BOLT stands for Basis of Lightning Technology and is a set of technical specifications or protocols that define the rules and procedures for the functioning of the Lightning Network.
The Lightning Network is a second-layer protocol for Bitcoin, created to solve the network’s scalability issues. On Bitcoin’s first layer, transactions can have high fees and take from 10 minutes to hours to confirm. However, on the Lightning Network, transactions have negligible fees and are instant, without the need to confirm each transaction directly on the blockchain.Despite being a relatively new technology—it was created in 2017—the Lightning Network has been developing year after year and has proven to be an effective solution for scaling Bitcoin.Today, various Lightning wallets and exchanges support this network, facilitating cheap and fast payments without relying on intermediaries.Additionally, the Lightning Network is decentralized and open-source. This allows anyone to access the code, propose improvements, and contribute to the network’s development.Just as in the first layer of Bitcoin, where developers can propose improvements through BIPs, in the Lightning Network, improvements are proposed through BOLTs.In this article, you’ll understand what BOLTs are and the main ones in operation.Let’s dive in!