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Powered by Blockchain Smart Contracts. Lightning is a decentralized network using smart contract functionality in the blockchain to enable instant payments across a network of participants.What is lightlightning (light)?
Lightning is a decentralized network using smart contract functionality in the blockchain to enable instant payments across a network of participants. How it WorksWhat happens when you finish a channel on the Lightning Network?
Once someone has finished using the Lightning Network, they can close their channel and exit the network. This means they can use their Bitcoin again on the standard Bitcoin network. For a more complex, technical introduction to the Lightning Network, check out Lightning Labs CEO Elizabeth Stark’s guide on Coincenter.How does the Lightning Network work with Bitcoin?
It works by opening a payment channel on the main Bitcoin network and then “keeping tabs” with your counterparty until you want to close the channel. When using the Lightning Network, you only see two transactions on the Bitcoin blockchain – one to open the channel and one to close the channel (i.e. settling the bill).