The implementation of the lightning network on Bitcoin
The implementation of the lightning network is turning bitcoin into a layered system, similar to the system that is used in the TCP/IP protocol. In such a system, the core system is only designed to facilitate the efficient workings of the system, and not try and do everything on its own. That’s why when sending pictures on Snapchat, you never have to understand how such information will be sent out to your friends. This is a good thing because it’s what makes such systems efficient.
Bitcoin Layers Protocols - What does it mean?
Bitcoin is adopting this system, and it is guaranteed to make bitcoin the default crypto just like it always was, before the explosion of altcoins. This will be achieved through the lighting network that bitcoin is implementing. Under this system, people will make and receive payments through a second layer that is easier to work with than bitcoin. In short, with the lightning network, the layman will be in a position to make payments without having to think of things like security and transaction speeds. These issues will be taken care of at the lower layer, the bitcoin layer, while the lightning network will be the user interface.
How lightning network will affect altcoins?
So how will this affect altcoins? Once implemented this layered approach to bitcoin will eliminate the key selling points that have become the talking points of most altcoins. For instance, most altcoins now have speed and security as their key selling points. But in reality, the layman who is meant to be the user of cryptos understands nothing but these issues. All they want is a system that they can use to make their payments knowing that behind the scenes, all these issues are taken care of. When altcoins try to push one facet of their strength at the expense of the other, they are bound to fail.
For instance, Ripple (XRP) has prioritized transaction speeds at the expense of security. Bitcoin with its multi-layered system doesn’t have to do this. It can maintain its unsophisticated self that is highly secure, while allowing other layered applications to handle the efficiency aspects of transactions. This is guaranteed to push up the value of bitcoin significantly.
Besides, with such a layered approach, bitcoin can take up its true role, and that’s as a store of value. Essentially, this layered approach could be the spark that pushes bitcoin to valuations never seen before. Even $100,000 and above is a possibility.