The last few days have been messy for the crypto market, but it’s been a pretty rosy period for the Bitcoin Lightning Network. This development might contradict some people’s views that Bitcoin may be losing its momentum in the campaign for mass adoption. As a matter of fact, the current data based on the crypto’s performance on the Lighting Network proves otherwise.
The Lightning Network came into being about a year and half ago, and it’s designed to solve Bitcoin’s scalability problem. Basically, the Lightning Network is an off-chain layer on top of the main Bitcoin network. On this chain, users can engage in peer-to-peer trades on a specific channel without having access to the underlying main ledger. Once they’re through with business, they close the channel and the data is then updated on the ledger.