Interest in bitcoins is increasing day by day. This intense demand causes density on the blockchain network where Bitcoin transactions are made, and we were waiting hours for some transactions to be verified. In addition, it is also a problem that the transaction fees collected from transfers are increasing day by day. Lightning Network is a technology that can solve all these speed problems. Since Lightning Network has the capacity to make instant transactions, we can also say it is a lightning-fast network.
When we want to send small amounts of Bitcoin, the transaction fee can even exceed the amount we will send. There is no transaction fee when transferring via Lightning Network.
What are the advantages?
Previously, miners were intervening and carrying out the verification transactions. For these verification processes, miners use enormous amounts of energy and the process takes a long time. With the Lightning Network, two users, namely the sending and receiving of the transfer, directly create a channel between each other, and the process is instantly executed. In this way, the miners in between are also eliminated.
In places that require instant payment, for example, during shopping in a store or cafe, instant transactions between devices will be possible with the lightning network.
One of the most important features of the Lightning Network is its change in the way transactions are written on the blockchain. With this, when two people want to make a transfer between themselves, a channel is opened between these two people that only they can use. The first time this channel is opened, the information about it is written on the blockchain. The transactions to be made between these two afterward are not written on the blockchain. Therefore, transactions take place very quickly, more precisely instantaneously. If these two people want to close the channel between them one day in the future, maybe decades later, then the information of this is written on the blockchain, so the blockchain is used only at the opening and closing of the channel.
As it is understood, the Lightning Network is both a useful technology to reduce the density on the blockchain and it seems that it will be mentioned more in the future because of the fact that the transfers are instant and free.
