SegWit is fully supported now, when is the Lightning Network?

ABCbits

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Quote from: NeuroticFish on February 27, 2018, 01:39:19 PM

Quote from: uncleduckerr on February 27, 2018, 01:34:51 PM

Quote from: RawDog on February 27, 2018, 11:01:28 AM

Quote from: Aura on February 27, 2018, 10:59:06 AM

There are already Lightning nodes running on the mainnet, so it should be possible to make a lightning transaction. But as far as I know there isn't a really user-friendly client out here that let's you make these transactions, meaning that you have to do it manually and that requires knowledge.

Lightning won't be end user ready for another 3 years. Be patient.

Actually are you being serious or trolling right now? I want to rip my hair out knowing that, I thought later on this year it would have been activated as their are a bunch of nodes on testnet. Maybe I am underestimating how grand of a project it is, but still that dampened by day right up. Oh well, at least alts can party for another 2.5 more years than I originally thought possible Cheesy

.

Unless he has a crystal ball and doesn't use it to get rich, he's trolling. He cannot know what's going to happen. The lightning network is growing exponentially. For now it's "only for advanced users", but I don't think it'll need too much until a business with b*lls will make it live for its customers.

He's not wrong. LN is still in development/testing phase which is long process, especially since LN use language which is harder to use than other language. Surely no one wants encounter fatal bug or zero-day exploit because developer rush LN development to make people happy.
Also, even when LN is ready for mainnet, we also still need to wait for more user-friendly Bitcoin wallet which support Lightning Network and surely it will take some times just like SegWit adoption.

There are few business which already use LN to pay their services with very low fees (1 satoshi or less).

Daveeoff

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Yeah, probably 3 years would be the safe bet here but I think there'll be some good movement in just 1 year and people might start to adopt it much sooner than we think.

cellard

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Quote from: Denker on February 27, 2018, 02:03:27 PM

Quote from: cybersofts on February 27, 2018, 10:45:45 AM

As we all know the bitcoin has suffered a lot in the past as a result of bitcoin slow transaction speed and high transaction fees. Thanks to bitcoin core developers for supporting the SetWit protocol to enhance bitcoin security and speed up the bitcoin network transactions with lower fees. Even with SegWit protocol we still need the Lightning Network to make the bitcoin transactions super fast with almost zero transaction fees.

The Lighting Network = Bitcoin to the moon Cheesy

So, when is the Lightning Network update coming? We all need this, guys! Share your thoughts, thanks

Lightning network is a protocol layer and already in alpha phase. It will be improved over time and people will work on it for many more years.
So you get any official date for a release.
This is not how it works with open source software, especially protocols.
However I think in 12 to 18 months we should see some great progress and wallets like zap from Jack Maller being used by a few thousand people.

Check the link for a visualization of the LN mainnet.
https://lnmainnet.gaben.win/

Peter Todd recently brought up some criticism on lightning network claiming that it will be vulnerable to DDOS attacks and other exploits. He said that hub and spoke and federated sidechains should be an intermediate step before we go full LN. theymos seems to agree on this too.

I would say that maybe 3 years is actually the right estimation until we have a really solid LN going without disappointing people if 1 to 2 years from now things stil aren't ready for prime time.

trumper

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The future of bitcoin is bright, no matter what happens now, I buy bitcoin if it decreases, even there are lots of better coin in the market I think in the future it will be still first coin in terms of marke cap

Denker

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Quote from: cybersofts on February 27, 2018, 10:45:45 AM

As we all know the bitcoin has suffered a lot in the past as a result of bitcoin slow transaction speed and high transaction fees. Thanks to bitcoin core developers for supporting the SetWit protocol to enhance bitcoin security and speed up the bitcoin network transactions with lower fees. Even with SegWit protocol we still need the Lightning Network to make the bitcoin transactions super fast with almost zero transaction fees.

The Lighting Network = Bitcoin to the moon Cheesy

So, when is the Lightning Network update coming? We all need this, guys! Share your thoughts, thanks

Lightning network is a protocol layer and already in alpha phase. It will be improved over time and people will work on it for many more years.
So you get any official date for a release.
This is not how it works with open source software, especially protocols.
However I think in 12 to 18 months we should see some great progress and wallets like zap from Jack Maller being used by a few thousand people.

Check the link for a visualization of the LN mainnet.
https://lnmainnet.gaben.win/

NeuroticFish

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Quote from: uncleduckerr on February 27, 2018, 01:34:51 PM

Quote from: RawDog on February 27, 2018, 11:01:28 AM

Quote from: Aura on February 27, 2018, 10:59:06 AM

There are already Lightning nodes running on the mainnet, so it should be possible to make a lightning transaction. But as far as I know there isn't a really user-friendly client out here that let's you make these transactions, meaning that you have to do it manually and that requires knowledge.

Lightning won't be end user ready for another 3 years. Be patient.

Actually are you being serious or trolling right now? I want to rip my hair out knowing that, I thought later on this year it would have been activated as their are a bunch of nodes on testnet. Maybe I am underestimating how grand of a project it is, but still that dampened by day right up. Oh well, at least alts can party for another 2.5 more years than I originally thought possible Cheesy

.

Unless he has a crystal ball and doesn't use it to get rich, he's trolling. He cannot know what's going to happen. The lightning network is growing exponentially. For now it's "only for advanced users", but I don't think it'll need too much until a business with b*lls will make it live for its customers.

uncleduckerr

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Quote from: RawDog on February 27, 2018, 11:01:28 AM

Quote from: Aura on February 27, 2018, 10:59:06 AM

There are already Lightning nodes running on the mainnet, so it should be possible to make a lightning transaction. But as far as I know there isn't a really user-friendly client out here that let's you make these transactions, meaning that you have to do it manually and that requires knowledge.

