This will give you a basic understanding of the lightning network, how it works, and where exactly it fits in the Bitcoin ecosystem
The lightning network is very new and some interesting use cases have come to the surface. It is definitely not for everyone and you need some technical expertise to get under the hood. Simply using it however is now quite simple.
This is short multiple choice quiz to cement the concepts we covered.
Do you live on a farm? Fancy streaming a chicken coop on the internet? This a novel application for the bitcoin lightning candy dispenser was originally thought of by BitcoinCash enthusiast Spencer Lambert. Mr Lambert took a candy dispenser and filled it with mealworms. He subsequently connected it to the Handcash application and a cryptocurrency enabled candy dispenser. He then used Twitch to provide the public with a live stream of his chickens being fed in real time.
The idea is to give internet users from anywhere in the world the ability to affect a transaction which has a real-world effect in real time. For example, a Zoo may have exotic animals which can bring in additional revenue streams. A mobile camera on a game farm could be controlled from anywhere in the world in real time and there is no need for additional payment mechanisms.
We would stress that this is only a novelty at this time. The development of the bitcoin lightning network will bring more functionality and highlight more use cases, but for now, it is still a pipe dream.
We do not currently see a wide adoption for such a solution because at face value, it does not solve any real-world problems. It is likely, however, that the technology will adapt and furthermore can potentially spawn completely new industries.