What is Lightning? Lightning, also known as the LIGHT coin, is a layer-2 solution that aims to solve Bitcoin’s scalability problem. In this article, you can access answers to frequently asked questions such as what the Lightning Network is, what it offers, what is LIGHT coin, what is it for, how to get it. As Kriptokoin.com, we have prepared it for you. Let’s examine the project together.
What is Lightning?
Bitcoin has managed to become a very popular store of value since its inception. However, this increase in adoption brought with it intensity. The BTC network today is extremely slow and costly due to the way it was designed. To solve this problem, the Lightning Network (LN), a layer-2 solution built on the Bitcoin network, has emerged. LN consists of a channel system that allows people or companies to move money between each other. Accordingly, users do not need to use Blockchain to verify their transactions. So LN aims to facilitate peer-to-peer (P2P) crypto payments.
What does the Lightning Network offer?
Lightning Network is similar to traditional payment systems such as Visa and Mastercard. When you pay for something, it is not instantly resolved. Instead, it provides quick verification of funds from the buyer and the seller’s claim. In addition, the actual transfer of funds takes place soon. The Lightning Network is run by a network of nodes that process payments. In addition, transactions are often carried out using QR code technology rather than complex public keys. Thus, it allows many transactions to take place in a short time. However, the costs are low as no block validation is needed. LN also has a Bitcoin-based wallet application.
What is LIGHT? What does it do?
LIGHT is the utility token of the Lightning network. It was created with the BEP-20 smart contract on Binance Chain. The token has many use cases. However, its key use case is digital cash. It stands out especially as being suitable for a few cents or satoshi (sat) payment. A Lightning payment is processed immediately. Thus, after a few milliseconds, money can be transferred from the payer to the payee. A Lightning transaction is not recorded on the Blockchain. Therefore, there is no need to wait a few blocks to ensure a secure payment. However, people who pay with LIGHT can hide their identities. So it is possible to transact anonymously.
What is Lightning? How to take LIGHT?
Investors interested in the Lightning Network should find an exchange where the altcoin project is listed. LIGHT coin is not currently listed on large exchanges. Accordingly, the cryptocurrency is only traded on PancakeSwap. Interested investors should sign up for PancakeSwap and verify their accounts. Next, they need to deposit an asset in their wallet that matches their LIGHT pair. Users who do all of this completely can buy LIGHT coins.
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