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What is the Lightning Network (LN)?
What is the Lightning Network (LN)?

The Lightning Network is the second layer solution that enables instant low-cost Bitcoin transactions on the Bitcoin network.

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Written by OpenNode Support
Updated over a week ago

OpenNode supports Lightning Network (LN) payments. LN a second layer protocol stacked on top of the Bitcoin blockchain. A key component of LN is to reduce the congestion of the Bitcoin blockchain by creating a network of bi-directional payment channels where payments can be routed through instead. You can learn more about LN here, or by watching this video: 

There are some significant advantages to LN over the traditional on-chain Bitcoin blockchain:

  1. Transactions settle instantly.

  2. Transactions settle with very low fees.

  3. Increases the transaction throughput of Bitcoin to over 100,000 transactions/second.

With LN, you no longer have to pay on-chain miner fees associated with regular bitcoin transactions and will have confirmation that your payment was settled immediately. 

Note: Lightning Network is not another digital currency. LN is a payment protocol built on top of the Bitcoin blockchain, maintaining the same security/privacy that Bitcoin’s 1st layer offers. 

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