Binance opts for the Bitcoin Lightning Network to avoid...
The unprecedented congestion on the Bitcoin blockchain in May was what prompted Binance to implement the Lightning network. Interestingly, the massive backlog of transactions forced Binance to pause withdrawals twice in a span of 48 hours.
Over time, as Bitcoin has grown in acceptance, the network’s traffic has likewise soared. Given the design limitations of the current network, scaling has become an issue. Moreover, the chain has been consistently struggling with transaction throughput as well. Lightning Network is a layer-2 solution on top of the Bitcoin blockchain. It is designed to solve glitches associated with the base network by introducing off-chain transactions.
Put simply, these transactions use direct channels between users. And multiple transactions can be handled without waiting for the blockchain to confirm them. Once these payment channels are closed, the transactions land on the mainnet for confirmation.Binance’s move comes at a time when it is increasingly facing regulatory hostilities, not just in the U.S., but other major markets too.
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