401.3 Lesson - lightningNetwork

Screen: lightningNetwork

Headline: The Lightning Network

Reward: 2

Text: While users prevailed and preserved the decentralization of the Bitcoin network, a solution to scale Bitcoin proposed by researchers Tadge Dryja and Joseph Poon, called the Lightning Network, started to gain traction and was launched in 2017.

The Lightning Network, often referred to as just Lightning or LN, is a scaling solution built on top of the Bitcoin protocol. It facilitates smaller, near instant payments between users at very low cost and eliminates the need for every transaction to be added to the Bitcoin blockchain whilst ensuring that the value being transacted abides by the rules of the Bitcoin network.

=================================================================

QUIZ

Question: What does the Lightning Network do?

Answer: It allows users to make small, near instant payments at low cost

Feedback: Correct! The Lightning Network allows users to make small, near instant payments at low cost, and it eliminates the need for every transaction to be added to the Bitcoin blockchain. Congrats! As a fun fact, the Lightning Network has helped increase the adoption of Bitcoin by allowing it to process more transactions per second and handle higher volumes of transactions

Correct: true

Answer: It helps users preserve the decentralization of the Bitcoin network

Feedback: Incorrect! The Lightning Network is actually a scaling solution built on top of the Bitcoin protocol. Try again

Correct: false

Answer: It ensures that every transaction is added to the Bitcoin blockchain

Feedback: Incorrect! The Lightning Network actually eliminates the need for every transaction to be added to the Bitcoin blockchain, as it allows for smaller payments to be made off-chain.

Correct: false