Binance worlds most popular cryptocurrency exchange recently did some wonderful jobs and they now added a new feather in their trophy hat. To tackle the Bitcoin Congestion issue binance implement Lightning Network solution for Bitcoin transaction. It's safe to say it's one of the most important leap for Binance looking Forward.
Contents -
Why Bitcoin Transaction saw Congestion
Binance implement Lightning Network
What is Lightning Network ⚡
Why Bitcoin Transaction saw Congestion
The outbreak happened due to sudden surge of BRC-20. And specially BRC-20 Based memecoins. First time we saw so much traffic in Bitcoin. The fee goes skyrocket but people were minting random memecoin.
And then we saw a huge traffic in Bitcoin Transactions several translations failed mostly pending. Annd Bitcoin saw a huge transaction Congestion.
Binance implement Lightning Network ⚡
In a tweet June 20, 2023 Binance official twitter handle ciated that they had new lightning nods. And that helps Binance to achieve a faster $BTC transaction. However Binance said, the additional technical work is still in progress before they implement the tech.
What is Lightning Network ⚡
The $BTC Bitcoin Lightning Network is a layer-two protocol built on the Bitcoin blockchain to address scalability issues. It allows participants to create payment channels, conduct off-chain transactions quickly and inexpensively, and settle the channels on the Bitcoin blockchain when necessary.
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