It is a technology for the almost instantaneous sending of Cryptocurrencies (Usually small amounts called “Microtransactions”) that does not require transactions to be settled on a blockchain, but rather makes use of Cryptocurrency representations locked in smart contracts to exchange balance automatically. cheap until its final settlement.
Its development is done within the framework of the “off chain” scaling strategy which mainly consists of the use of alternatives of this type as a way of alleviating the burden that the chain has to bear. of blocks as the demand for on chain space increases.
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This payment channel is very necessary within the Bitcoin network since it helps to improve the intrinsic problem of this Cryptocurrency, which is the scalability of its transactions.
Transactions that are executed through the Bitcoin Lightning Network are executed almost instantly.
Of course, transactions on the normal Bitcoin network can take at least 10 minutes to be verified, while on the Lightning Network they are executed almost instantly.