Maksekanali

Maksekanali, a term originating from Estonian, translates to "payment channel" in English. It refers to a technology or system that facilitates the transfer of funds between two parties. These channels are designed to enable faster, cheaper, and more efficient transactions, often bypassing traditional banking infrastructure.

The concept of payment channels is particularly relevant in the context of cryptocurrencies and blockchain technology. In this domain, maksekanali often refers to layer-2 scaling solutions. These solutions operate on top of a main blockchain, such as Bitcoin or Ethereum, and allow for a multitude of transactions to occur off-chain. Only the opening and closing states of the channel, or disputes, are recorded on the main blockchain, significantly reducing transaction fees and increasing transaction speeds.

Common examples of payment channel networks include the Lightning Network for Bitcoin and Raiden Network for Ethereum. These networks establish bidirectional payment channels between users. Once a channel is opened, participants can send an unlimited number of transactions to each other instantaneously and with very low fees. The net result of these off-chain transactions is then settled on the main blockchain when the channel is closed. This architecture is crucial for enabling microtransactions and everyday payments using cryptocurrencies.