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Lightning Network - Layer 2 solution for Bitcoin
Imagine if every computer needed to hold every email to get any emails at all. This is how blockchain technology works. The accelerator network is like a clever shortcut to this system, letting computers handle only the transactions they care about — and, for the most part, their own money moving around.
The Lightning Network was created to help the Bitcoin network and other blockchains run faster and handle more transactions. Currently, Bitcoin can only process less than 10 transactions per second, which is much slower than systems like Visa. Also, Bitcoin transactions can take about 10 minutes to confirm and cost a few cents each, which is not convenient for purchasing small items or for daily transactions. The Lightning Network changes this by allowing transactions to occur almost instantly, with potentially thousands or even millions occurring every second, and can make these transactions extremely cheap or even free.
It uses so-called payment channels to do this. Imagine that two friends, Ahmed and Mohamed, decided to keep their financial transactions off the blockchain every time they paid each other. They start a private account on the blockchain and can exchange funds instantly without waiting 10 minutes each time. They will only tell the blockchain when transactions are completed.
What if someone tries to cheat or goes offline? The Lightning Network has clever solutions for that too. It uses special contracts that ensure everyone gets their money back or gets it back if something goes wrong.
In short, the accelerator network is like a fast lane for blockchain transactions, making them faster, cheaper and more efficient. It could change how we use digital money, making it practical in...
Everything from buying a coffee to paying for a song online instantly.
