Bitcoin Forum

What makes Lightning Network an innovation to help Bitcoin?

With Lightning Network, All Bitcoin transactions will be executed quickly and efficiently. In addition, transaction fees are also significantly reduced. That's what I heard about it. However, until now, everything have not changed!

The lightning network is a plan to solve bitcoins scalability problems and helps with
processing more transactions and enables micro payments to talk place instantly.

The lightning network can help bitcoin through to have quickly processing the transactions and it may also decrease the transactions fees.

Lightning networks can improve bitcoin throughput.
The speed of bitcoin transfers will accelerate dramatically, and more and more people will use it.

The lightning network is about to solve the scalability 'problem' of bitcoin.

You will be able to open a bi-directional channel with someone by funding it (through a 'standard' transaction).
Inside this channel you will be able to pay someone which is connected to your channel through other channels.
If there is a route to your destination, you will be able to pay instantly (almost zero fees, no confirmation times).

This balance basically remains in your channel until you decide to close it. At the moment of closure another on-chain-transaction is being made, crediting you the funds.

I'd suggest you read this: https://cointelegraph.com/explained/lightning-network-explained (https://cointelegraph.com/explained/lightning-network-explained). It explains the lightning network pretty decently.

Its changing every day. We have more and more nodes and chanels each day. You can check it here: https://lnmainnet.gaben.win/ (2000+nodes and 6000+ chanels) - its evolving each day and its not linear increase. There is also lightning test app v 0.2.0 on github.

The lightning network will create more efficient way of sending and receiving money from place to another. It will open up a side chain through which the people can exchange BTC in a jiffy. This will provide speed in confirmations and will reduce the confirmation time. It will also create a secured connection between the people so that your coins remain safe in the network. It will also reduce the transaction fees since we can keep channel open as long as we want and make many number of transactions through it.

think of Lightning Network as a layer that comes on top of already existing bitcoin network, and works there separately but still linked to bitcoin.

the way that it will help bitcoin, in my opinion, is that it can take a lot of the transaction load away from the main chain and hence increase the capacity. this "load" can be transactions that happen too often and need to be extremely fast and cheap. for example as a trader you sometimes want to be able to deposit your bitcoin and sell it immediately. right now you have to wait for confirmations but using LN that will be instant and that  can reduce the risk of leaving your BTC on exchanges, reduce the risk of losing out of best price to sell,...
another example that comes to mind is gambling. like the on-chain gambling that has been happening like binary options, or even the dice games can use LN in which case you don't even have to make a deposit and play with that money. you can have your wallet, make a bet on LN and either pay up when you lose or get paid when you win in matter of seconds all within a channel and with nearly no fee.

The Lightning network is a technology upgrade that would power instant transactions as well as instant micro-transactions. Once implemented, Bitcoin’s transaction fees will be drastically reduced and we will have almost-instant transactions.
The Lightning Network won’t require miners to validate transactions, and so transactions can be carried out offline and the Bitcoin blockchain will record the transaction once completed. Removing the need for bitcoin miners will truly make Bitcoin retail ready, helping us transact better.

@IndigoRed
just about everything that you said here is wrong!

- LN is already implemented
- LN may indirectly help keep transaction fees low like how low they currently are but it won't be decreasing it "drastically".
- we will have almost instant transactions on LN not on main chain.

true only about transactions that happen on LN but LN still needs on-chain transactions to open and close channels so it does require miners.
not to mention that miners don't validate transactions, they just find blocks. nodes do the validation and in case of LN, the LN nodes will do the validation.

completely wrong. everything is still online but on a different "layer".

again LN does NOT remove need for miners.

Every financial network in the world have to scale to keep up with the growing user base. <Increased user base = more transactions> The Lightning Network is the scaling solution for Bitcoin, because it takes a large quantity of the micro transactions to a second layer solution. <off-chain>

Last year, we saw what the impact of a congested Blockchain was, namely slow confirmation and high fee transactions. The Lightning Network will reduce fees a lot and it will be much faster than on-chain transactions. 

