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The Lightning Network, first proposed in 2015 and launched in 2018, is a Layer 2 (L2) protocol built on top of Bitcoin. It aims to enable faster and cheaper payments by moving transactions off the Bitcoin mainnet.
The Lightning Network is a protocol designed to address Bitcoin's scalability issues. It facilitates fast, inexpensive transactions by creating payment channels between users.
These channels operate offchain, meaning they handle transactions outside of Bitcoin and privately between the involved parties until the channel is closed, at which point the cumulative transaction data is recorded back on the Bitcoin blockchain.
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