What is the lightening network? How does it work?

I keep seeing people talking about it but I don't really know what it is.

Analogies are fine - but one article said "it's like having someone you want to trade with on speed dial". This doesn't help me understand what's going on.

From what I do understand (correct me where I'm wrong please) is it's a 'network' that adds another layer to the block chain.

This layer doesn't need to be broadcasted. How does this work exactly? From my understanding all transactions have to be broadcast to verify authenticity.

It makes exchanging/trading faster and cheaper or maybe even free. Why is it cheaper and faster?

Any more insight is always appreciated and any links to articles or videos that are informative on the topic would be helpful.

Thanks!

submitted by /u/capnwest
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