27 Feb '16, 8pm

Lightning Network Maybe the Future of Bitcoin Micropayments - newsBTC

Lightning Network Maybe the Future of Bitcoin Micropayments - newsBTC

The Lightning network is a novel way to facilitate a series of micro-transactions between two parties without creating individual transaction entries for each transaction. Instead, the network creates an open channel between two parties, allowing them to make bitcoin transactions of any size between them. The record of a Lightning channel being created is stored on the blockchain. Once the channel is open, any number of transactions can go through the channel. However, in order to spend the funds received/sent over the channel, both parties have to agree to the balances of each party. Once they agree, the new final balance will be recorded in the blockchain. It is similar to the 21 Inc.’s high-frequency micro transactions channel.

Full article: http://www.newsbtc.com/2016/02/27/lightning-network-bitco...

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