Lightning Network - Thoughts?

[btcltcdigger]

I heard there was some lightning adoption already on a small scale. What happened to that?

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[LeoBTCGod]

I heard there was some lightning adoption already on a small scale. What happened to that?

Any more details on this? I know Bitfinex and a few other exchanges have started to support Lightning Network transactions, as well as businesses, but we still haven't seen any huge adoption of the technology yet 

[GucciBoy]

I heard there was some lightning adoption already on a small scale. What happened to that?

I've seen very little usage of the Lightning Network thus far as it's really complicated for the average Joe to use right now. Stakenet changes that, and makes the Lightning Network easily accessible with masternodes handling all the technical aspects of it.

A few exchanges have implemented it, including a few online stores I've come across as well. Adoption of new tech takes time 

[coronga]

Will LN work? Despite the massive growth of the network in the first half of 2019, the number of user channels and network capacity is still falling, maybe we need a few more years.

[Wh00re]

Will LN work? Despite the massive growth of the network in the first half of 2019, the number of user channels and network capacity is still falling, maybe we need a few more years.

TONS of transactions has taken place over the Lightning Network. You can beta test Stakenet's new Lightning Network DEX and see for yourself actually.
Just join their discord server, ask for permission to access the testing channel.

You don't need any technical knowledge, as the Lightning node is hosted for you, just trade away as much as you feel like

[LeoBTCGod]

Will LN work? Despite the massive growth of the network in the first half of 2019, the number of user channels and network capacity is still falling, maybe we need a few more years.

Bitfinex integrated LN into their exchange, so sure it works. Reason why it's not being used as much is because it's pretty technical to setup your own node, which is why you can soon benefit from Stakenet's eco-system and use their nodes when transacting. 

[Flux0z]

Recent studies have shown the Lightning Network is struggling, but are these teething problems or longer-term issues?

Source: https://cointelegraph.com/news/lightning-networks-has-yet-to-strike-adoption-but-dont-count-it-out

There's no doubt that a LOT of people will be surprised at how smooth the Stakenet DEX is gonna run. I've been beta testing it the past month, and it's so smooth compared to anything else I've tried. It's clear that Stakenet solves a lot of the LN problems we've seen to this date. Exciting.

[BTCXRPADA]

Less miners to validate transactions due to lowered BTC rewards from mining after the recent halving = higher fees to send BTC.

The Lightning Network is definitely needed. Very underrated thread.

[durilup]

I think lightning network was already applied few years ago to bitcoin blockchain if I am not bad . But if I send right now some btc to another user it takes more than 10 minutes and the fee is almost $1.

[LeoBTCGod]

I think lightning network was already applied few years ago to bitcoin blockchain if I am not bad . But if I send right now some btc to another user it takes more than 10 minutes and the fee is almost $1.

Bitcoin is Lightning Network compatible yes. The same is: LTC, XSN, DCR, and many other projects. You need a Lightning node to route payments off-chain from one person to another, which is where the scaling solution "fails", as nobody is incentivized enough to run these. This is where Stakenet makes use of their already profitable masternodes, which makes 2 sources of income available.
Pretty damn smart.

[Marckolind]

I think lightning network was already applied few years ago to bitcoin blockchain if I am not bad . But if I send right now some btc to another user it takes more than 10 minutes and the fee is almost $1.

Check this video, and look how fast and easy it is to trade via the Lightning Network. No technical skills required by using Stakenet's DEX. Just download, deposit, trade.. Easy as that!
https://www.youtube.com/watch?v=wSNFhFBKmsc

[luchins]

Guess I need to do some research on Lightning, as this post above is pretty damn interesting.

I've seen a lot of hate on Lightning as of lately, but this seems like a cool implementation idea. Thanks for posting.

Who is hating Lightning Network? when we can save a lot of transaction fees although it has some limitations. But it could really help in a way, specially if we go on another parabolic run choking the network.

So if you wanted to pay someone, you can take advantage of LN, open a channel so that the other party can issue the payment without adding congestion to the network, p2p, off-chain transaction.

Which limitation does LN have?  How  can they be  solved?

[luchins]

So if you wanted to pay someone, you can take advantage of LN, open a channel so that the other party can issue the payment without adding congestion to the network, p2p, off-chain transaction.

How  can XSN help in this  scenario?

[luchins]

From my research, Stakenet makes the Lightning Network decentralized, since the Lightning Nodes will be hosted on decentralized masternodes. So it's apparentely a different thing compared to Lightning directly on top of BTC, which could very well become centralized

but  isn't  the Masternode  a  centralized  way to obtain consensu?

[luchins]

Right now they are working on integrating ETH, and it's tokens to the platform, along with trading bots etc.

Yes. Like I said yesterday, it's too early to conclude that stakenet DEX aggregator will solve the problem with status quo DEX.

and  who  will do it? kyber?

