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Author Topic: My friend told me a new concept Lightning Network, but I don't fully understand  (Read 218 times)
davemaster
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March 21, 2019, 01:52:06 AM
 #1

Can someone explain it to me? I heard that the transaction speed would be much more faster, but I don't know how it works
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March 21, 2019, 01:56:52 AM
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 #2

This video explains it much better than most lengthy text explanations, and pretty much non-technical:

https://youtu.be/rrr_zPmEiME

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March 21, 2019, 02:35:36 AM
 #3

LN isn't new, it has been implemented for over a year now.

If you're not fond of videos, try to read these infographics by bitcoinlightning.com.
Non-technical, colorful and easy to understand.

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March 21, 2019, 04:52:46 AM
 #4

LN isn't new, it has been implemented for over a year now.

Still new though and to the user (asking) it is.

If you need more understand after watching/reading the above suggestion, you can read some more and join the thread dedicated to discussing Lightening network for question asking or reading through useful replies for better understanding on how it works.

What's Lightning Network
The Lightning Network FAQ
Lightning Network Discussion Thread

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March 22, 2019, 09:13:29 PM
 #5

Can someone explain it to me? I heard that the transaction speed would be much more faster, but I don't know how it works
And as always, google is everyone's friend, so don't worry to start a google search, I'm sure you'll get more information about LN that you have expected...
LN is not a secret thing, a lot of people are using it and even more people are talking about it around the world...
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March 22, 2019, 09:33:14 PM
 #6

Can someone explain it to me? I heard that the transaction speed would be much more faster, but I don't know how it works

- Sending btc in real time using Lightning Network:-

https://www.youtube.com/watch?v=XKmI-dV_va4&t=956s
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March 23, 2019, 12:54:38 AM
 #7

LN isn't new, it has been implemented for over a year now.

If you're not fond of videos, try to read these infographics by bitcoinlightning.com.
Non-technical, colorful and easy to understand.

Although it has been implemented for over a year, but not many bitcoin related services/people use this LN till these days (CMIIW). That's why it is still new for most people as they are sticking on the older way to send bitcoin.




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March 23, 2019, 11:42:00 AM
 #8

Can someone explain it to me? I heard that the transaction speed would be much more faster, but I don't know how it works
I guess try to search it in google and you might a lot of information about and I think it already video in youtube. That's true where we can experience more fast transaction than before.
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March 23, 2019, 12:44:57 PM
 #9

In my own little understanding of what lighting network is I believe is a technology that will fastened the speed of all the aspect of the bitcoin network and at that things will speed up more then what their use to be upgraded level of processing information and storing them on the blockchain.

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March 23, 2019, 12:59:31 PM
 #10

is a technology that will fastened the speed of all the aspect of the bitcoin network

Lightening network as the name implies is a network of it's own, and it does not speed up the rate of transactions on the bitcoin network, nor is it made specifically for Bitcoin. It's an outsourced technology which can be used to transfer bitcoins.
Endeavour to look into videos and posts listed already on this thread.

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March 23, 2019, 02:52:47 PM
 #11

until right now i often hear about Ligting network, and Lighting app, but same as you i dont know what is that, how it works, but many people believe that it will change blockchain system in the world, but i don't know about it, as i know that blockahin system is a good system and it hard to change by another system

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March 23, 2019, 02:55:41 PM
 #12

Can someone explain it to me? I heard that the transaction speed would be much more faster, but I don't know how it works
It is very complex and it doesn't have a user-friendly interfacing feature quite yet.
If you really want to learn about it, start from standard features such as multisig. Then read up on state channels. And then you'll start to get a grasp.
Alternatively you can wait a relatively long time for LN to be in a more finished state, and use it without understanding its internals. But we're plenty of years away from that.

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March 25, 2019, 12:04:29 PM
 #13

Can someone explain it to me? I heard that the transaction speed would be much more faster, but I don't know how it works

Trust me,you don't need to know anything about the Lightning network.All the hype about super fast transaction speed is exaggerated.The current speed of normal btc transaction is quite good.
Think of LN as a second layer over the bitcoin core blockchain,that's centralized and therefore you don't have to wait for confirmations.It's not the best explanation,but this is how I see LN.

