Boosting the smart asset lightning network, OmniBOLT testnet is online

[neo.carmack]

Why smart asset lightning network?

Decentralized finance industry requires a much more flexible, extensible and cheaper smart assets circulation solution to solve the main chain scalability problem. Lightning network is a solid technology to this problem. According to the layer-2 protocol BOLT (Basis of Lightning Technology) specification for off-chain bitcoin transfer, we need a protocol to support wider range of assets for upper layer applications: payment, game, finance or scenerios need stable coins.
 
https://omnilaboratory.github.io/obd/assets/omni-lightning.png

What is OmniBOLT?

We propose OmniBOLT, the smart asset lightning network, for this purpose. OmniBOLT daemon(OBD) is the golang implementation, an open source, off-chain decentralized platform, build upon BTC/OmniLayer network, implements basic HTLC payment, atomic swap of multi-currencies, and more off-chain contracts on the network of smart assets enabled lightning channels.

The testnet is now online.

Source code is in this git repo: https://github.com/omnilaboratory/obd
And the OmniBOLT spec repo is here: https://github.com/omnilaboratory/OmniBOLT-spec
Document for a better reading experience: https://omnilaboratory.github.io/obd/


Advantages  

1. Instant payment of smart assets issued on OmniLayer and Etherium(soon future).
2. Cross channel atomic swap for various crypto assets.
3. Decentralized exchange on top of stable coin enabled lightning channels.
4. Collateral Lending Contract and more flexible contracts for various DeFi scenarios based on atomic swap, without any extra cost of transaction fee or any intermediary;

Interested readers shall directly go to chapter 6: DEX, Collateral Lending Contract, online store ... to seek more examples.

 

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[neo.carmack]

Although the testnet is online, there is still big room to imporve this project for it may be possible to be a game changer.

We sincerely ask for suggestions. Open issues in the repo, then we can have discuss on certain subjects, and you will be honored contributor to this specification and project.

 

[Wind_FURY]

Good luck to your project/experiment, but I believe Lightning will not have high, consistent usage outside of "as actual" Bitcoin transactions.

[Wind_FURY]

Good luck to your project/experiment, but I believe Lightning will not have high, consistent usage outside of "as actual" Bitcoin transactions.

Lightning Network can be used by any cryptocurrency which support LN and the potential is far more than sending/receive Bitcoin. I believe other usage such as sending/receive altcoin and atomic-swap between cryptocurrency (such as this project) will be more popular in future.

Yes I know, but Lightning will not have any significant usage in other coins/networks simply because they don't have high fee-pressure like Bitcoin. This is because of Bitcoin's network effects. It's the king.

[Wind_FURY]

Good luck to your project/experiment, but I believe Lightning will not have high, consistent usage outside of "as actual" Bitcoin transactions.

Lightning Network can be used by any cryptocurrency which support LN and the potential is far more than sending/receive Bitcoin. I believe other usage such as sending/receive altcoin and atomic-swap between cryptocurrency (such as this project) will be more popular in future.

Yes I know, but Lightning will not have any significant usage in other coins/networks simply because they don't have high fee-pressure like Bitcoin. This is because of Bitcoin's network effects. It's the king.

Few altcoin such as ETH have high fee-pressure. ETH itself have similar off-topic scaling solution, which is called Raiden Network.

High fee-pressure from?

Plus Raiden is vaporware? I have never seen it used anywhere after ICO, and Ethereum is forking into a POS-network, with "Sharding" to "scale".

[hugeblack]

Is this an official topic of OmniBOLT? Or are you linked to that project?
I read about that project about a month ago, I liked the idea that I even posted this topic a few weeks ago ----> offchain smart contract | OmniBOLT.

Can you talk in more detail about the time-locker^[1] and Multi-Path LN Payment support? OmniBOLT

[1] We are talking about time-locker that contain fixed assets such as USDT, how can prevent abuse? I will request a refund if the price drops.

[neo.carmack]

Is this an official topic of OmniBOLT? Or are you linked to that project?
I read about that project about a month ago, I liked the idea that I even posted this topic a few weeks ago ----> offchain smart contract | OmniBOLT.

Can you talk in more detail about the time-locker^[1] and Multi-Path LN Payment support? OmniBOLT

[1] We are talking about time-locker that contain fixed assets such as USDT, how can prevent abuse? I will request a refund if the price drops.

https://i.imgur.com/fkHreWo.png

Yes, im the author of OmniBOLT spec. Hope i can discuss more on this project here.

Multi path payment is officially supported by LND recently, but not by OmniBOLT as of now. We are developing this feature.


I'm not fully understand your point [1]. Could you please explain more about "abuse"? Since atomic swap is not  collateral lending, so that you can not get refund if the price your asset, say BTC, drops or rises.