[luchins]

actually this is a problem of the work system. where all use work methods that aim to provide good service to users. but if it reduces the working power of speed, of course this is a new problem

Not sure what you're trying to say here.
The Lightning Network doesn't have much incentive to run on BTC itself due to the low rewards for hosting a node

why low rewards for  hosting  a node?

[ene1980]

Who is hating Lightning Network? when we can save a lot of transaction fees although it has some limitations. But it could really help in a way, specially if we go on another parabolic run choking the network.

So if you wanted to pay someone, you can take advantage of LN, open a channel so that the other party can issue the payment without adding congestion to the network, p2p, off-chain transaction.

As mentioned the only issue with me is the limitations and trusting a random channel expecting that i could trust them. We are seeing the adoption for a while but for a major adoption we need to have a friendly interface and i expect electrum or similar companies to come up with Lightning Network integration that could help anyone to start a channel easily.

Right now the bitcoin transaction are congested and it is taking several hours to get a confirmation. I hope majority of the exchanges starts accepting LN to avoid the delay.

[TravelMug]

Who is hating Lightning Network? when we can save a lot of transaction fees although it has some limitations. But it could really help in a way, specially if we go on another parabolic run choking the network.

So if you wanted to pay someone, you can take advantage of LN, open a channel so that the other party can issue the payment without adding congestion to the network, p2p, off-chain transaction.

As mentioned the only issue with me is the limitations and trusting a random channel expecting that i could trust them. We are seeing the adoption for a while but for a major adoption we need to have a friendly interface and i expect electrum or similar companies to come up with Lightning Network integration that could help anyone to start a channel easily.

Right now the bitcoin transaction are congested and it is taking several hours to get a confirmation. I hope majority of the exchanges starts accepting LN to avoid the delay.

Bitcoin transaction is congested because of the drop of the hashing power due to the block halving. That's why we need to check for the fee estimator like https://jochen-hoenicke.de/queue/#2h. But I'm sure it will normalised though.

Here is a thread as well, Some exchanges accepting Lightning Network.

Electrum developer have confirmed that they are building Electrum supported LN payment that will be included in the next release. https://twitter.com/ElectrumWallet/status/1183706431473815552

[Flux0z]

Who is hating Lightning Network? when we can save a lot of transaction fees although it has some limitations. But it could really help in a way, specially if we go on another parabolic run choking the network.

So if you wanted to pay someone, you can take advantage of LN, open a channel so that the other party can issue the payment without adding congestion to the network, p2p, off-chain transaction.

As mentioned the only issue with me is the limitations and trusting a random channel expecting that i could trust them. We are seeing the adoption for a while but for a major adoption we need to have a friendly interface and i expect electrum or similar companies to come up with Lightning Network integration that could help anyone to start a channel easily.

Right now the bitcoin transaction are congested and it is taking several hours to get a confirmation. I hope majority of the exchanges starts accepting LN to avoid the delay.

Bitcoin transaction is congested because of the drop of the hashing power due to the block halving. That's why we need to check for the fee estimator like https://jochen-hoenicke.de/queue/#2h. But I'm sure it will normalised though.

Here is a thread as well, Some exchanges accepting Lightning Network.

Electrum developer have confirmed that they are building Electrum supported LN payment that will be included in the next release. https://twitter.com/ElectrumWallet/status/1183706431473815552

That's awesome news, wasn't aware of that. Definitely good news whenever I see the Lightning Network intergrated in blockchain projects, wallets etc.

[TravelMug]

Who is hating Lightning Network? when we can save a lot of transaction fees although it has some limitations. But it could really help in a way, specially if we go on another parabolic run choking the network.

So if you wanted to pay someone, you can take advantage of LN, open a channel so that the other party can issue the payment without adding congestion to the network, p2p, off-chain transaction.

As mentioned the only issue with me is the limitations and trusting a random channel expecting that i could trust them. We are seeing the adoption for a while but for a major adoption we need to have a friendly interface and i expect electrum or similar companies to come up with Lightning Network integration that could help anyone to start a channel easily.

Right now the bitcoin transaction are congested and it is taking several hours to get a confirmation. I hope majority of the exchanges starts accepting LN to avoid the delay.

[..snip..]

That's awesome news, wasn't aware of that. Definitely good news whenever I see the Lightning Network intergrated in blockchain projects, wallets etc.

Electrum devs have been working since last year, and this is very much anticipated event specially if they can release and go live this year.

Regarding trust, well we can also say that to exchanges and wallets that we used. Can we trust a fully DEX exchange like Binance or Coinbase? Another good news is that Kraken, one of the biggest exchanges out there, has plans to roll out LN as well.

https://twitter.com/pierre_rochard/status/1265835635862093824

It will be huge for crypto community if this plan push through as well. And I'm sure other crypto exchanges doesn't want to be left behind and this will be the new norm in the future.