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Author Topic: What do you think to Lightning Network or alternative ??  (Read 39 times)
For_Canal_Coins
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January 07, 2018, 11:00:45 PM
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What is the Lightning Network?

The Lightning Network is a system of smart contracts built on top of the base Bitcoin blockchain that allows for fast, cheap payments directly between two parties.


On a technical level, the Lightning Network is built on payment channels, which were envisioned by Bitcoin creator Satoshi Nakamoto in the early days of the project’s development. The basic idea here is that two people put some bitcoin into a multisig address and then sign transactions that alter the amount of bitcoin each party is able to redeem. The payment channel can be closed by either party at any time, and the last-signed transaction with the most up-to-date balances for both parties is the one that will be broadcasted and included in the Bitcoin blockchain.

From a less-technical perspective, the Lightning Network's use of payment channels effectively allows users to transact with each other directly rather than broadcasting their business to the entire world. By tracking their payments between each other on their own, the two parties are able to avoid expensive and time-consuming interactions with the blockchain. If there is some sort of dispute regarding balances on the Lightning Network, either party can send the last valid state signed by both parties to the blockchain, which acts as a sort of automated judge that cannot be corrupted or bribed. In other words, nobody can cheat or fudge the numbers.

With the Lightning Network, users are able to transact with anyone who is connected to their network of payment channels through multiple hops. It’s a network of payment channels rather than a way of enabling faster transactions between only two parties.

The key benefits of the Lightning Network include: drastically lower fees, instant payments (avoiding Bitcoin’s ten minute confirmation times), and the potential for improved privacy since these transactions are not stored in a public ledger forever....



What do you think to Lightning Network or alternative ??


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sergiuliano
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January 08, 2018, 06:36:01 AM
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Lightning Network will make the BTC become really main-stream.

I have tested the solution on the test network and it took less than 0.5s for the transfer to be confirmed, which is amazing, the speed is much higher than Visa or MC transactions

This will allow business worldwide to accept BTC payments online or offline.

I believe in BTC because of the Lightning Network!
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January 08, 2018, 07:27:22 AM
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Lightning Network will make the BTC become really main-stream.

I have tested the solution on the test network and it took less than 0.5s for the transfer to be confirmed, which is amazing, the speed is much higher than Visa or MC transactions

This will allow business worldwide to accept BTC payments online or offline.

I believe in BTC because of the Lightning Network!

Wow, that is amazing. I hope these tests can be done with multiple hops to different countries to see if it is still instant? The Lightning Network will be Bitcoin on steroids and I think second layer solutions will be thing of the future. The Internet is built on top of protocols and other layers of communication, so why not Bitcoin?

The purists will never scale to these levels with Block size increases. <Example : BCash>

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January 08, 2018, 11:06:51 AM
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I hope these tests can be done with multiple hops to different countries to see if it is still instant?
I expect the speed to be in the same range as email: email also passes through several servers, and can be forwarded through other email addresses to reach it's destination. Most of the time it takes less than a second, but sometimes it takes a few minutes to arrive, depending on the rest of the internet.
It would be interesting to see how LN performs if some or several nodes are under DDOS-attack, I'm afraid the centralization can be a huge problem if this happens.

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