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Author Topic: Lightning Network  (Read 592 times)
Bradstrange
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January 27, 2018, 08:00:49 PM
 #1

Is anyone able to explain the new lightning network to me? Sorry to be such a newbie.
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Goldenoaks
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January 27, 2018, 10:08:57 PM
 #2

Normally bitcoin transactions take quite a while given the limitations in the original code. Lightning Network builds an instant transaction system on top of this.
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January 27, 2018, 10:58:19 PM
Merited by EcuaMobi (1)
 #3

This is the best source I found to understand it quite quickly.
https://bitcoinmagazine.com/articles/understanding-the-lightning-network-part-building-a-bidirectional-payment-channel-1464710791/
It is a 3 part article from Bitcoin Magazine, just follow the links to the other parts. This is a link to first one.
christabits
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January 27, 2018, 11:00:21 PM
 #4

The Lightning Network is dependent upon the underlying technology of the blockchain. By using real Bitcoin/blockchain transactions and using its native smart-contract scripting language, it is possible to create a secure network of participants which are able to transact at high volume and high speed.
lionelho
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January 28, 2018, 01:37:05 AM
 #5

The Lightening Network basically is an offline scalibility solution for bitcoin. With it, you and your partner can do frequent, micro payment in a fast way and a lower fee via state channels. Bitcoin main chain only needs to record the beginning state and final state of the channels.

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High fees = low BTC price


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January 28, 2018, 01:38:58 AM
 #6

by creating the Lightning Network. it.s dependent upon the underlying technology of the blockchain. By using real Bitcoin/blockchain transactions and using its native smart-contract scripting language, it is possible to create a secure network of participants which are able to transact at high volume and high speed.

They can talk all they want about "smart contracts" instead of private ledgers but on ETH these smart contracts are uploaded
by developers who want to deploy bean counting software and this is absolutely nothing like that and they are playing with
words just like they are in Lightning by trying to refuse to call hubs banks.

Here take a look and tell me that this is mama and poppa banking
https://lnmainnet.gaben.win/

Your starting to scarring me so lets skin a "Smart contract" out

Both sides deposit money
Move $25 from Bob to banks side of ledger (Joining fee)
Make Bob sign the muiltisig transaction
if (Direction=Outbound) Tx fee+= $0.10
else Interest Fee +=1% of amount
Make Bob sign the muiltisig transaction
//Bob can leave at any time but will pay us in the other hand in BTC block-chain fees


Anyone can be a banking hub if they know how to write "Smart Contracts" from a wallet and deploy the contract
on BTC mining nodes



Mining is CPU-wars and Intel, AMD like it nearly as much as big oil likes miners wasting electricity. Is this what mankind has come too.
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High fees = low BTC price


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January 28, 2018, 02:00:13 AM
 #7

The Lightening Network basically is an offline scalibility solution for bitcoin. With it, you and your partner can do frequent, micro payment in a fast way and a lower fee via state channels. Bitcoin main chain only needs to record the beginning state and final state of the channels.

No you and your partner can do big payments and play ping-pong for months on end
and get the cost down to $0.00001 per transaction if you like but in the real world the
network looks like this https://lnmainnet.gaben.win/ so we have Tx fees on five hubs
and micro interest payments to contend with and they will all be summed up and
past on to you and your long distance partner who likes cash to buy her hand bags
with anyway.

Tell me you're not one of the miners are you because in my book they come a poor
second to slot machine players and only slightly up on the mystical creatures known
around here as Whales

Here I recommend you watch this https://www.youtube.com/watch?v=UYHFrf5ci_g
because it seems like you have only watch this part so far. https://www.youtube.com/watch?v=rrr_zPmEiME
but if you want middle of the road then watch the long version https://www.youtube.com/watch?v=MpfvhiqFw7A
and stay to the end where he calls the big hubs banks too.




Mining is CPU-wars and Intel, AMD like it nearly as much as big oil likes miners wasting electricity. Is this what mankind has come too.
Bradstrange
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January 30, 2018, 05:32:44 PM
 #8

How would one make a transfer on the lightning network, do you have to know how to code?
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January 30, 2018, 05:35:57 PM
 #9

Last chance for Bitcoin - LN, this year will decide everything!
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January 30, 2018, 09:18:54 PM
 #10

How would one make a transfer on the lightning network, do you have to know how to code?

