There are lots of scenarios that requires a quick transfer of coins, as long as the coin is wider accepted, like USDT the stable coin. So lightning payment network just provide more options to users.

For example, online games, where users may exchange coins quickly because a round of game wont wait minutes for a mainchain confirmation.

Another scenario is typical: off line store selling coffee/book/electronic device etc. Paying by BTC is an option, but what if by coupons or digital legal tender if local regulation permits.

I think lightning technology shall be applied to real businesses subject to regulation. So that various type of coins shall be suported. Shit coins will not be accepted by users, there wont be many shit coin channels in OmniBOLT network, so that we dont need to worry about that. 

https://omnilaboratory.github.io/obd/

Document updated.

Yes, most of other coins don't have this high fee pressure. Lightning network is only for some certain scenarios. Image that pay 15 usdt(or other stable coin) for a cup of coffee, the payment is expected to be finished in 3 seconds and better without miner fee.

Yes, im the author of OmniBOLT spec. Hope i can discuss more on this project here.

Multi path payment is officially supported by LND recently, but not by OmniBOLT as of now. We are developing this feature.


I'm not fully understand your point [1]. Could you please explain more about "abuse"? Since atomic swap is not  collateral lending, so that you can not get refund if the price your asset, say BTC, drops or rises.

We are designing colleteral lending protocol, like the MakerDAO on lightning network. You can borrow money against the collateral BTC to get liquidity, and you are able to get BTC back safely by paying back the money you borrow plus some interests. But there are barries we come across. I currently can not promise that it will be feasible.

Anyway, high speed payment and exchange are definitly feasible. It is working now on testnet.

Although the testnet is online, there is still big room to imporve this project for it may be possible to be a game changer.

We sincerely ask for suggestions. Open issues in the repo, then we can have discuss on certain subjects, and you will be honored contributor to this specification and project.

 

Why smart asset lightning network?

Decentralized finance industry requires a much more flexible, extensible and cheaper smart assets circulation solution to solve the main chain scalability problem. Lightning network is a solid technology to this problem. According to the layer-2 protocol BOLT (Basis of Lightning Technology) specification for off-chain bitcoin transfer, we need a protocol to support wider range of assets for upper layer applications: payment, game, finance or scenerios need stable coins.
 


What is OmniBOLT?

We propose OmniBOLT, the smart asset lightning network, for this purpose. OmniBOLT daemon(OBD) is the golang implementation, an open source, off-chain decentralized platform, build upon BTC/OmniLayer network, implements basic HTLC payment, atomic swap of multi-currencies, and more off-chain contracts on the network of smart assets enabled lightning channels.

The testnet is now online.

Source code is in this git repo: https://github.com/omnilaboratory/obd
And the OmniBOLT spec repo is here: https://github.com/omnilaboratory/OmniBOLT-spec
Document for a better reading experience: https://omnilaboratory.github.io/obd/


Advantages  

1. Instant payment of smart assets issued on OmniLayer and Etherium(soon future).
2. Cross channel atomic swap for various crypto assets.
3. Decentralized exchange on top of stable coin enabled lightning channels.
4. Collateral Lending Contract and more flexible contracts for various DeFi scenarios based on atomic swap, without any extra cost of transaction fee or any intermediary;

Interested readers shall directly go to chapter 6: DEX, Collateral Lending Contract, online store ... to seek more examples.

 

Hey,
Username:neo.carmack

I appreciate if I can be given editor status.

Regards,

Neo

Yes bro, not only blockchains but also verious data types generated via DApps

  it's good

Now LunarX lists on BitForex, one of the top exchanges in the world.

Get LX token from BitForex:
https://www.bitforex.com/registered?inviterId=1808211

Section 1. Introduction

Centralized online platforms provide convenient tools for users to access information and services from anywhere and anytime. These platforms normally manage big data centers, driven by variant database systems, from simple embedded k-v modules, to structured relational db systems, and new-sql big data clusters.
But the greater concern in long term is privacy. These platforms not only have all the knowledge of their users' data, but also share users' identities and user's characteristics. Users have no way but to TRUST these platforms that their data and identities are safe.
On the other hand, end users eventually pay for the high cost of these data centers.

