Atomic Swaps and The Lightning Network
What are Atomic Swaps?
An exciting new technology, Atomic Swaps, involve exchanging one cryptocurrency into another. With the ever growing network of different cryptocurrencies, Atomic Swaps are becoming vital as the crypto world extends beyond Bitcoin.
What is the Lightning Network?
Ok, we admit it – Atomic Swaps are not as simple as they may sound. In order to be convenient and easy to use, they need a platform like the Lightning Network to facilitate the transactions across different cryptocurrencies. Without the Lightning Network, exchanging between say Bitcoin and Ethereum becomes not only time consuming, but increasingly difficult as more cryptocurrencies are involved.
The benefits of the Lightning Network
So why all the fuss around the Lightning Network? Here are some key benefits of this new and groundbreaking technology:
- Payments. Fast. Reducing confirmation times to make transactions even faster.
- Low fees. Reducing fees associated with crypto transactions to make Bitcoin more accessible and user friendly.
- Cross Blockchains. Allowing users to make transactions across the blockchain, the Lightning Network allows for fast and secure transactions.