Because they're off the chain!
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@bosh : If that's the case, does it still deemed as blockchain? lol
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I'm still learning about lightning network. But I think the idea is you initiate a time-locked transaction to another party, and then you and that party can create signed transactions you send to each other off-chain, peer-to-peer, until one of you decides to publish those transactions to the chain and close out the channel.
And there are ways to do this with more than two parties without having to trust a third party.
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Thanks for explaining. So while the record is at the off-chain period, it's sitting in one or few of the database and hence no longer deemed as distributed/decentralized?
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I still need to read the white paper to understand exactly. The lightning network runs on top of a decentralized system and the participants don't have to rely on a central third party to transact peer to peer. The lightning network is just the cryptocurrency in a digital signatures form you send directly to each other to validate until you close it out. Check out this paper on it: https://lightning.network/lightning-network-paper.pdf
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