Lightning Labs has finally released the Lightning Desktop App, and not a moment too soon. As Bitcoin continues its tentative recovery following a year-long price drought, it’s critical that the Bitcoin network be fast and affordable. This was not the case throughout much of 2017 when high traffic drove up Bitcoin network costs and often dragged transactions out for days, or even weeks.
The Lightning Network was created to take pressure off Bitcoin’s main chain. Running at roughly 5 transactions per second, the Bitcoin blockchain simply is not equipped to handle constant global traffic. This is why the Lightning Network was created.
A second-layer solution, the Lightning Network makes it possible to send BTC to channels on architecture outside the Bitcoin blockchain. Payments can be sent and received via channels on this second-layer solution, without having to constantly tax Bitcoin’s finite resources for settlement.
The Lightning Network has been in development since 2016. Many within the industry have expressed…