Litecoin [LTC] creator Charlie Lee shows support for Bitcoin [BTC] Lightning Network

Source: Ambcrypto, originally published on .

https://ambcrypto.com/litecoin-ltc-creator-charlie-lee-shows-support-for-bitcoin-btc-lightning-network/.

After advocating for SegWit’s activation on Litecoin and Bitcoin, Charlie Lee took to Twitter to display his enthusiasm for Bitcoin Art Gallery. It is a pixel art game powered by BTC Lightning Network that pays 1 Satoshi for changing 1 pixel on the board.

Charlie Lee's recent tweet

Charlie Lee’s recent tweet

Lightning is a decentralized, off-chain transaction network that follows a multi-hop hub and spoke model with potential to extend Bitcoin’s scalability to billions of transactions per day. The launch of Bitcoin Art Gallery has proved just how efficient the Lightning Network is. In addition to the listed benefits, this network will also enable instant, low-cost payments, and atomic cross-chain transactions.

Charlie Lee, on Bitcoin’s high transaction fee and confirmation period, says:

“Lightning Network solves both these problems for Bitcoin and SegWit solves a few more! i hope Litecoin can help Bitcoin get SegWit soon.”

How Lightning Network integrated with SegWit works

The security of BTC transactions depends on digital signatures as the prime identifiers. A blockchain ledger is immutable and alters signatures with every new message added to the ledger. In Lightning Network, the transaction is neither broadcasted or closed without the double-signed check approved by both the parties.

In this case, an attacker can change the identifier via signatures leading to an invalid transaction. SegWit’s most valuable feature is that it fixes the problem of transaction malleability. It excludes signatures as identifiers in the process.

The transactions are also confidential as a payment channel will exist only between the parties involved in the transaction.

Angelino Desmet, a crypto enthusiast tweeted:

“Last year I paid a €15 Bitcoin fee. Just now I paid a €0.00009 fee to send €0.03 worth of Bitcoin to rent 572 pixels.  is incredible.”

Deano, another Twitter user commented:

“This is the most brilliant thing I have ever seen. Finally a freaking usable platform!!!!”

Crptomon, a crypto follower tweeted:

“Seeing LN used for this kind of app makes me sad. Rather than empowering individual’s voices, this app encourages combative over powering of other’s artistic expressions via monetary means.”

The post Litecoin [LTC] creator Charlie Lee shows support for Bitcoin [BTC] Lightning Network appeared first on AMBCrypto.

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