ETH Looks Bullish As Its Uptrend Continues

The main goal of the lightning network is to provide a trustless payment system. However, this type of network functioning has a few issues.

First, the lightning network is not entirely user-friendly. Nothing about this technology is easy to understand. In order for a user to use LN, he must create a funding transaction, create commitment transactions, authenticate the transactions and exchange and broadcast the transactions on the blockchain. It’s confusing, isn’t it? Basically, you fund a network with a transaction on the bitcoin mainnet.
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Each transaction requires a certain fee and there is no incentive for them to be reduced. A well-distributed lightning network asks for a great cooperation from the network users. Also, keep in mind that the fees on the LN will be an open market. This means that a third party will always be able to set a certain fee to connect end-users that want to transact with one another.

The main goal for the LN was to solve the problem of the Bitcoin’s rising transaction fees but with bitcoin constantly congesting, lowering down the fees feels like a mission impossible for the LN. There are two parts to the costs. The first part is basically a fee equal to bitcoin’s transaction charges that open and closes a channel between parties. Also, the routing fee for transferring payments between channels is the second one. The lightning network still hasn’t proven that it can fix this problem and this is why bitcoin’s transaction fees could go up again.