What is the Lightning Network in cryptocurrency?

The Lightning Network is a second-layer protocol built on top of the Bitcoin blockchain that aims to enable faster and cheaper transactions. It works by creating off-chain payment channels between users, allowing them to conduct multiple transactions without recording each one on the main blockchain. Instead of waiting for confirmation on the Bitcoin network, transactions are settled immediately within the payment channels. Only the final transaction is recorded on the Bitcoin blockchain, significantly reducing congestion and transaction fees. The Lightning Network aims to make Bitcoin more scalable for everyday transactions, making microtransactions and real-time payments feasible.