This occured between litecoin and Bitcoin . It is terribly important because the transaction took place instantly no waiting on confirmation.Essentially what happens is the transaction is taken off the blockchain and occurs transferring the asset then the blockchain registers the transaction at a later and therefore slower pace.
Advantages for users are.
faster
lower fees
completly anonymous (the transaction itself that is . should someone gain access to the underlying blockchain all they would see would be a change in balance not where it came from or went to).
