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Lightning Network

The Lightning network provides an interface for performing transactions that are in-turn supported by the bitcoin protocol.

https://github.com/lightningnetwork/lnd

The Lightning Network is a second layer payment protocol that is built on top of the Bitcoin blockchain. It is designed to enable fast, cheap, and scalable transactions on the Bitcoin network, without the need for the transactions to be recorded on the blockchain itself.

The Lightning Network works by creating a network of payment channels between participating nodes. These payment channels allow users to make multiple transactions between each other without the need for each transaction to be recorded on the blockchain. When a user wants to close a payment channel and transfer the funds back onto the blockchain, they can do so by creating a transaction that records the final balances of the channel on the blockchain.

The Lightning Network is intended to address some of the scalability and cost issues that have been associated with the Bitcoin network, and it is expected to enable a wide range of new applications and use cases for Bitcoin. It is supported by a large and active community of developers and users, and it is considered a key technology for the development of the decentralized web (Web 3.0) and other emerging technologies.

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Last updated on 1/9/2023