What is lighting network?

[CryptopieceOfficial]

Anybody can guide me on how to set it up? What does it do other than faster payment??

[Pmalek]

ChiBitCTy > https://bitcointalk.org/index.php?action=profile;u=904524 < posted a good explanation about the Lightning Network back in January 2018, you should read through that one to understand what it is.

Here is the link: https://medium.com/@melik_87377/lightning-network-enables-unicast-transactions-in-bitcoin-lightning-is-bitcoins-tcp-ip-stack-8ec1d42c14f5
Original thread: https://bitcointalk.org/index.php?topic=2852931.0

Edit: There is also a discussion thread about the Lightning Network which you can check out with a lot posted information:
https://bitcointalk.org/index.php?topic=4638321.0

[bitmover]

What does it do other than faster payment??

In simple terms, it offers offchain scalability.

I read this interesting interview with Andreas Antonoupolos:

“It allows you to route through payment channels, which are smart contracts using multi-sig and time delays. It allows you to transfer (small amounts of) Bitcoin….between two participants, without the need to record it on the blockchain until there is a settlement or a dispute.”

https://bitcoinexchangeguide.com/andreas-antonopoulos-on-btc-lightning-network-ln-is-a-second-layer-network-not-a-sidechain/

You could make numerous small transfers through a channel, and none would be record in the blockchain. It would only be recorded when you decide to leave the channel, paying only one transaction fee.

[bob123]

If you don't know what it is, you won't be able to set it up.

Currently the lightning network is in beta anyway, it is not intended to be used with money you don't want to lose.


To explain it briefly, the lightning network is a payment network where you can send/receive BTC without an on-chain transaction needed.

This requires you to have a channel open with someone and to have a route to your destination.
The payment then can be routed trough those hops (with multiple 'contracts' between those hops).

It works fully decentralized and trustless.


For a better and more detailed explanation, google it or visit the links already posted here.

[bones261]

Currently the lightning network is in beta anyway, it is not intended to be used with money you don't want to lose.

    Who in their right mind wants to lose any money, especially BTC, which has a limited supply? Also, are people really still losing money on the lightning network?   I wouldn't consider a program that still has major issues causing people to lose money in the beta stage. Appears to still be in alpha stage to me.

@OP If you want to play around with the Lightning Network, I advise that you try it out on the testnet only. At least you won't lose anything of real value, except your time.

[kouba01]

Simply put, a lightning network is needed to speed up the transactions of a homeowner, which is very important at the moment.

This is a scalable solution to the bitcoin scalability issue that was released in January 2018. The network will use an off-line protocol that is under development. The P2P system will include mini-payments of the digital legacy currency through a network of bidirectional two-way payment channels, without authorizing trust or trust to third parties.