An open protocol is like a universal language that anyone can use to communicate across different systems.
Think of it like Bluetooth or Wi-Fi—no matter what brand of phone or laptop you have, they can connect because they follow the same set of rules (protocol).
The Lightning Network, which makes fast and cheap bitcoin transactions possible, is an open protocol. CoopPay is a Lightning wallet.
In this graph, there are unconfirmed Bitcoin transactions because the network processes transactions in blocks, and each block has a limited capacity (about 1-4 MB). When more people are sending transactions than the network can confirm in each block, a backlog forms in the mempool (Bitcoin’s waiting area for transactions).
On the average one block of transactions is confirmed every 10 minutes [1] These are referred to as on-chain transactions (main Bitcoin network). The word “blockchain” comes from the fact that these blocks, thru time, are permanently, irreversible and immutably “chained” together [2]
However, since shitcoiners have prostituted the term blockchain, many bitcoiners like the term “timechain” better [3]
What about Lightning? If the main Bitcoin network is EDSA, the Lightning Network are the shortcuts and sidestreets.
Lightning transactions happen off-chain, bypassing the mempool congestion.
This makes Lightning a great solution for avoiding high fees and delays during network congestion.
According to this recent study, the Lightning Network has made Bitcoin accessible to over 650 million users around the world. This remarkable growth is driven by businesses adopting Bitcoin payments naturally, without any top-down mandates.
Source: https://breez.technology/report/
See also: http://1a1z.com/
The Lightning Network allows for fast and cheap transactions, making it ideal for various applications. Notable uses include instant trading on platforms, enabling quick deposits and withdrawals, and real-time micropayments for services like crowdfunding and streaming.
Breez provides developers with an end-to-end solution for integrating self-custodial Lightning payments into their apps and services, eliminating the need for third parties and simplifying the complexities of Bitcoin and Lightning.
[1] See average block time here:
-About--Letters of Lyman
[2] See the chain of blocks here:
[3] See the Timechain Calendar here:
