The Reason, Charlie Lee Believes Litecoin Can Be Instrumental in Bitcoin Lightning Network

For some cryptocurrency enthusiasts, one among the most promising aspects of the digital currency area is the Lightning Network. Conceived as a separate network that adjoins to the present bitcoin network, Lightning might yield user-to-user transactions which might not suffer from extended processing times or high transaction fees. As a result of Lightning Network payments would be created on an individual basis, the thinking goes, they could perhaps be treated separately from the general bitcoin blockchain, thereby liberating them from the slowdowns related to typical transactions.

Charlie Lee, the outspoken founder of litecoin, believes that his digital currency might be instrumental in facilitating the Lightning Network as it develops. He re-echoed his enthusiasm simply last week.

Litecoin the "Easiest Onramp"

In a tweet from July 11, Lee advised that litecoin "will also be the simplest onramp onto the Lightning Network. BTC takes too long and charges [too] high? No problem. Open an LTC payment channel on chain cheaply and quickly, then atomically swap for BTC if/when you wish to. This may be done in one step."

Lightning Labs, a developer behind the Network, has a beta feature in its network in which two cryptocurrencies might be selected, though this feature isn't yet on the live mainnet, according to Crypto Vest. Litecoin, for its part, has its own independent Lightning Network that has tested atomic swaps, though there remains some fine-tuning to do before this procedure are often readily incorporated.

As of now, litecoin is one of the go-to digital assets when it involves on-chain transactions that are both quick and low cost. However, the bitcoin network, once affected by congestion, has managed to beat several of those problems. It currently runs on comparatively low fees and has even become the preferred network for the transmission of huge transactions. Because of  the way that the Lightning Network processes transactions, some within the crypto community feel that enormous transactions are too risky for the new network.