The Lightning Network was proposed by Thaddeus Dryja and Joseph Poon in a 2015 white paper. The idea is based on a network that sits on top of the bitcoin blockchain and is hailed as the most scalable low cost cross blockchain (rapid) insta-payment system with the use of off-chain technology.
It is a decentralized system for instant, high-volume micropayments that removes the risk of delegating custody of funds to trusted third parties. Lightning could mean Bitcoin becomes as scalable in frequency of transactions as “Visa and Mastercard” — seemingly systems Satoshi hope to one day circumvent with Bitcoin.
This has severely curtailed its adoption as a digital asset that can be used as a means of actual payment, the very definition of what a crypto-currency is supposed to be. Although the Lightning Network may be a panacea in mind, there are some people who fear that, as the network channels become more complex, they could develop their own issues of convolution.
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