LTC Creator Charlie Lee Says Litecoin Can Help Bitcoin’s Lightning Network Onboarding
The Lightning Network is currently one of the most promising technologies in the blockchain space at this moment. It was first conceived as a separate network that would exist together with the Bitcoin network and could power user to user transactions with lower fees and fast processing times.
One of the main ideas is that the payments made on the Lightning Network would be made individually, so they could be dealt in a separate way with the general Bitcoin chain and would be “free” from the other transactions.
Oddly, the founder of another blockchain network, Charlie Lee, actually believes that his own token, Litecoin, could be instrumental in making the Lightning Network better.
Litecoin Making The Lightning Network Better
According to Charlie Lee, you could simply open an LTC payment channel and use it cheaply and quickly, then use an atomic swap for BTC if you need it and you could do it easily. This is highlighted because Lightning Labs, the developer of the new network, has a beta feature that can make atomic swaps between two cryptos.
Litecoin, on its own, already has had some tests with atomic swaps in the network and, after some tuning, there are considerably good chances that it might work well. Litecoin is, at the moment, a great token for fast transactions that can be really cheap. Bitcoin, on the other hand, was plagued by congestion and has only recently overcome these problems.
However, some people are still considering the Lightning Network to be too risky because of the way that it works, so some people still do not use it for large transactions. Lightning Network was launched after years of development in March 2018.
Many felt that the launch of the new network was very rough and some users even experienced losses, so, because of this, many believe that this new network is still not as good as what people have been hoping for.