What is the lightening money network

I am a hand waver on the lightening side channel for bitcoin, not knowledgeable on details.

I see it as an overlay on the basic web timeout router. The timeout router supports cross ledger swaps and simple transaction with low recall costs. 

Lightening adds virtual bearer asset network. Here is their description:

Bidirectional Payment Channels. Two participants create a ledger entry on the blockchain which requires both participants to sign off on any spending of funds. Both parties create transactions which refund the ledger entry to their individual allocation, but do not broadcast them to the blockchain. They can update their individual allocations for the ledger entry by creating many transactions spending from the current ledger entry output. Only the most recent version is valid, which is enforced by blockchain-parsable smart-contract scripting. This entry can be closed out at any time by either party without any trust or custodianship by broadcasting the most recent version to the blockchain.Lightning Network. By creating a network of these two-party ledger entries, it is possible to find a path across the network similar to routing packets on the internet. The nodes along the path are not trusted, as the payment is enforced using a script which enforces the atomicity (either the entire payment succeeds or fails) via decrementing time-locks.Blockchain as Arbiter. As a result, it is possible to conduct transactions off-blockchain without limitations. Transactions can be made off-chain with confidence of on-blockchain enforceability. This is similar to how one makes many legal contracts with others, but one does not go to court every time a contract is made. By making the transactions and scripts parsable, the smart-contract can be enforced on-blockchain. Only in the event of non-cooperation is the court involved – but with the blockchain, the result is deterministic.

Let is put that in plain English.  I want to go shopping at many stores, but pay  one ledger fee. So I drop some bitcoin into the lightening network. A prior set of goods vendors can observe the escrow deposits, and consensus verify that I have not exceeded my deposit. Further vendors who hold my payments in escrow can cross swap them as they swap inventory with each other. Spending loops closes and verified, then bitcoin ledger is updated. 

I am vaguely right, but this was the intent and seems to work.  But lightening proves the possibility of a number of cooperative contracting systems can be built with web router. The aim is not always fast transactions.