Lightning Network with bitcoin will increase the number of transactions in a block, reducing transaction costs, but should be supported and used by large organizations! Because the Bitcoin network needs peer to peer agreement!

This is not correct.

The lightning network is a second layer scaling solution.

The amount of transactions which fit into a block will not be increased. Neither will the TX fees directly be reduced.
The LN will give you the ability to (1) fund a channel with a standard on-chain transaction, (2) make multiple off-chain transactions with insignificant fees, (3) close a channel with a standard on-chain transaction.

This gives you the opportunity to make trustless instant transactions on the LN without paying the on-chain fees.
It is not directly changing bitcoin. On-chain transactions work the same as before. It is an additional layer on top.

A pretty decent description of the lightning network can be found here (https://cointelegraph.com/explained/lightning-network-explained).

Lightning network speed up the transaction process of bitcoin.

Network lightning is a plan to address scalable bitcoin issues and make all bitcoin transactions to be done quickly and efficiently.

I think that the lightning network is not needed anymore, the price is more than good at the moment and you can send transactions with a fee of less than five cents each, so, it is not needed

do you think bitcoin adoption has come to a stop and no more person is going to start using bitcoin anymore?!!! why is that?

the adoption is just getting started. we aren't even at 1% yet, let alone be at the end of the road. Lightning Network is something that will help when this adoption grows more. when there is more usage and thousands of transactions per second instead of per block (~10min).

With lighting network you can make a transaction instantly, and once you opened a channel, basically your transactions fees would be zero. If this works, will be impressive and it really can scale to all world of payment without problems. Hopefully it will works perfectly soon! ;)

Lightening network was made to help bitcoin fix its scability issues. We have seen how high transaction fees for bitcoin can go and how long transactions can take to confirm. But with lightening network, the block size of bitcoin will increase and it can process more transactions per second ensuring that transactions confirm faster. Also, fees for sending bitcoin will reduce drastically.

This is how lightening network will help bitcoin.

Scalability is a big problem that lightning network can solve. The idea of congestion and overload that normally result in transactions staying hours or days to be confirmed needs urgent attention and this is where lightning network comes in.

Lightning network helps quick transactions and makes the fees lower - Obviously it will help Bitcoin.

This balance is basically still in your channel until you decide to close it. for example as a trader, sometimes you want to be able to send your bitcoin and sell it immediately. You can have your wallet, make a bet on LN and pay when you lose or get paid when you win a few seconds all in one channel and with almost no fees.

The implementation of Lightning Network is a great progress of the crypto world specially Bitcoin currency. It is very necessary step towards making Bitcoin suitable for daily use as it will speed up transactions making the transaction fees lower. We just hope everyone will support it as this is vital to the future of Bitcoin currency.

the Lightning Network project is a future transaction project with features: Instant Payments, Scalability, Low Cost, and Cross Blockchains. all such information can be found on the website: https://lightning.network/. this project is not yet fully used on platforms familiar to our ears, so not many who use this technology. if you want to try it please see some projects that support this network Lightning Network.
website : https://lightning.engineering/
Github   : https://github.com/lightningnetwork/lnd
Tutorial : https://dev.lightning.community/tutorial/

some projects that support Lightning Network network other than LND are ECLAIR (https://github.com/ACINQ/eclair), C-Lightning (https://github.com/ElementsProject/lightning), LIT (https://github.com/mit-dci/lit), Lightning-Onion (https://github.com/lightningnetwork/lightning-onion), Lightning-integration (https://github.com/cdecker/lightning-integration), Ptarmigan (https://github.com/nayutaco/ptarmigan), I hope this helps.  :)
[/quote]

issues
LN is for CROSS platforms:
this means its not a network to make bitcoin scale.. but to make ANY blockchain scale. meaning while bitcoin devs scream bitcoins blckchain cant scale, bitcoins blockchain is expensive, slow...  other devs of things like litecoin will be promoting faster settlement cheaper settlement and better onchain control. thus making bitcoin lose dominance and making people prfr to settle and hoard an altcoin..

