1ML, the popular Lightning network search and analysis engine has added Litecoin’s lightning network explorer. Charlie Lee, the founder of Litecoin, tweeted,
The LTC’s Lightning network search and the analytical engine is live now on 1ML. Looking at the Litecoin’s Lightning network, it is clear that the network is very small and has a huge growth potential. Currently, there are 92 lightning nodes and 303 channels for LTC’s lightning network. Bitcoin, on the other hand, has 3886 nodes and 12,202 channels.
In a lighting network, Nodes are computers that facilitate the transaction while channels are messaging platform that connects different nodes. According to an example by Investopedia,
“Alice opens a channel with her favorite coffee shop and deposits $100 worth of bitcoin in it. Her transactions with the coffee shop are instant because she has a direct channel with it.
Bob, who has a channel open with the grocery store he visits most frequently, also buys coffee from Alice’s shop. The connection between Alice, the coffee shop, and Bob ensures that Alice can use funds from her balance with the coffee shop to buy groceries from Bob’s store. Similarly, Bob can use his grocery store balance to conduct transactions with businesses in Alice’s network.
If Bob closes his channel with the grocery store (and there are no other customers in common between the coffee shop and grocery store), then Alice will have to open another channel with the grocery store to make purchases there. In this way, a web of transactions is created and routed between multiple lightning nodes in a decentralized fashion. “
The lightning network has a received a lot of criticism for not being an ideal scaling solution for Bitcoin, as miners believe that incerasing the block size is the right way. Charlie Lee is in full favor of lightning network, even calling it Satoshi’s true vision.
Did you like the news you just read? Please leave a feedback to help us serve you better