Pages:
Author

Topic: Lightning Network - page 2. (Read 735 times)

sr. member
Activity: 588
Merit: 250
January 31, 2018, 12:38:01 PM
#13
Do anyone know when Lightning Network will be implemented in Bitcoin Blockchain? Or at least some estimated time to implement that?
in the future this system will be applied, this is amazing when sending Bitcoin will be faster. maybe just seconds or minutes.
hopefully every coin uses this technology.
full member
Activity: 420
Merit: 110
January 31, 2018, 11:59:45 AM
#12
Do anyone know when Lightning Network will be implemented in Bitcoin Blockchain? Or at least some estimated time to implement that?
It has already began on the bitcoin blockchain but people need to understand that it is not something that the whole blockchain would receive as an update. Its kind of a protocol which one needs to implement while he makes the transaction. So it will be upto the wallet creators when they will implement this protocol for transactions in their wallet. So just like segwit which not even now is available in all wallets. You can say same for LN it will take time to spread through various wallets but don't expect that the whole blockchain will get it soon.
sr. member
Activity: 629
Merit: 252
January 31, 2018, 11:15:53 AM
#11
Do anyone know when Lightning Network will be implemented in Bitcoin Blockchain? Or at least some estimated time to implement that?
hero member
Activity: 854
Merit: 658
rgbkey.github.io/pgp.txt
January 30, 2018, 05:18:54 PM
#10
How would one make a transfer on the lightning network, do you have to know how to code?

No, in the future it will be much more simplified for end users, very similar to normal Bitcoin wallets today. It will be available for both desktop and mobile platforms, so you will be able to go place and make payments with your phone which is IMO the best thing about it, POS purchases are viable again.
newbie
Activity: 40
Merit: 0
January 30, 2018, 01:35:57 PM
#9
Last chance for Bitcoin - LN, this year will decide everything!
newbie
Activity: 50
Merit: 0
January 30, 2018, 01:32:44 PM
#8
How would one make a transfer on the lightning network, do you have to know how to code?
member
Activity: 210
Merit: 26
High fees = low BTC price
January 27, 2018, 10:00:13 PM
#7
The Lightening Network basically is an offline scalibility solution for bitcoin. With it, you and your partner can do frequent, micro payment in a fast way and a lower fee via state channels. Bitcoin main chain only needs to record the beginning state and final state of the channels.

No you and your partner can do big payments and play ping-pong for months on end
and get the cost down to $0.00001 per transaction if you like but in the real world the
network looks like this https://lnmainnet.gaben.win/ so we have Tx fees on five hubs
and micro interest payments to contend with and they will all be summed up and
past on to you and your long distance partner who likes cash to buy her hand bags
with anyway.

Tell me you're not one of the miners are you because in my book they come a poor
second to slot machine players and only slightly up on the mystical creatures known
around here as Whales

Here I recommend you watch this https://www.youtube.com/watch?v=UYHFrf5ci_g
because it seems like you have only watch this part so far. https://www.youtube.com/watch?v=rrr_zPmEiME
but if you want middle of the road then watch the long version https://www.youtube.com/watch?v=MpfvhiqFw7A
and stay to the end where he calls the big hubs banks too.



member
Activity: 210
Merit: 26
High fees = low BTC price
January 27, 2018, 09:38:58 PM
#6
by creating the Lightning Network. it.s dependent upon the underlying technology of the blockchain. By using real Bitcoin/blockchain transactions and using its native smart-contract scripting language, it is possible to create a secure network of participants which are able to transact at high volume and high speed.

They can talk all they want about "smart contracts" instead of private ledgers but on ETH these smart contracts are uploaded
by developers who want to deploy bean counting software and this is absolutely nothing like that and they are playing with
words just like they are in Lightning by trying to refuse to call hubs banks.

Here take a look and tell me that this is mama and poppa banking
https://lnmainnet.gaben.win/

Your starting to scarring me so lets skin a "Smart contract" out

Both sides deposit money
Move $25 from Bob to banks side of ledger (Joining fee)
Make Bob sign the muiltisig transaction
if (Direction=Outbound) Tx fee+= $0.10
else Interest Fee +=1% of amount
Make Bob sign the muiltisig transaction
//Bob can leave at any time but will pay us in the other hand in BTC block-chain fees


Anyone can be a banking hub if they know how to write "Smart Contracts" from a wallet and deploy the contract
on BTC mining nodes


full member
Activity: 135
Merit: 100
January 27, 2018, 09:37:05 PM
#5
The Lightening Network basically is an offline scalibility solution for bitcoin. With it, you and your partner can do frequent, micro payment in a fast way and a lower fee via state channels. Bitcoin main chain only needs to record the beginning state and final state of the channels.
member
Activity: 169
Merit: 10
January 27, 2018, 07:00:21 PM
#4
The Lightning Network is dependent upon the underlying technology of the blockchain. By using real Bitcoin/blockchain transactions and using its native smart-contract scripting language, it is possible to create a secure network of participants which are able to transact at high volume and high speed.
sr. member
Activity: 490
Merit: 389
Do not trust the government
January 27, 2018, 06:58:19 PM
#3
This is the best source I found to understand it quite quickly.
https://bitcoinmagazine.com/articles/understanding-the-lightning-network-part-building-a-bidirectional-payment-channel-1464710791/
It is a 3 part article from Bitcoin Magazine, just follow the links to the other parts. This is a link to first one.
newbie
Activity: 75
Merit: 0
January 27, 2018, 06:08:57 PM
#2
Normally bitcoin transactions take quite a while given the limitations in the original code. Lightning Network builds an instant transaction system on top of this.
newbie
Activity: 50
Merit: 0
January 27, 2018, 04:00:49 PM
#1
Is anyone able to explain the new lightning network to me? Sorry to be such a newbie.
Pages:
Jump to: