The creator of Litecoin, Charlie Lee: With Lightning Network, Bitcoin fits more closely with Satoshi’s vision.
On October 6, the creator of Litecoin, Charlie Lee, announced the difference between a series of tweets on-chain Bitcoin (BTC) and Litecoin (LTC). Charlie Lee’s comments came after an argument with Bitcoin.com CEO Roger Ver.
Charlie Lee, the creator of Litecoin, says:
On-chain Bitcoin and Litecoin payments are not peer-to-peer. Payments are sent to the miners who are writing from the sender in a distributed book. The recipient receives payment when saved. But this was facilitated by a p2p network in which transactions were published.
Lee points out mainly to the fundamental difference between two different transfer modes, and the various aspects of peer-to-peer transfer. According to him, the publication option improves the transaction precision of individual transfers. Charlie Lee says the following:
The broadcast network is p2p IS, but it certainly did not pay the payments p2p. The sender can ignore the p2p network and process the miners directly to send payments. The sender does not have to communicate with the receiver in any p2p form!
”Lightning Network payments are p2p payments.“
The above description has been stated by Lee to explain the ease of communication between the sender and the miner. Accordingly, the alternative option makes it possible to perform operations even without the sender’s intervention. Charlie Lee explains:
In fact, this is a good thing since the buyer doesn’t have to be online to get payments. Ironically, I’m talking about a similarity to a hub on chain payouts, and a model where mining pools are hubs and they need to connect to these hubs to send payments to users.
The Hub and spoke model is the version that needs to be connected to the network for each side of the process to take place. Later, Lee continues to talk about the Lightning Network, which is based on a peer-to-peer network, and says:
Lightning Network payments, p2p payments. Sometimes directly p2p, sometimes indirectly p2p. LN payments must be sent from peer to peer to send to the recipient. Both need to be online, just like other p2p networks like BitTorrent.
The mandatory presence of centralized users and on-chain payments are eliminated by Lightning Network, which does not rely on another party for the process. Lee says the following:
Since Lightning Network payments are peer-to-peer, the parties can work if they leave the rest of the Internet. The sender can send payments directly to the buyer by making a direct connection without relying on other parties.
Litecoin‘s founder, Bitcoin, Satoshi’s vision of the “A Peer-to-Peer Electronic Cash System” titled Satoshi’s whitepaper is a perfect fit. He also concludes his speech that Lightning Network and Bitcoin fit closer to this vision.
How much is the Litecoin (LTC)?
Litecoin, which has been at 3 US Dollars for a long time, rose rapidly as of March 20, 2017 and reached to $ 49 on 3 July 2017.
As of 14:05, Litecoin is trading at TL 355.15 in TL terms and $ 57.98 in US dollars.