The Lightning Network was created to be the answer to Bitcoin’s slow transaction time and high fees. Without this improvement in speed and efficiency, everyday spending is impractical. It doesn’t make sense to buy something for only a few dollars if the fees are double or even triple of the price of the item you want to buy.
While some blockchain and cryptocurrency startups have explored different solutions to the scaling problem, the Lightning Network is an exchange of instant, peer-to-peer IOUs, which makes it reasonable to use Bitcoin to for simple everyday purchases.
But the Lightning Network has issues that it will need to overcome to actually make Bitcoin’s speed and efficiency better. The Lightning Network has security problems and isn’t exactly suitable for large volumes of transactions.
LiteCoin’s creator Charlie Lee loves the Lightning Network and sees his product as a perfect match for the quick payment system. He’s commented on Twitter about his affinity for the Lightning Network and how it pairs perfectly with Litecoin.
“Lightning Network will be the ultimate decentralized exchange. Users that are running LN on both BTC and LTC can advertise an exchange price and act as a maker earning a spread. Other users can act as a taker and atomically swap LTC/BTC with the maker node via lightning.”
The Litecoin founder Lee, also known as @SatoshiLite on twitter emphasized how Litecoin’s low fees and speed makes it the most efficient path for crypto spenders.
“Litecoin will also be the easiest onramp onto the Lightning Network. BTC takes too long and fees to high? No problem. Open an LTC payment channel on chain cheaply and quickly, then atomically swap for BTC if/when you need to. This can be done in one step using submarine swaps!”
Litecoin has been on a campaign to bring everyday transactions to the crypto world. The#PayWithLitecoin movement is meant to make the public aware of Litecoin’s low fees, speed and ease of use.
Litecoin is focusing on the utility of their product and system rather than pushing the idea of LiteCoin’s price rocketing to the moon. Charlie Lee wants his coin to be a leader in the push for mass adoption intends on being an integral part transforming peer to peer transactions.
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