Author

Topic: [2015-12-02] Lightning Network Implementation ‘Amiko Pay’ Currently in Developme (Read 382 times)

legendary
Activity: 3472
Merit: 1724
People were saying stuff like that back in 2016, though, so it's unlikely.  And I should know, I used to be one of those people.   Grin

Lots of us used to think scaling was this ticking time-bomb and that we had to take drastic action to avoid an imminent catastrophe.  But, as it transpired, the threat was never really that great.  So we know better now.  Experience tells me we can take the cautious approach.     

It's understandable that people want to see things happen quickly, but it's also crucial it's done properly.  Personally, I'd rather it take a bit longer if it means there are fewer mistakes made along the way.  There's no need for panic.  All the other potential optimisations are being looked into as well, so remember that Lightning is only part of the equation.

But capacity has effectively been reached, as evidenced by double digit (in USD) average daily transaction fees. It's a bit underwhelming that with so much money that has been floating around since 2017 L2 solutions aren't more mature over five years later.

While 'catastrophe' is too strong a word, it's a loss both for Bitcoin (with some interest flowing into shitcoins) and Bitcoin's users (more money spent on transaction fees, small to medium payments depending on the traffic making less sense).

legendary
Activity: 3948
Merit: 3191
Leave no FUD unchallenged
The main chain will reach its capacity early next year.

People were saying stuff like that back in 2016, though, so it's unlikely.  And I should know, I used to be one of those people.   Grin

Lots of us used to think scaling was this ticking time-bomb and that we had to take drastic action to avoid an imminent catastrophe.  But, as it transpired, the threat was never really that great.  So we know better now.  Experience tells me we can take the cautious approach.    

It's understandable that people want to see things happen quickly, but it's also crucial it's done properly.  Personally, I'd rather it take a bit longer if it means there are fewer mistakes made along the way.  There's no need for panic.  All the other potential optimisations are being looked into as well, so remember that Lightning is only part of the equation.



Where can we find full details of lightening network.

You might need to be a little more specific.  
If you want the whitepaper, it's here:  http://lightning.network/lightning-network-paper.pdf
If you meant some network statistics, then:  https://1ml.com/statistics
But there is more than one company working on Lightning clients and each have their own implementation.  The "Big 3" are C-Lightning, Eclair and Neutrino, but others exist as well, like the new one being discussed above.



legendary
Activity: 1008
Merit: 1060
The development and implementation of Lightning Network has to be sped up. The main chain will reach its capacity early next year.
member
Activity: 140
Merit: 10
Lightning Network Implementation ‘Amiko Pay’ Currently in Development

The Lightning Network is a design improvement for Bitcoin that could allow users to make micropayments in a decentralized manner and help the entire network scale more efficiently over time. While this proposal has received a large amount of attention in the Bitcoin community, there is another, similar option currently in development by C.J. Plooy.

Plooy recently gave a presentation on his alternative implementation, Amiko Pay, at Scaling Bitcoin Montreal. During his talk, Plooy noted:

“If you look at the basic design of the Lightning Network -- a network of payment channels. This is actually quite an old idea. There have been several variations of this, and the Lightning Network just happens to be the best so far.”

https://bitcoinmagazine.com/articles/lightning-network-implementation-amiko-pay-currently-in-development-1449073678
Jump to: