Bitcoin lightning network | Bitcointalksearch.org

cryptomaster420

member

Activity: 256

Merit: 10

Quote from: Lucacrebbe on January 08, 2018, 05:14:40 PM

Can someone explain please what is this lightening network, and when will it be implemented?

When willl be lightening network implemented to bitcoin?

I still don't understand what this lightning network does...

If it will be implemented lightning network to bitcoin, will bitcoin became scalable and will there be cross chain transactions between differents blockchains?

Exemple: (bitcoin---> to Monero)

When and if this will happen the price of bitcoin will skyrocket, better to accumulate now that is at the dip

There's no good ELI5 answer. If you don't know how bitcoin's first layer works - read up on it first, then read up on state channels, and finally then you'll get a grasp.
LN is a "hack" that gives you relative safety while exchanging bitcoins while not writing transactions on the blockchain. It requires you to dedicate funds to open a channel, and to find liquid enough channels all the way until you reach your recepient. It has very high failure rates, it's nowhere near user friendly enough and was supposed to be finished by now, which is why you'll read a lot of hate towards it.
I don't hate LN itself, just the fact that the first layer was not bumped to 2MB until this actual project is any good. It's progressing well and gaining adoption but we lost time and adoption in the process, which we wouldn't have lost with 2MB blocks until LN has reached an useable state.

ssuchy

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Activity: 490

Merit: 100

Quote from: ophyrim on February 08, 2019, 07:51:20 AM

Quote from: Lucacrebbe on January 08, 2018, 08:36:31 PM

can someone explain?

The future of bitcoin. The solution of scalability problem. You are going to transfer BTC cheaper and also faster. This is very important if BTC will adapt to the real world.

In any case, users of cryptocurrency will choose fast and cheap opportunities to complete transactions. To date, Bitcoin in this regard is far behind, But if you work on it, then the situation may change for the better. In any case, it is Bitcoin that can become the topic of a means, with the help of which you can transfer significant amounts for a large business.

mondeo.96

jr. member

Activity: 223

Merit: 5

Quote from: ophyrim on February 08, 2019, 07:51:20 AM

The future of bitcoin. The solution of scalability problem. You are going to transfer BTC cheaper and also faster. This is very important if BTC will adapt to the real world.

I see that many are starting to build large networks. Thanks to startups like GoodLN_BTC ( https://1ml.com/node/03369be10d4a62551fc13dbc15c2c586104482814315f7becfa5cd7499a3e69e9d ), I'm sure everything will be fine.
We just need all of us to support them !!!

I urge everyone to start using! Get connected. Let's develop technology together !!!

ophyrim

sr. member

Activity: 994

Merit: 391

Quote from: Lucacrebbe on January 08, 2018, 08:36:31 PM

can someone explain?

The future of bitcoin. The solution of scalability problem. You are going to transfer BTC cheaper and also faster. This is very important if BTC will adapt to the real world.

sunsilk

hero member

Activity: 2884

Merit: 620

In layman's term lightning network will provide faster but cheaper transactions for bitcoin.

And for an example of this kind of transaction, you may refer to this: Quick Brew? Bitfury’s Coffee Machine Accepts Bitcoin Via Lightning Network.

For an example video: Bitcoin Lightning Network so FAST!

mondeo.96

jr. member

Activity: 223

Merit: 5

Quote from: realknow on January 09, 2018, 12:01:46 AM

Quote from: wagi on January 08, 2018, 10:04:03 PM

I dont really know what the lightning network really is.
But as i know and i get informatoin about lightning network, it is more about to fix high fee and slow transaction that bitcoin has. If it is applied in bitcoin so i have no doubt that bitcoin will skyrocket again.

I agree with you - hopefully the bitcoin exchange rate will bolt like lightning, and give many advantages to the loyal bounty hanter.

Here for example GoodLN_BTC ( https://1ml.com/node/03369be10d4a62551fc13dbc15c2c586104482814315f7becfa5cd7499a3e69e9d ) and saytik riveted, certainly will develop and what to do now to "anyhow" (http://goodln.com/) can quickly turn into a large-scale projects (for example LNBIG.com)

Domain information Domain Name: GOODLN.COM Country: Ukraine and the owner is hidden (It means that they paid extra for protection not to publish your full name).

Code:

IP 193.169.189.208
Host: sitepro.hostsila.org
City: Kiev
Country: Ukraine
IP range: 193.169.188.0 - 193.169.189.255
Provider Name: Hostpro Ltd.
Domain Name: GOODLN.COM

Personally, I fundamentally support beginners ...

P.S.> goodln - Altruists of Grin

once again pay hike for a domain and a server ... I connect to such start-up projects, because in time they will become "fat" Wink

realknow

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Activity: 546

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Quote from: wagi on January 08, 2018, 10:04:03 PM

I dont really know what the lightning network really is.
But as i know and i get informatoin about lightning network, it is more about to fix high fee and slow transaction that bitcoin has. If it is applied in bitcoin so i have no doubt that bitcoin will skyrocket again.

I agree with you - hopefully the bitcoin exchange rate will bolt like lightning, and give many advantages to the loyal bounty hanter.

Memenya

member

Activity: 238

Merit: 10

Quote from: Tristan1337 on January 08, 2018, 09:47:14 PM

If you want to know what lightning network is, well just check this long detailed video out on youtube. Wink

https://www.youtube.com/watch?v=8zVzw912wPo

Enjoy! Grin

Thanks for sharing the video. I think i need to watch it too as my knowledge about lightning network is limited.
But as i know, lightning network purpose is to make the fee become lowest possible or maybe zero.

wagi

full member

Activity: 196

Merit: 100

I dont really know what the lightning network really is.
But as i know and i get informatoin about lightning network, it is more about to fix high fee and slow transaction that bitcoin has. If it is applied in bitcoin so i have no doubt that bitcoin will skyrocket again.

Tristan1337

member

Activity: 98

Merit: 10

Quote from: Lucacrebbe on January 08, 2018, 05:14:40 PM

Can someone explain please what is this lightening network, and when will it be implemented?

When willl be lightening network implemented to bitcoin?

I still don't understand what this lightning network does...

If it will be implemented lightning network to bitcoin, will bitcoin became scalable and will there be cross chain transactions between differents blockchains?

Exemple: (bitcoin---> to Monero)

When and if this will happen the price of bitcoin will skyrocket, better to accumulate now that is at the dip

If you want to know what lightning network is, well just check this long detailed video out on youtube. Wink

https://www.youtube.com/watch?v=8zVzw912wPo

Enjoy! Grin

aintnopassincraze

full member

Activity: 233

Merit: 106

The Operating System for DAOs

Cross chain swaps are called atomic swaps that is completely different than Lightning Network. LN is a way to make the system a tad bit more centralized in order so the transaction time and fees will get drastically reduced. I am not sure to what degree but I would imagine transaction would be under $1.00 again and the speed is almost instantaneous if not so.

Lucacrebbe

full member

Activity: 224

Merit: 100

can someone explain?

Lucacrebbe

full member

Activity: 224

Merit: 100

Can someone explain please what is this lightening network, and when will it be implemented?

When willl be lightening network implemented to bitcoin?

I still don't understand what this lightning network does...

If it will be implemented lightning network to bitcoin, will bitcoin became scalable and will there be cross chain transactions between differents blockchains?

Exemple: (bitcoin---> to Monero)

When and if this will happen the price of bitcoin will skyrocket, better to accumulate now that is at the dip

Topic: Bitcoin lightning network (Read 180 times)