Question

What is the Lightning Network?

Answer 1

The Lightning Network is a second layer payment protocol that operates on top of a blockchain (like Bitcoin or Litecoin). It enables faster transactions and reduces fees by creating direct payment channels between two parties. This network allows for instant micropayments and increased scalability for cryptocurrencies.

Answer 2

The Lightning Network is a "Layer 2" scaling solution for cryptocurrencies, particularly Bitcoin. It enables faster and cheaper transactions by allowing parties to set up payment channels off the main blockchain, thus reducing the load on the blockchain network. It offers instant payments and increased scalability for cryptocurrencies.