The Lightning Network is a scalability solution built on top of Bitcoin that allows users to send and receive BTC quickly and with virtually no fees. The Lightning Network is an off-chain, Layer 2 solution that solves the current Bitcoin bottleneck of slow and expensive transactions.
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Circulating supply0 BTC
The Lightning Network mission is to create a “network that will allow Bitcoin to scale to billions of users without custodial risk or blockchain centralization”.
The Lightning Network was first invented by Joseph Poon and Thaddeus Drya, however, it is an open-source project that anyone is free to contribute to. Similar to the Bitcoin network, no one will ever own or control the Lightning Network, but there are several independent implementations under development.
Poon has worked in software development since early 1985. He has worked at a number of enterprises, including Hewlett Packard, Pyramid Technology, Sun Microsystems, SGI, Tintri, and Cray. In 2016, he co-authored a paper entitled “The Bitcoin Lightning Network: Scalable Off-Chain Instant Payments” with Thaddeus Dryja.
Dryja began his education at Carnegie Mellon University, where he earned a Bachelor of Science (BS), Electrical and Computer Engineering. In 2014, he became a PHD Candidate at the University of Virginia, where he studied cryptographic primitives and network security. Researching on game-theoretic implications of the Bitcoin protocol. In 2016, Dryja and Poon co-authored the paper “The Bitcoin Lightning Network: Scalable Off-Chain Instant Payments”.
To learn more about the team, read Lightning Network’s whitepaper.
At Travala.com, we offer more than 3,000,000 travel products in over 230 countries available for purchase with BTC. Plus, you’ll receive a 2% giveback in AVA, Travala.com’s native cryptocurrency, on every accommodation booking.
Travala.com’s intuitive booking experience is designed to be familiar and simple to navigate. Travellers simply choose their desired travel product(s), enter their details, and select from the variety of available payment options, including traditional credit and debit cards, BTC, and 90+ other cryptocurrencies.
Using Lightning, Bitcoin transactions are now nearly instant with any party. It is possible to pay for a cup of coffee with direct non-revocable payment in milliseconds to seconds.
Bitcoin blockchain fees are far too high to accept micropayments, especially with the smallest of values. With this system, near-instant micropayments using Bitcoin without a 3rd party custodian would be possible, such as paying per-article to read a newspaper.
Financial contracts are especially time-sensitive and have higher demands on blockchain computation. By moving the overwhelming majority of trustless transactions off-chain, it is possible to have highly complex transaction contract terms without ever hitting the blockchain.
So long as there are similar hash-functions across chains, it’s possible for transactions to be routed over multiple chains with different consensus rules. Neither the sender nor receiver has to trust (or know about) the other chains. All the receiver cares about is a conditional payment upon knowledge of a secret on their chain.
Visit Travala.com and search for a hotel, home, flight, or other travel product by entering your destination and dates.
Select your desired choice from the available options.
Enter the required traveller details.
Select Crypto as your payment method, then select BTC.
Click Complete Reservation. In your BTC Wallet, input the generated address by scanning the provided QR code or by copying the text. Ensure that the exact BTC amount is entered and send the payment.
Click Payment sent. Your transaction will be processed and you will receive a confirmation email once your voucher or e-ticket is available.
Store your BTC securely with the following wallets:
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No. The Lightning Network does not implement its own token, it simply expands Bitcoin’s usability by making it faster, cheaper, and more accessible.