What is the Lightning Network and will it help Bitcoin take business away from Ripple XRP
January 24, 2018
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10:44Now PlayingWhat is the Lightning Network and will it help Bitcoin take business away from Ripple XRP
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as posted by the channelHigh fees and long confirmation times have made Bitcoin lose a lot of its utility, resulting in less people using it for transactions. However, Bitcoin is moving to the Lightning Network which will make transactions faster and cheaper. What is the Lightning Network? A second layer solution that uses payment channels for rapid transactions and minimal fees. It is not exclusive to Bitcoin, other cryptos can use it as well.
Think of the blockchain like a highway that can only fit a certain amount of cars on that highway at a given time.
The Lightning Network builds a second layer on top of that highway to allow more cars (transactions) to free up room on the blockchain. Essentially making the blockchain less congested and allow Bitcoin to scale.
With Bitcoin moving onto the lightning network, some folks are now saying Banks could use it which would steal business away from Ripple XRP. However, I don’t agree with this. Here’s why:
No business (banks, money transfer companies etc.) would want to touch Bitcoin because of the tarnished brand, as Bitcoin has been used for money-laundering and other illegal activities. Ripple XRP is has a clean slate and has passed regulations and compliances. Ripple is also a company which has a public face versus Bitcoin which is not headed by anyone.Bitcoin does not solve the liquidity problem that XRP doesHere is what Jinal Surti, GTM Strategy and Product Marketing at Ripple said in response to the idea of Bitcoin taking business from Ripple:“Lightning Network = net settlement (banks already do this today with CLS). That does not solve the liquidity problem - you still need collateral. #XRP = on-demand, real-time gross settlement. That solves the liquidity problem - no collateral is required”
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