LN is multisig
this means forget the permissionless, no-trust required PUSH payment system of bitcoin which everyone loved. LN is a counterparty requird authorisation system and also requires authorisation of every user of the route AND the authorisation of the destination. they are desparetly trying to automate the authorisations so people dont realise it. but by doing so, the automation can also negatively be used to raid people of their funds because they cant stop it in the half second an automation occurs. EG when you see the hen leave the hen house its harder to grab it hold and put it back in the hen house, especially if the hen house doors are set to open automatically to encourage free movement of the hen.
remmber when funds ar in your channel your funds can be used by others to route their payments. and in a "fast network" you wont get the manual control you acknowledge/manualy authoruis others route/use of your funds.

LN has opened up new vulnerable opcodes and scripts
because most consumers wont have time experience/knowledge to check every payment at raw tx level. they will not se if whats being signed is actually the terms/conditions that they are comfortable with.(opcode, punishments, fee's)

LN involves preplanning spending habits and pre-depositing funds
firstly knowing you may use starbucks daily but walmart fortnightly you would prefer to connct as close to/more direct to a starbucks hub to reduce fee's and organise the routes accordingly. after all you dont want to end up conncting directly to your opticians directly that you only see once every 2 years but then have starbucks 10 hops away(costing you 10x fee) for daily purchases.
then you will need to fund a number of channels(not have funds sat in one 'wallet' but locked into separate channels(accounts) that go through only the certain counterparty you lockd onto
so you would then need to rmember
$600 for optician... time lock 6 years
$90 for starbucks.. time lock 1 month ($3 a day habit)
$480 for walmart..timelock 2 month ($120 a fortnight habit)
some say 1 channel per node. but that does not work in reality because your 1 countrparty may go offline and if they are only conectd to you.. then you/they ar not part of a well established route. thus you DO end up having multiple channels

this is because if you are only going to mak 1 payment.. its a waste to ven us LN. bcause opening and closing is 2 onchain payments. so moving the money twice onchain just to use once offchain is stupid. so yea you will need to plan spending habits and lock funds in for a considered period of time to make the most of the cost saving of onchain fee's

and even then. if your optician goes offline of a hop between you and starbucks on the route gets DDoSed you then have to move funds about again into new channels to find other routes, or you may end up forced to use a route with a high fee offchain
(this is called the 'hook fee' all businesses use this to entice new customers.. entice you in with a route of only 1millisat per hop and then 2 hops(2millisat total).. then disconnct the second hop(they control), and create a staged route(they control) of 20 hops at 2millisat each to get to the destination. because they have programemed their node to only connect to directly to their own sybil nodes for a distance of 20 hops. so they can grab 40millisats from evry customer who then connect to the outer ring of their sybil nodes...

yes. many users have already envisioned setting up multiple sybil nodes to double/quadruple the fee's they get by setting up themselves on a well established route
imagine it like closing a country road to force people onto a toll road, knowing users funds ar locked into thier channel they have no choice but to accept the route handed to them or pay the onchain fee/punishment to exit the channel

The Lightning Network is a built-in system to make it easier for people to send or receive payments by reducing transaction costs and can help bitcoin be more useful for the daily currency.

would help the bitcoin was faster in their second transactions would allow us to make micropayments at low cost we could take a coffee and it would cost us for 2000 satoshis or less say that the confirmations would be and that instantaneous would open to see their operation and not be do the double expense since they say that it will be out of the chain of bitcoin blocks I think that the low rate would be very good ayudsria to that bitcoin be used more since they are therefore to make millions of transactions per block at the same time and its comfirmacion would be in minutes and even seconds from pole to pole more economic

Lightning network can help bitcoin in a way that it can make the transaction faster, easier, and convenient. It is not only the benefit of lightning network because it can also reduce the cost of the transaction fee.