We are designing colleteral lending protocol, like the MakerDAO on lightning network. You can borrow money against the collateral BTC to get liquidity, and you are able to get BTC back safely by paying back the money you borrow plus some interests. But there are barries we come across. I currently can not promise that it will be feasible.

Anyway, high speed payment and exchange are definitly feasible. It is working now on testnet.

[neo.carmack]

Good luck to your project/experiment, but I believe Lightning will not have high, consistent usage outside of "as actual" Bitcoin transactions.

Lightning Network can be used by any cryptocurrency which support LN and the potential is far more than sending/receive Bitcoin. I believe other usage such as sending/receive altcoin and atomic-swap between cryptocurrency (such as this project) will be more popular in future.

Yes I know, but Lightning will not have any significant usage in other coins/networks simply because they don't have high fee-pressure like Bitcoin. This is because of Bitcoin's network effects. It's the king.

Yes, most of other coins don't have this high fee pressure. Lightning network is only for some certain scenarios. Image that pay 15 usdt(or other stable coin) for a cup of coffee, the payment is expected to be finished in 3 seconds and better without miner fee.

[neo.carmack]

https://omnilaboratory.github.io/obd/

Document updated.

[Wind_FURY]

Good luck to your project/experiment, but I believe Lightning will not have high, consistent usage outside of "as actual" Bitcoin transactions.

Lightning Network can be used by any cryptocurrency which support LN and the potential is far more than sending/receive Bitcoin. I believe other usage such as sending/receive altcoin and atomic-swap between cryptocurrency (such as this project) will be more popular in future.

Yes I know, but Lightning will not have any significant usage in other coins/networks simply because they don't have high fee-pressure like Bitcoin. This is because of Bitcoin's network effects. It's the king.

Yes, most of other coins don't have this high fee pressure. Lightning network is only for some certain scenarios. Image that pay 15 usdt(or other stable coin) for a cup of coffee, the payment is expected to be finished in 3 seconds and better without miner fee.

Then why would anyone use an off-chain network for a coin like Dogecoin? Bitcoin developers are experimenting/developing a network for off-chain payment channels because they are necessary FOR BITCOIN. Because there must be other ways to make a transaction.

Altcoins, I believe still not in a situation because it is necessary.

[neo.carmack]

Good luck to your project/experiment, but I believe Lightning will not have high, consistent usage outside of "as actual" Bitcoin transactions.

Lightning Network can be used by any cryptocurrency which support LN and the potential is far more than sending/receive Bitcoin. I believe other usage such as sending/receive altcoin and atomic-swap between cryptocurrency (such as this project) will be more popular in future.

Yes I know, but Lightning will not have any significant usage in other coins/networks simply because they don't have high fee-pressure like Bitcoin. This is because of Bitcoin's network effects. It's the king.

Yes, most of other coins don't have this high fee pressure. Lightning network is only for some certain scenarios. Image that pay 15 usdt(or other stable coin) for a cup of coffee, the payment is expected to be finished in 3 seconds and better without miner fee.

Then why would anyone use an off-chain network for a coin like Dogecoin? Bitcoin developers are experimenting/developing a network for off-chain payment channels because they are necessary FOR BITCOIN. Because there must be other ways to make a transaction.

Altcoins, I believe still not in a situation because it is necessary.

There are lots of scenarios that requires a quick transfer of coins, as long as the coin is wider accepted, like USDT the stable coin. So lightning payment network just provide more options to users.

For example, online games, where users may exchange coins quickly because a round of game wont wait minutes for a mainchain confirmation.

Another scenario is typical: off line store selling coffee/book/electronic device etc. Paying by BTC is an option, but what if by coupons or digital legal tender if local regulation permits.

I think lightning technology shall be applied to real businesses subject to regulation. So that various type of coins shall be suported. Shit coins will not be accepted by users, there wont be many shit coin channels in OmniBOLT network, so that we dont need to worry about that. 

[Wind_FURY]

There are lots of scenarios that requires a quick transfer of coins, as long as the coin is wider accepted, like USDT the stable coin. So lightning payment network just provide more options to users.

For example, online games, where users may exchange coins quickly because a round of game wont wait minutes for a mainchain confirmation.

Another scenario is typical: off line store selling coffee/book/electronic device etc. Paying by BTC is an option, but what if by coupons or digital legal tender if local regulation permits.

I think lightning technology shall be applied to real businesses subject to regulation. So that various type of coins shall be suported. Shit coins will not be accepted by users, there wont be many shit coin channels in OmniBOLT network, so that we dont need to worry about that.  

Are you saying that there will be NO reason to HODL altcoins, because Bitcoin WILL copy altcoin features through its development in the Lightning Network? I support!