin Mainnet. This means that users can access the Lightning network via Litecoin and the submarine exchange at the Bitcoin & # 39; s Lightning Network addresses Charlie Lee had declared at the beginning of this year:
"Litecoin will be also the simplest onramp on the Lightning network. Does BTC take too much time and cost? No problem. Open an LTC chain payment channel in an economic and fast way, then atomically exchange for BTC if / when it is needed. This can be done in one step using submarine swaps! "
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