Lightning won't be end user ready for another 3 years. Be patient.

Actually are you being serious or trolling right now? I want to rip my hair out knowing that, I thought later on this year it would have been activated as their are a bunch of nodes on testnet. Maybe I am underestimating how grand of a project it is, but still that dampened by day right up. Oh well, at least alts can party for another 2.5 more years than I originally thought possible Cheesy

.

cellard

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Merit: 1252

Quote from: cybersofts on February 27, 2018, 11:47:55 AM

Quote from: cellard on February 27, 2018, 11:22:45 AM

Quote from: RawDog on February 27, 2018, 11:01:28 AM

Quote from: Aura on February 27, 2018, 10:59:06 AM

There are already Lightning nodes running on the mainnet, so it should be possible to make a lightning transaction. But as far as I know there isn't a really user-friendly client out here that let's you make these transactions, meaning that you have to do it manually and that requires knowledge.

Lightning won't be end user ready for another 3 years. Be patient.

It's already live, and when you visit this LN explorer (which as far as I know is the most famous one so far) the first thing you get is a red warning sign saying how you can lose funds:

https://lnmainnet.gaben.win/

I think everyone using LN so early in the game already know that losing funds comes with the territory... and even then, we already have almost 1000 nodes. People are willing to risk real money being pioneers. There's no other way to get things done but to test them in real life.

So yes, it's already live, and yes, it's risky, so if you lose funds don't complain. Come back in 2020 and I expect things to be ready for the average user by then.

Oh my, three more years for LN to be end-user ready? that is a very long time. Come on, there must be a way to make things fast. Cool

Well, complex things take time. You can't simply deploy something as complex as the lightning network and tell people that everything is going to be OK.

I would expect at least 2 years for common usage, and then another extra or two years for big merchants such as Steam to accept payments (remember that Steam used to take payments before they dropped it because of fees and so on).

Im pretty sure by around 2022 most merchants will be running lightning hubs and everyone will be able to easily buy pretty much anywhere in the world. Anyone not accepting Bitcoin payments by then will be a total illiterate idiot.

This is a long term game, if you are not willing to hodl you will not make it.

And until then you can look at segwit, schnorr sigs and any other on-chain practices to lower fees.

cybersofts

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Quote from: cellard on February 27, 2018, 11:22:45 AM

Quote from: RawDog on February 27, 2018, 11:01:28 AM

Quote from: Aura on February 27, 2018, 10:59:06 AM

There are already Lightning nodes running on the mainnet, so it should be possible to make a lightning transaction. But as far as I know there isn't a really user-friendly client out here that let's you make these transactions, meaning that you have to do it manually and that requires knowledge.

Lightning won't be end user ready for another 3 years. Be patient.

It's already live, and when you visit this LN explorer (which as far as I know is the most famous one so far) the first thing you get is a red warning sign saying how you can lose funds:

https://lnmainnet.gaben.win/

I think everyone using LN so early in the game already know that losing funds comes with the territory... and even then, we already have almost 1000 nodes. People are willing to risk real money being pioneers. There's no other way to get things done but to test them in real life.

So yes, it's already live, and yes, it's risky, so if you lose funds don't complain. Come back in 2020 and I expect things to be ready for the average user by then.

Oh my, three more years for LN to be end-user ready? that is a very long time. Come on, there must be a way to make things fast. Cool

cellard

legendary

Activity: 1372

Merit: 1252

It's already live, and when you visit this LN explorer (which as far as I know is the most famous one so far) the first thing you get is a red warning sign saying how you can lose funds:

https://lnmainnet.gaben.win/

I think everyone using LN so early in the game already know that losing funds comes with the territory... and even then, we already have almost 1000 nodes. People are willing to risk real money being pioneers. There's no other way to get things done but to test them in real life.

So yes, it's already live, and yes, it's risky, so if you lose funds don't complain. Come back in 2020 and I expect things to be ready for the average user by then.

RawDog

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Quote from: Aura on February 27, 2018, 10:59:06 AM

There are already Lightning nodes running on the mainnet, so it should be possible to make a lightning transaction. But as far as I know there isn't a really user-friendly client out here that let's you make these transactions, meaning that you have to do it manually and that requires knowledge.

Lightning won't be end user ready for another 3 years. Be patient.

Aura

sr. member

Activity: 518

Merit: 268

There are already Lightning nodes running on the mainnet, so it should be possible to make a lightning transaction. But as far as I know there isn't a really user-friendly client out here that let's you make these transactions, meaning that you have to do it manually and that requires knowledge.

cybersofts

copper member

Activity: 658

Merit: 284

As we all know the bitcoin has suffered a lot in the past as a result of bitcoin slow transaction speed and high transaction fees. Thanks to bitcoin core developers for supporting the SetWit protocol to enhance bitcoin security and speed up the bitcoin network transactions with lower fees. Even with SegWit protocol we still need the Lightning Network to make the bitcoin transactions super fast with almost zero transaction fees.

The Lighting Network = Bitcoin to the moon Cheesy

So, when is the Lightning Network update coming? We all need this, guys! Share your thoughts, thanks

Topic: SegWit is fully supported now, when is the Lightning Network? (Read 193 times)