Intro to Lightning Network and Tutorial

Introduction to Lightning Network and Tutorial The lightning network is software that uses the bitcoin blockchain and network to enable fast and cheap off-chain transactions. It was developed as a scaling solution to reduce the transaction (tx) backlog and reduce fees by moving the majority of transactions off of the blockchain. Lightning was developed and implemented by the bitcoin core team, after bitcoin forked to add segrated witness (segwit). Segwit was not the only way to enable lightning payments, but was the chosen solution at the time. With lightning, a channel can be opened between two bitcoin wallets with a single on-chain transaction. Funds are committed to the channel, then they can be moved back and forth between the two wallets until one of the wallets wishes to close the channel. Closing [...]