The Bitcoin Lightning Network, a Layer-2 scaling solution designed to address the base Bitcoin blockchain's limitations in transaction speed, cost, and throughput. The text details how the Lightning Network utilizes off-chain payment channels and Hashed Timelock Contracts (HTLCs) to enable near-instantaneous, low-fee transactions, making Bitcoin more viable for micropayments and everyday commerce. It also outlines the challenges the network faces, such as liquidity management and potential centralization, while highlighting its growing ecosystem, real-world use cases, and future technological advancements like Taproot Assets and Channel Splicing, emphasizing its role in the evolution of Bitcoin's utility.
