Lightning Network Explained

[edsnow2017]

The LIGHTNING NETWORK Explained

         Due to massive growth of popularity of bitcoin around the globe there are more transactions happening on the network but there was a big problem the network can't handle massive request unlike XRP that takes 4 seconds to send and receive and Ethereum that took only 2-4 minutes to receive and send Bitcoin takes more than 1 hour to confirm the transaction.so many people are finding ways to fix this problem and now that is when the lightning network comes.

What is Lightning Network?
    The Lightning Network is a scalable that features an instant, peer-to-peer, trustless payment network that was developed on top of the Bitcoin blockchain. It allows for fast,efficient and cheap payments between each users.

For more details, please refer to the specification: https://github.com/lightningnetwork/lightning-rfc

Does all transaction in the LN is public?
    No, all going on transactions on the Lightning Network are not publicly broadcast. But instead, they were highly and fully encrypted and routed from the payer to the payee via intermediate nodes, using a tor-like onion routing protocol.

In short, Lightning network transactions offer significant privacy,security,safety and anonymity improvements over regular on blockchain transactions.

As a result, transactions cannot be displayed on this explorer.


The Lightning Network Features

1.Instant Payments
2.Scalability
3.Low Cost
4.Cross Blockchains

To know more about the Lightning Network please refer to the site below:
http://lightning.network/

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[edsnow2017]

I can't understand why most people don't give time for this kind a thing but a post like "is it time to buy bitcoin?" and other short post they always commenting down but being open with this topic that could help them they always ignoring waahaha

[hdasd]

I can't understand why most people don't give time for this kind a thing but a post like "is it time to buy bitcoin?" and other short post they always commenting down but being open with this topic that could help them they always ignoring waahaha

The purpose of the lightning network is to achieve a secure chain of transactions, which is essentially a mechanism that uses a hash time lock smart contract to securely conduct a zero-order transaction. By setting a clever 'smart contract' Unconfirmed transactions on the internet are as safe as gold (or as secure as bitcoin).

[edsnow2017]

I can't understand why most people don't give time for this kind a thing but a post like "is it time to buy bitcoin?" and other short post they always commenting down but being open with this topic that could help them they always ignoring waahaha

The purpose of the lightning network is to achieve a secure chain of transactions, which is essentially a mechanism that uses a hash time lock smart contract to securely conduct a zero-order transaction. By setting a clever 'smart contract' Unconfirmed transactions on the internet are as safe as gold (or as secure as bitcoin).

yes sir you got a good point about it but not all users of bitcoin not using lightning network as of now and they don't have any idea about it.

[Cgrbb]

yes please.
this will be a good step and the next steps will take the bitcoin to an indispensible point.
@fiat dont resist it baby.

[edsnow2017]

yes please.
this will be a good step and the next steps will take the bitcoin to an indispensible point.
@fiat dont resist it baby.

yes hope that It will be live on the mainet soon because as of now it was only on the testnet but all of the devs are keeping and doing their best to make this succeed

[franky1]

for those wanting to learn beyong the promotional "cheap, instant, unlimited" buzzwords and find out about the critical parts that dont meet the promotional promises..

another thread (link below) highlights some limitations/issues.
ofcourse some people in the thread try defending/deflecting the issues to keep the hype of empty promises alive, but its worth knowing the limitations aswell

https://bitcointalk.org/index.php?topic=2819956.msg29007219#msg29007219

[edsnow2017]

for those wanting to learn beyong the promotional "cheap, instant, unlimited" buzzwords and find out about the critical parts that dont meet the promotional promises..

another thread (link below) highlights some limitations/issues.
ofcourse some people in the thread try defending/deflecting the issues to keep the hype of empty promises alive, but its worth knowing the limitations aswell

https://bitcointalk.org/index.php?topic=2819956.msg29007219#msg29007219

thanks for sharing this means a lot and might help others

[nc50lc]

it doesn't sound right.
You can't compare LN with XRP and ETH transaction speed.
But the links together with the construct of the OP are very useful to others who want to learn more about the Lightning Network.

You earn a merit.

[edsnow2017]

it doesn't sound right.
You can't compare LN with XRP and ETH transaction speed.
But the links together with the construct of the OP are very useful to others who want to learn more about the Lightning Network.

You earn a merit.

I don't compare LN with XRP and ETH I just put a perspective and a comparison with the transaction speed of BITCOIN with other crypto