Lightning Network Over 1,500 BTC

The Lightning Network, a Bitcoin Layer 2 scaling solution proposed in 2015 by Joseph Poon and Thaddeus Dryja, has grown a lot in just a few years. Now, the network has achieved a significant milestone of housing more than 1,500 BTC in its channels, roughly $56.55 million at the time of writing.

How The Bitcoin Lightning Network Works

The Lightning Network is a decentralized scaling solution for Bitcoin that abstracts small transactions between users away from the Bitcoin blockchain. It utilizes smart contracts to settle the final balance of those payments into the Bitcoin “base layer” while ensuring that all transactions abide by the rules of the Bitcoin protocol.

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