The Bitcoin network is extremely efficient for on-chain settlement, with the ability to settle transactions every 10 minutes. Despite the efficiency, the 10-minute block interval target creates a latency in settlement, making it unideal for minuscule and instantaneous transfers. The Lightning Network has solved this issue by creating a network of payment channels that allow for lower fees and instant settlement. The Lightning Network is settling payments 60,000% to 140,000% more efficiently than credit cards, making it a compelling technology for micropayments and larger transactions. The Lightning Network has a flourishing ecosystem that is continuously growing and being integrated into different applications and services across the globe.

(By DYLAN LECLAIR and CRAIG DEUTSCH)