Bitcoin Bunny holds the Lightning Torch
Bitcoin Bunny is ready for the Lightning Network
Who is going to send the torch to Switzerland at the speed of light? Potz Blitz! Heiland Zack! :-)
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The Lightning Network is a 2nd layer payment protocol that operates on top of the Bitcoin protocol. It enables instant clearing of transactions between participating nodes and is a solution to scale the Bitcoin network. LN features a peer-to-peer system for making micro-payments through bilateral payment channels that are pre-funded by the parties involved. As a result, users can transfer digital cash as fast as email. In the process, wallets, custody of funds and privacy are under the control of users.
Besides its P2P-features, the Lightning Network brings alternative processing methods too. Participants are free to utilize gateways of trusted third-parties offering blockchain-based settlements and money exchange services. This way there is no need for prepayment, and no need to install a bitcoin node, and on top of it, compliance and security are ensured.
The Lightning Network is still in the test phase, which is why payments are limited to a maximum of 4,294,967 Satoshi. This is about 0.042 XBT or 150.00 USD at an exchange rate of about 3500.