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March 25, 2019, 12:09:12 PM
 #14

Trust me,you don't need to know anything about the Lightning network.All the hype about super fast transaction speed is exaggerated.The current speed of normal btc transaction is quite good.
Think of LN as a second layer over the bitcoin core blockchain,that's centralized and therefore you don't have to wait for confirmations.It's not the best explanation,but this is how I see LN.

it is a wrong explanation!
- transactions in LN network are super fast because they don't need to be mined, they are happening as fast as you can send a small data (the transaction size of hundred bytes) to another node.
- it is not centralized! it is as decentralized as bitcoin network itself and purely happening in a peer to peer manner.

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alisafidel58
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March 25, 2019, 12:49:43 PM
 #15

Trust me,you don't need to know anything about the Lightning network.All the hype about super fast transaction speed is exaggerated.The current speed of normal btc transaction is quite good.
Think of LN as a second layer over the bitcoin core blockchain,that's centralized and therefore you don't have to wait for confirmations.It's not the best explanation,but this is how I see LN.

Second layer over the bitcoin core blockchain? what do you mean by that? It's not centralized it is decentralized.

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March 25, 2019, 04:36:29 PM
 #16

LN still has issues and a risk

recently a stunt was done t buy pizza using LN and it only had a 10% success rate (1500 attempts, 150 successes)
the main issues with LN which wont be solved easily/ever are as follows:

the sender, router(middlemen) and destination ALL need to be online for a payment to flow
to have an increased chance of payment flow users have to split up their value into multiple channels and hope to find a route between them and the destination
even at the payment success, the funds are not real blockchain confirmed/settled balance so still risks of loss of value

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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March 25, 2019, 06:30:42 PM
 #17

This video explains it much better than most lengthy text explanations, and pretty much non-technical:

https://youtu.be/rrr_zPmEiME
For a complete newbie to read up about LN then i would suggest this youtube video.

About LN it do still have some issues thats why we cant really see that its being applied nor used by most services as of this moment but
somehow i do able to have the glimpse on where LN is already being used on gambling area.
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March 25, 2019, 06:44:39 PM
 #18

The lightning network is something which will help cryptocurrencies such as Bitcoin, Litecoin and others perform quicker, smoother transactions.

This article has a good overview of how it works: https://www.smartbitcoininvestments.com/is-litecoin-a-good-investment/#2_lightning_network
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March 26, 2019, 12:44:15 AM
 #19

Can someone explain it to me? I heard that the transaction speed would be much more faster, but I don't know how it works

As you know that bitcoin transaction speed is very low at times and in a real world scenario this is not good. For example , if you are standing in a queue to buy some tickets for a match in bitcoins, and each translocation taking 5 to 10 mins, this will surely not help.

Here is where the Lightning Network will help to quickly process the bitcoin transaction.
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March 26, 2019, 02:14:19 AM
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Trust me,you don't need to know anything about the Lightning network.All the hype about super fast transaction speed is exaggerated.The current speed of normal btc transaction is quite good.
Think of LN as a second layer over the bitcoin core blockchain,that's centralized and therefore you don't have to wait for confirmations.It's not the best explanation,but this is how I see LN.

How is the transaction speed exaggerated? You said yourself that there is no need to wait for confirmations. It was designed to facilitate instant transfers. Either way, the Lightning Network is completely opt-in and is mostly meant for point-of-sale and micro transactions. There's really no need to use it if you're not in a rush to send money.

But yeah, the simplest way to put it is that it's just another wallet that has a new network running on top of it. You can effectively transfer Bitcoin outside the blockchain through that network, and you can "save" the changes on the blockchain anytime later through a regular transaction. It's very controversial because it could be argued that it's not Bitcoin anymore, but it does eliminate the need to wait for confirmations, making it more suitable for real world use.

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