What is Lightning Network?

The Bitcoin Lightning Network is a second-layer technology built on the Bitcoin blockchain that allows for fast, inexpensive transactions. The key idea behind the Lightning Network is to move the bulk of Bitcoin transactions off the blockchain and settle them off-chain in a trustless manner. The Lightning Network is based on the concept of payment channels. A payment channel is a mechanism that allows two parties to transact with each other without having to broadcast each transaction to the blockchain.…