The Lightning Network brought to Bitcoin with Segwit enables users to instantly exchange Bitcoin for Litecoin and vice versa. The first ever transaction between the two coins has now happened.
Segwit (short for Segregated Witness) brought with it many new exciting features for Bitcoin when it was implemented in August this year, not least of them atomic swaps and the Lightning Network. The Lightning Network is an off chain network, that can, among other things, help reduce the load on the main Bitcoin blockchain.
Billions of transactions can theoretically be made instantly through the application of smart contracts. Transfers are made with other parties with a 10-day lock-in period, allowing the exchange to either occur between the two parties or have them cancel and be refunded. The first swap can be seen taking place on the YouTube video below. it was released yesterday by Lightning Labs who devised the code…
Read Full: First Ever Cross Chain Atomic Swap Between Bitcoin and Litecoin a Success
