Written by Ibironke Marvellous
The Lightning Network is a second-layer payment protocol built on the Bitcoin network. It is designed to improve the scalability of the Bitcoin network and provide near-instant, low-cost transactions. In contrast, the Bitcoin network is a first-layer payment protocol that supports secure, decentralized transactions.
The Lightning Network operates off-chain, allowing for faster and cheaper transactions, while the Bitcoin network processes transactions on-chain, which can result in slower and more expensive transactions. The Lightning Network is a solution to some of the Bitcoin network's limitations.
In the Lightning Network, channel data is critical for routing payments and maintaining the state of the network.... follow this link to read more about static channel backups and other types that exist in the Lightning Network.