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Now you can explore Litecoin Lightning Network on 1ML - Litecoin (LTC) News. Tuesday, October 30th

31 october 2018, 00:24 by Jesús S. Affigne

Now you can explore Litecoin Lightning Network on 1ML

Users can now check statistics about the coin’s Lightning Network

Charlie Lee, creator of Litecoin (LTC), has recently announced that the LTC has been added to the well-known Lightning Network (LN) explorer 1ML. He announced it via his official Twitter account.

“It's great to see #1ML adding Litecoin support! This is a great Lightning Network explorer & statistics website... and now with LTC!” he said.

1ML is a very popular Lightning Network search engine and statistics website mainly used for consulting the status of the LN layer on Bitcoin’s Mainnet. And now it has become a source of information for Litecoin’s own implementation of this relatively new, yet controversial second layer.

Litecoin LN is still too small

According to the aforementioned website, the Litecoin LN has just 92 nodes and 305 channels available. These numbers indicate that the network is still very small – at least in comparison to its BTC counterpart, which has 3,890 nodes and 12,020 channels. Lee acknowledges this, and encouraged people to help with its growth. 

“This also shows how small the LTC LN network currently is. Help LTC LN adoption by running an LN node today!” he said in the same tweet.

About Lightning Network

Lightning Network is an off-chain payment protocol designed to work on top of a blockchain’s mainnet, just like a second layer. It has been developed to make microtransactions viable by reducing fees and increasing speed.

This simplified version of atomic swaps has been touted as the solution for Bitcoin’s scalability problems and the answer to the micropayments issue in this, and other similar blockchains. Additionally, it enables cross-chain cryptocurrency exchanges, which means there is no need for using crypto exchanges if someone wishes to have a certain digital asset. With LN, they can exchange their coins directly and quickly.

Litecoin is, along with Bitcoin, one of the blockchain projects currently supporting this payment protocol. The first transaction on the also known as “the silver coin” mainnet happened on September 1st, 2017. 0.01 LTC were sent to Lee by Jack Mallers back then, and the transaction was free of fees.

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