The ecosystem behind the leading cryptocurrency has been thoroughly looking into the Lightning Network as a solution to its scalability issue. The layer 2 payment protocol is notorious for facilitating transactions at a much faster rate. The bitcoin lightning network makes way for smaller bitcoin payments to be sent more quickly and a much cheaper rate for day-to-day use, such as buying a cup of coffee.
Speaking in a recent interview the founder of Litecoin, Charlie Lee has spoken on the Lightning Network and has given his opinion on how bullish it means for the scalability issue being solved on bitcoin.
He said:
“The lightning network saves a lot on fees and enables instant transactions. We’re seeing more and more usage. I’m excited about where we’re going with the lightning network. It is slow and takes some time to perfect the system but I think we’ll start to see a lot more lightning network usage on Bitcoin in the coming days.”
Lee further went on to comment on the Lightning Network for Litecoin saying that even though LTC had a live network in place, bitcoin had more of a need for it as bitcoin was a lot more ‘congested’ in comparison. The founder was then questioned on mobile wallets that people could download if they wanted to use the LTC Lightning Network transactions. In reaction to this, the CEO highlighted that there were a couple of wallets however, the system was not fully developed yet.
It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!
