What is Lightning Network? How does it work?

As executive director at CRYPSA (The Cryptocurrency Standards Association), I enjoy the privilege of awarding any one article, seminar or course our highest editorial award without requiring nomination or a committee vote.

An anonymous contributor to Cointelegraph wins our first ever Flying Duck Award in the category of Guide, Tutorial, Course or Academic Unit.  [continue below image]

A tutorial at Cointelegraph remains the most most clear and simple explanation of Lightning Network we have seen. It astounds me that this 2300 word article is both undated and apparently uncredited. We don’t know if it was written by an editor, a regular columnist or an outside contributor.

The Lightning Network addresses a serious scaling issue in Bitcoin that was predicted from the very first discussions in the same crypto Newsgroup that Satoshi described his electronic cash payment system. It is a protocol that improves bitcoin’s scalability and speed without sacrificing trustless operation. It is a major step in overcoming the scaling problem.

If you want an introduction to the Lightning Network that you will readily understand and be able to convey to your friends and colleagues, look no further. Although breezy and geared toward a layperson, this piece covers the gamut of a serious academic treatise:

• What is Lightning Network?
• How does it work?        • Who developed it?
• Where, when and why will it be used?
• Pros                              • Cons
• Should I use Lightning Network?

2020 CRYPSA Award for Best Article or Editorial
Classification: Guide, Tutorial, Course or Unit

* Disclaimer

It’s humbling to give this award to Cointelegraph, a competitor in the area of Bitcoin news, education and courseware. I have written more than 1200 articles this year on Bitcoin, blockchain, ICOs and all manner of cryptocurrency issues. But this one article is best-in-class.

We are not affiliated with Cointelegraph. No one at A Wild Duck has written for that organization nor been compensated by them—ever. This blog post will be their first knowledge of an award which, was simultaneously announced by CRYPSA (The Cryptocurrency Standards Association) and LinkedIn Bitcoin, a group with 55,000 active subscribers.