The Lightning Network is a second-layer protocol that enables faster and cheaper Bitcoin transactions, and seeks to address Bitcoin’s scaling issues.

In this article, we will explore what the Lightning Network is, how it works, and why it is such a noteworthy development for the future of Bitcoin and other cryptocurrencies. 

What is the Lightning Network?

The Lightning Network, introduced as a Layer 2 protocol by Joseph Poon and Thaddeus Dryja and launched in 2018, operates atop the Bitcoin blockchain, aiming to address the challenges of scalability, speed, and transaction costs. As Bitcoin adoption and use grew, it caused congestion on the network. As a result, the Lightning Network was born as a potential solution to what's known as the blockchain trilemma, which is the balance …