What is Lightning Network | Bitcoin's Lightning Network Explained | Intellipaat
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Have you ever wondered how Bitcoin can scale to handle millions of transactions per second? In this video, we will explain what is lightning network and how it works.
The lightning network is a layer 2 payment protocol that enables instant and low-cost transactions among participating nodes12. It is based on smart contracts that operate on top of Bitcoin’s blockchain13.
The idea behind the lightning network is to create payment channels between two parties that only require two transactions on the blockchain: one to open the channel and one to close it24. In between, any number of off-chain transactions can happen without involving the blockchain4. This way, the lightning network can reduce congestion and fees on the main network5.
To join the lightning network, you need a lightning wallet that can connect to other nodes and create payment channels. You also need some bitcoin to fund your channels. Once you have set up your channels, you can send and receive payments instantly with anyone on the network5.
In this video, we will show you how to use a lightning wallet, how to create and manage payment channels, and how to make payments with lightning. We will also discuss some of the benefits and challenges of using the lightning network.
If you are interested in learning more about the lightning network and how it can improve Bitcoin’s scalability, security, and privacy, then stay tuned for this video!
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🔵 Following topics are covered in this session:
0:00 - Introduction
1:37 - What is Bitcoin Lightning Framework?
6:47 - Advantages of Bitcoin Lightning Network?
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