Lightning network can helps the bitcoin in the blockchain market creates a faster trading transaction into different kind of process in exchanges trading,otherwise maybe its called a lightning because its speed like a light thats makes your transaction faster and its different from normal transaction, in making a transaction of exchanges market,and in terms of processing fee its lesser than the normal one that we used.

it's a huge innovation as it makes the transactions immediate, with low fees and untrackable. Last feature might not be so welcome with governments, let's see what that brings to us

The biggest problem that Bitcoin has been facing in the past two years is the scalability issue. And lightning network fixes this issue very well. The only thing that's needed now is for it to be successfully adopted. Without lightning network the bitcoin network wont be able to handle thousands of transactions per second.

Primarily bitcoin and altcoin are still transferred between the exchange! This transfer fee is still high while the charge of the network is low! Need to change their policy for digital money transfer!

Because of lightning network the  transaction fees on bitcoin are also significantly reduced, the transactions will be executed quickly and efficiently. Lightning network is the way to solve the some problems and issues about bitcoin.

Lightning network help bitcoin to the way of the transaction fee was become faster and quickly and decrease the transaction fees.

If Blockstream had allowed to raise the block size from 1MB to 8MB none of this multisig-sidechain-hardfork nonsense would be needed. You see we would still have only one BTC. But the powers that shouldn't be are well aware of the old adage "divide and conquer"  Again, Just raising the block size was a simple and elegant solution that could have avoided a contentious hardfork, while allowing thousands or tens of thousands of people to have access to their funds in a timely manner.

The Lightning Network technology will allow all Bitcoin users to make instant transactions for any amount. Therefore, people will be able to use Bitcoin to pay for any goods and services.

Lightning network are working for the fast and quality internet connection to make fast connectivity for every users. Lightning network have big rules also in the work of digital currency it's help to make it fast transactions because of strong stable connection.

The cost of sending the bitcoin will be significantly reduced. will help bitcoin faster in the second transaction will allow us to make micropayments with low cost, we can drink coffee and the cost for us is 2000 satoshi or less will confirm that not made charge doubles since they say it will be out of the block bitcoin chain

lightning is a separate network.
many coins will use it.

lightnings concept is similar to the 19th century bankers gold concept

"using gold for coffee is cumbersome.. here lock your gold into these vaults (LN factories) and ill sign you a transaction promissory note that you can then play around with. and if i like the recipient and see my signature i will authorise my payment to them. because its faster easier and cheaper than handling confirmed gold"

and now..
"if you dont want the promissory notes. here have a bag of copper, brass, tin and nickel coins"

think about it...

history has shown that gold is no longer a payment method. a medium of exchange or a common currency. but something held and owned by the vaults(ln factories)

Lightning network will also make many transaction at the same time,congestion will be gone and so as the trafficking of transactions.thats why with LN everything in bitcoin will be resolve and this will compete all the small transacting sites now.this is what i have learnt about lightning network

Bitcoin have a long block time, it is hard if you want to transfer your coin with short time because you will have to wait the confirmation block.
Lightning network purpose is to speed up the transaction time i think, like the name, the process will be fast as lightning.

Just lifting the block size is a simple and elegant solution that can avoid a controversial hardfork, while allowing thousands or tens of thousands of people to gain access to their funds in a timely manner. I think the low rate would be very good ayudsria bitcoin is used more because they are therefore to make millions of transactions per block at the same time and its comfirmacion will be in minutes and even seconds from pole to more economical.

Apart from essential solving the scaling and fee problem, lightning also makes it possible for users to transact in Bitcoin offline, ensuring that smaller merchants and those in less economically developed countries have access to the technology. It also massively incentivizes merchants,  retailers and corporations to get involved as the barrier to entry is now much lower.