Categories: Bitcoin Business

What is the Litening Network?

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Ever since the Litecoin network successfully locked in the activation of Segregated Witness, developers have been buzzing with excitement. It is even possible Litecoin may become the world’s first network to actively support the Lightning Network. However, this branch of development is called the “Litening Network”. The bigger question is what this network is all about, and whether or not it will be different from Bitcoin’s.

An Overview of the Litening Network

As one would expect, the difference between the Lightning Network and the Litening Network is almost non-existent. However, the Litening Network only pertains to Litecoin, whereas the Lightning network will come to Bitcoin. That is, assuming a scaling solution is eventually embraced that will allow for the Lightning Network to be introduced. This can be done through several of the proposals.

The Litening Network came to be ever since a new test version of the Lightning Network project was released by the developers a few days ago. It will give the Litecoin network an option to expand and introduce faster transactions. Considering how Litecoin transfers are already much faster compared to Bitcoin, that will prove to be quite an intriguing development to keep an eye on.

Now that Segregated Witness is bound to active on the Litecoin network in the coming few thousand blocks, it will be compatible to support the Lightning Network. Although this network is only available for the Litecoin testnet right now, it will give the developers valuable feedback regarding any remaining issues. The current iteration is designed for developers only, although it may be used for the official network in the future as well.

Developing the Litening Network proved to be relatively easy for the developers. It took a bit of work to make the lnd – Lightning Network Daemon – compatible with the Litecoin network on top of Bitcoin, but the venture was ultimately successful. However, this does not mean the Litening Network will become an actual part of Litecoin anytime soon. The foundation has been laid, but there is still a lot of work to be done. In fact, it may take a year or more before the Litening Network is officially activated.

Many people active in the world of Bitcoin feel this is a positive development, though. Segregated Witness on Litecoin will prove to be an interesting live example of the transaction malleability fix. Porting the Lightning Network over to Litecoin will result in some interesting feedback as well. This is a clear testbed for what the future may hold for Bitcoin. However, one needs to agree on a proper scaling solution first and foremost, something that seems highly unlikely at this stage.

All things considered, the Litening Network is quite an intriguing development that can be incredibly beneficial to the entire cryptocurrency sector. It will take some time before it becomes fully activated, though, but it is something to look forward to regardless. Moreover, having additional developers look over this concept and providing feedback can be quite significant for Bitcoin as well.

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