Home / Litecoin / The Bitcoin Lightning network is a second-level network, not a sidechain, author of Mastering Bitcoin

The Bitcoin Lightning network is a second-level network, not a sidechain, author of Mastering Bitcoin

Andreas Antonopoulos, the author of Mastering Bitcoin and a well-known Bitcoin supporter, spoke about whether the Lightning network is a sidechain or a second level.

Antonopoulos started talking about the Lightning network, saying that it is a second level network and not a sidechain. He clarified that the second level is a mechanism for transmitting out-of-chain payments with the help of the underlying blockchain for security. He has declared:

"It allows you to route payment channels, which are smart contracts that use multi-sig and time delays. [small amounts of] bitcoin … between two participants, without [needing] to register it on the blockchain [until settlement or there is a dispute]".

The author also added that it is not necessary for the two participants to trust someone else. This is because the underlying technology of Bitcoin, blockchain, is the "basis of trust and security". He went on to say that the Lightning network can also be used as a multi-currency routing network.

Antonopoulos said:

"You can have nodes that participate in Lightning with Bitcoin or nodes that run Litecoin, you could theoretically have nodes that run Ethereum or [other compatible blockchains]".

This was followed by the Bitcoin supporter who spoke of the pre-requisites for a Lightning-compatible blockchain, stating that these are basic security features including multi-sig, time delay and a transaction malleability solution. He stated that with multi-sig and time delay, it is possible to implement a hash-out time-out contract, the default block for routed payment channels. He said:

"In theory, you could use it … to connect the side chains to each other, so today you can send a Lightning payment [with] bitcoin and the recipient [will get] Litecoin, which is another blockchain, because both are compatible with Lightning. "

Antonopoulos said that because of this, Litecoin and Bitcoin became sidechani on one another, adding that the Lightning network acts as the intelligent contract layer that connected them.

Mattfm101, a Youtuber said:

"Lighting is amazing, when the next rally happens, people will not be turned off by the slow speed of the transaction"


Subscribe to the AMBCrypto newsletter



Follow us on Telegram | chirping | Facebook


Priya

Priya is a full-time member of the AMBCrypto reporting team. He is a finance specialist with a one-year writing experience. You had no value in Bitcoin or other currencies.

Source link