Lightning Bitcoin LBTC

      No Comments on Lightning Bitcoin LBTC
Spread the love

lightning bitcoin logo

what is lightning bitcoin

3 seconds per block with 2M blocksize design could support 1,000 to 10,000 transactions per second, and completely solved the most contended bitcoin congestion problem, and increase the adption and utilization.

The original bitcoin holders can claim LBTC at a 1:1 ratio, the rest will be distributed through forging in a convergent manner, while the block rewards halves in every four years.

With built-in smart contract, digital assets can be issued and distributed, and applications can be built on blockchain, making LBTC a valuable and functional token.

The Lightning Network is a proposed solution to the  bitcoin scalability problem . The network would use an off-chain protocol and is currently under development. It would feature a  P2P  system for making  micropayments  of digital cryptocurrency through a  scale-free network  of bidirectional payment channels without delegating custody of funds or trust to third parties.

It is expected that normal use of the Lightning Network consists of opening a payment channel by committing a funding transaction to the relevant blockchain, followed by making any number of Lightning transactions that update the tentative distribution of the channel’s funds without broadcasting to the blockchain, followed by closing the payment channel by broadcasting the final version of the transaction to distribute the channel’s funds.

The specification for using the Lightning Network relies on  Segregated Witness