STREAMING MONEY HAS BECOME POSSIBLE WITH THE BITCOIN! One use case is the option of making multiple micro-transactions in a row, and so to speak turning payments into a continuous digital cash flow. Imagine, paying for subscriptions by the second. Once you have a payment channel established, sending satoshis over the browser is as simple as watching a video online.
But there are many challenges ahead. After all, we are dealing with the time dimension of money and its spatial coverage. Secure infrastructure, professional payments solutions, liquidity providers and inventors are required for scaling the Lightning Network. At some point, we all will experience new kinds of containers for money that will work very different compared to cards or bank transfers. It is hard to foresee how the possibility of splitting funds into tiny little digital pieces will change the utility of money on a global scale. We don`t know yet.
However, we at P21 have already successfully tested our own LN-node. Works like a charm! You receive bitcoin payments in real-time, no need to wait for blockchain confirmations. And on the top of it, our Lightning Team is capable of converting cryptocurrency into fiat within a fraction of a second! We are constantly getting closer to streaming money just in time.
Topic: [2015-05-27] Audio: Scalability And The Lightning Network (Read 343 times)
Joseph Poon & Tadge Dryja: Scalability And The Lightning Network
Since Gavin Andresen's proposal to increase the Bitcoin block size, how Bitcoin can scale to accommodate higher transaction volumes has been heatedly debated among developers. One of the most promising long-term options to allow near infinite scalability is the Lightning Network. Joseph Poon and Tadge Dryja, the co-authors of the whitepaper, joined us for a discussion of scalability and how the lightning network could allow massive numbers of off-chain transaction in a trustless way.
https://letstalkbitcoin.com/blog/post/epicenter-bitcoin-joseph-poon-and-tadge-dryja-scalability-and-the-lightning-network
Since Gavin Andresen's proposal to increase the Bitcoin block size, how Bitcoin can scale to accommodate higher transaction volumes has been heatedly debated among developers. One of the most promising long-term options to allow near infinite scalability is the Lightning Network. Joseph Poon and Tadge Dryja, the co-authors of the whitepaper, joined us for a discussion of scalability and how the lightning network could allow massive numbers of off-chain transaction in a trustless way.
https://letstalkbitcoin.com/blog/post/epicenter-bitcoin-joseph-poon-and-tadge-dryja-scalability-and-the-lightning-network
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