As of 2024, Bitcoin’s largest Layer 2 solution is Lightning Network. The Lightning Network is designed to enable faster and cheaper transactions by creating off-chain payment channels that can process numerous transactions quickly and with low fees. Here’s a brief overview:
Lightning Network
- Purpose: It aims to address Bitcoin’s scalability issues by allowing transactions to be conducted off-chain and then settled on-chain. This approach significantly increases transaction throughput and reduces costs.
- Functionality: Users open payment channels with one another and conduct multiple transactions off the main Bitcoin blockchain. These transactions are then settled in bulk on the blockchain, reducing the load and congestion on the network.
- Adoption: The Lightning Network has seen substantial growth and adoption, with many exchanges, wallets, and merchant services integrating it to facilitate faster Bitcoin transactions.
The Lightning Network has become the most prominent and widely used Layer 2 scaling solution for Bitcoin due to its effective approach to enhancing transaction speed and reducing costs.
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