No, in the future it will be much more simplified for end users, very similar to normal Bitcoin wallets today. It will be available for both desktop and mobile platforms, so you will be able to go place and make payments with your phone which is IMO the best thing about it, POS purchases are viable again.
GreatBug
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January 31, 2018, 03:15:53 PM
 #11

Do anyone know when Lightning Network will be implemented in Bitcoin Blockchain? Or at least some estimated time to implement that?
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January 31, 2018, 03:59:45 PM
Merited by EcuaMobi (1)
 #12

Do anyone know when Lightning Network will be implemented in Bitcoin Blockchain? Or at least some estimated time to implement that?
It has already began on the bitcoin blockchain but people need to understand that it is not something that the whole blockchain would receive as an update. Its kind of a protocol which one needs to implement while he makes the transaction. So it will be upto the wallet creators when they will implement this protocol for transactions in their wallet. So just like segwit which not even now is available in all wallets. You can say same for LN it will take time to spread through various wallets but don't expect that the whole blockchain will get it soon.
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January 31, 2018, 04:38:01 PM
 #13

Do anyone know when Lightning Network will be implemented in Bitcoin Blockchain? Or at least some estimated time to implement that?
in the future this system will be applied, this is amazing when sending Bitcoin will be faster. maybe just seconds or minutes.
hopefully every coin uses this technology.
Bradstrange
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January 31, 2018, 04:42:57 PM
 #14

Do anyone know when Lightning Network will be implemented in Bitcoin Blockchain? Or at least some estimated time to implement that?
in the future this system will be applied, this is amazing when sending Bitcoin will be faster. maybe just seconds or minutes.
hopefully every coin uses this technology.

Will this cause the fees to decrease too?
jimmywh
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January 31, 2018, 05:31:21 PM
 #15

Do anyone know when Lightning Network will be implemented in Bitcoin Blockchain? Or at least some estimated time to implement that?
in the future this system will be applied, this is amazing when sending Bitcoin will be faster. maybe just seconds or minutes.
hopefully every coin uses this technology.

Will this cause the fees to decrease too?

Very much indeed.

godzillarekt007
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February 01, 2018, 09:13:10 PM
 #16

Concisely put LN is an offline solution that will result in essentially zero fees and near instant transactions which will utilize payment channels still on the network but not necessarily on the blockchain.

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RGBKey
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February 01, 2018, 10:18:51 PM
 #17

Concisely put LN is an offline solution that will result in essentially zero fees and near instant transactions which will utilize payment channels still on the network but not necessarily on the blockchain.

LN is not offline. LN requires nodes to be online even more than Bitcoin does because your node has to be online to receive payments. The payment channels themselves are on the blockchain as opening and closing transactions, but lightning network payments do not touch the blockchain, although they are all backed by valid Bitcoin transactions at all times.
amirshaf
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February 01, 2018, 10:32:32 PM
 #18

tocurrency’s blockchain. With this extra layer of code in place[2]
 Read this sites will know more
1. https://lightning.network/.
2. https://lightning.network/lightning-network-paper.pdf
3. https://github.com/bcongdon/awesome-lightning-network
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High fees = low BTC price


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February 03, 2018, 06:32:31 PM
 #19

LN is not offline. LN requires nodes to be online even more than Bitcoin does because your node has to be online to receive payments. The payment channels themselves are on the blockchain as opening and closing transactions, but lightning network payments do not touch the blockchain, although they are all backed by valid Bitcoin transactions at all times.

Yes that's my understand to and either party can broadcast to the block-chain how the original balances should be distributed and if the channel is opened
with $100 from me and $100 from you then it can be closed but the total balance must still only sum to the original deposits of $200 

Trouble is this is centralization with a single point of failure so if you only have one channel open because they cost a lot in BTC miner fees to
open then if the bank goes offline then your off-line too.

Mining is CPU-wars and Intel, AMD like it nearly as much as big oil likes miners wasting electricity. Is this what mankind has come too.
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February 04, 2018, 08:08:54 AM
 #20

Lightning network solves the scalability problem in bitcoin,
The same purpose for RDN to ETH and TNC to NEO..
Lightning network literally makes the transaction fees more cheaper, by keeping them off to the main network.

I hope this article will helps you understand the Lightning network and how it helps the bitcoin to use as day to day currency.. As it helps me too.  Smiley Smiley
https://medium.com/@argongroup/bitcoin-lightning-network-7-things-you-should-know-604ef687af5a

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