In contrast to centralized platforms, decentralized applications(DApp for short) do not own users' data, users themselves do. cryptographic currency\cite{Bitcoin} and blockchain\cite{Blockchain} technology solved the transaction part of data exchange. In fact, it is a data structure that chains blocks, and with each block, there are predefined fields used in recording properties of transactions, preventing "double spent" or other malicious actions on an account.

Transactional consistency is essential, but from a global perspective, only a little proportion of data is transactional. Other data has weaker requirement of globally consistency, but still requires a model with properties of secure, temper proof, anonymous, autonomous and traceability. It is a much more general and scalable data model for decentralized applications in describing the real world businesses.

This model is not as strict as transaction model. It is a distributed table that records users’ activities as rows, and does not collecte user data inside a data center, but distribute to possible peers joining in the network. Each individual user can only access his own data entries in the whole table, and these entries may be stored in multiple remote peers.

In addition, columns need to be scalable(vertical scalability), since new services may be developed in the future. Although the total data may be thousands of Tera bytes, the overhead is balanced, since every participant, including the applications' providers will only store and compute the part that they have been authorized to access. The data model is highly localized, like a huge sparse but locally dense matrix covering the world.

This is the reason why we also call LunarX a World Wide Table. This distributed table design is a middleware that knits individual nodes together, serving upper layer applications with uniform data chain functionality.

There are several supporting techniques helping us to build the network: distributed hash table, symmetric/asymmetric/homoporphic/non-homomorphic cryptography, consistent hash, merkle tree/DAG, proof of storage and its variants, Reed-Solomon erasure coding, and some other peer to peer techniques.

As an universal middleware, LunarX is designed to build a decentralized, scalable, temper proof, anonymous and autonomous data chain infrastructure for decentralized applications(DApp) and their users.

It knits individual nodes together, serving upper layer applications with uniform data chain functionality, and every peer joining the LunarX network becomes a part of the whole data service system.

In real world businesses, not all the data is transactional that has to be put into a blockchain, but these great amount of data still requires properties of anonymous, autonomous, temper proof, scalability and traceability, in an untrusted peer to peer network.

Some of these data is structured, other is unstructured. We propose an algebraic definition of commutative map to study these data structures within a uniform framework, and to see when given a data structure, which kind of encryption schemes are commutative with it, and how to construct a possible scheme. In order to manage these data structures and generate blocks, we developed DAG model for these purposes.

LunarX is a middleware designed to enable distributed data service. It provides a bunch of fundamental protocols that defines infrastructural services which are necessarily supporting the future value network. With its support, DApp can have each node in the network provides services to each other no matter where they are, storing encrypted data, responding to data requests, while earning tokens at the same time. By skipping data centers, LunarX significantly reduces the cost of service.



It is a matrix, peer-to-peer network, and bridge.

As a globally sparse and locally dense matrix, LunarX uses this structure to manage the underlying data chain, providing services going beyond storing files like existing solutions. It can store structured data and perform data computation tasks to support information retrieval, structural data analysis, stream media publishing, content delivery, CDN, and more. It also has robust data self-recovery functionality through erasure coding, therefore protecting data from out-of-service nodes or malicious hackers.

As a peer-to-peer network, LunarX enables every node to provide data chain functionality to clients as a part of the whole data service system. Each node can voluntarily contribute to a useful work to earn tokens as return.

As a bridge, LunarX provides a set of standardized fundamental protocols to enable DApps to interact with blockchain and the underlying hardware. LunarX provides abstractions that free DApp developers from knowing the exact implementations of data services in a peer- to-peer network while maintaining transparency.

Now LunarX is listed on Bitforex, one of the top exchanges in the world.

[Official Site] https://LunarX.co

[Get LX token from BitForex]
https://www.bitforex.com/registered?inviterId=1808211

[Telegram] https://t.me/LunarXOfficial

[Twitter] https://twitter.com/LunarXONE

Source code of the engine part is at: https://github.com/LunarX-ONE/LunarX-node

White papers are at: https://github.com/LunarX-ONE/White-Paper

[White Paper Part I]: the theory, technical architecture.
[White Paper Part II]: The business scenarios, processes and architecture.
[White Paper Part III]: Team, token, Roadmap. Merged to Part II.