The Lightning Network Now Supports Transactions Across Blockchains

burnedbyfees

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Quote from: m.vina on November 17, 2017, 02:44:40 AM

That could be one of the reasons but I dont see any reason to make a big deal out of it. 62 to 65 dollar spike? Sorry but I don't see much value going into Litecoin right now. Too much action and price movement going on between BTC and BCH to really notice LTC.

At the time of writing LTC had climbed over 110000 Satoshi in an hour while everything else was falling against BTC.

Turkish88

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Making anything away from blockchains is safe ?
I do not really trust such solutions, although they scale the network, this technology must be testing for long time in any overloads of network

m.vina

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That could be one of the reasons but I dont see any reason to make a big deal out of it. 62 to 65 dollar spike? Sorry but I don't see much value going into Litecoin right now. Too much action and price movement going on between BTC and BCH to really notice LTC.

crypto-curious

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Sounds similar to COMIT network's cross - chain accessibility...

deepcryptomine

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Quote from: Hueristic on November 16, 2017, 09:21:36 PM

Quote from: burnedbyfees on November 16, 2017, 07:58:20 PM

Quote from: deepcryptomine on November 16, 2017, 07:55:02 PM

Please let me know if I am missing something. The lightning network can be deployed on any crypto that is forked from bitcoin's codebase. So that involves lots of other altcoins except Litecoin.

Litecoin is based on Bitcoin.

Isn't it?

"The Lightning Labs development team successfully swapped testnet bitcoin for testnet litecoin through a lightning channel this week: ownership of the coins changed hands, while no transaction was recorded on either blockchain.

LTC was a fork of BTC with the algo switched to scrypt initially so as to make it asic proof. That didn't work out quite as expected but it is compatible with BTC code.

So afa I can tell Lightning is not ready on BTC network as this criteria is not done.

Code:

What Are The Steps Before A “Live” Test?

In addition to actually writing the Lightning code and defining the protocol, there are several features that need to be adopted into Bitcoin:

   OP_CHECKLOCKTIMEVERIFY ( BIP 65 )
   OP_CHECKSEQUENCEVERIFY ( BIP 112 , which needs BIP 68 )
   Malleability fixes ( BIP 62 )

Did I miss something or is LTC just getting ready for when it's available?

Oh my apology. I meant to say that it involves lots of other altcoins as well since those are based on bitcoin codebase.

Also the article mentions that "Thus, by the time SegWit activated on Bitcoin last summer, LND was already compatible with both chains.". I think this is a mistake and LTC is just getting ready when BTC network supports it.

Hueristic

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Doomed to see the future and unable to prevent it

Quote from: burnedbyfees on November 16, 2017, 07:58:20 PM

Quote from: deepcryptomine on November 16, 2017, 07:55:02 PM

Please let me know if I am missing something. The lightning network can be deployed on any crypto that is forked from bitcoin's codebase. So that involves lots of other altcoins except Litecoin.

Litecoin is based on Bitcoin.

Isn't it?

"The Lightning Labs development team successfully swapped testnet bitcoin for testnet litecoin through a lightning channel this week: ownership of the coins changed hands, while no transaction was recorded on either blockchain.

LTC was a fork of BTC with the algo switched to scrypt initially so as to make it asic proof. That didn't work out quite as expected but it is compatible with BTC code.

So afa I can tell Lightning is not ready on BTC network as this criteria is not done.

Code:

What Are The Steps Before A “Live” Test?

In addition to actually writing the Lightning code and defining the protocol, there are several features that need to be adopted into Bitcoin:

OP_CHECKLOCKTIMEVERIFY ( BIP 65 )
OP_CHECKSEQUENCEVERIFY ( BIP 112 , which needs BIP 68 )
Malleability fixes ( BIP 62 )

Did I miss something or is LTC just getting ready for when it's available?

burnedbyfees

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Quote from: deepcryptomine on November 16, 2017, 07:55:02 PM

Please let me know if I am missing something. The lightning network can be deployed on any crypto that is forked from bitcoin's codebase. So that involves lots of other altcoins except Litecoin.

Litecoin is based on Bitcoin.

Isn't it?

"The Lightning Labs development team successfully swapped testnet bitcoin for testnet litecoin through a lightning channel this week: ownership of the coins changed hands, while no transaction was recorded on either blockchain.

deepcryptomine

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Please let me know if I am missing something. The lightning network can be deployed on any crypto that is forked from bitcoin's codebase. So that involves lots of other altcoins except Litecoin.

burnedbyfees

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Quote from: Hueristic on November 16, 2017, 07:45:54 PM

Quote from: burnedbyfees on November 16, 2017, 06:43:10 PM

Charlie Lee just tweeted this article, is this the reason for the sudden spike in LTC?

https://bitcoinmagazine.com/articles/lightning-network-now-supports-transactions-across-blockchains/

Can this be done with a BTC soft fork or will it need a hard fork? It sounds interesting and it's nice to see LTC actually making some development headway other than adding bitcoin code or is this all that is happening? I don't follow BTC so I don't know if it is running lightning or not.

I always thought the lightning network was a way to solve scalability while avoiding a hardfork. But then I'm more of a trader, I'm sure someone more knowledgeable about the tech could explain.

I think if it's accepted by the community it will be added without a hardfork.

Hueristic

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Quote from: burnedbyfees on November 16, 2017, 06:43:10 PM

Charlie Lee just tweeted this article, is this the reason for the sudden spike in LTC?

https://bitcoinmagazine.com/articles/lightning-network-now-supports-transactions-across-blockchains/

Can this be done with a BTC soft fork or will it need a hard fork? It sounds interesting and it's nice to see LTC actually making some development headway other than adding bitcoin code or is this all that is happening? I don't follow BTC so I don't know if it is running lightning or not.

burnedbyfees

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Quote from: Zendalet on November 16, 2017, 07:05:36 PM

I don't know about the prices though. I wonder what this development will lead to. Could Litecoin become the cash that Bitcoin Cash boasted to be? Or will it be obsolete because the lightning network enables the cash property for Bitcoin?

I always think it will be Bitcoin's little brother, but a lot bigger than it is now, maybe like 0.1 BTC in time.

Zendalet

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I don't know about the prices though. I wonder what this development will lead to. Could Litecoin become the cash that Bitcoin Cash boasted to be? Or will it be obsolete because the lightning network enables the cash property for Bitcoin?

burnedbyfees

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Quote from: Zendalet on November 16, 2017, 06:51:55 PM

Yeah, I think that's a big deal. Finally we get to see some real technical innovation. It addresses both scaling and exchanging.

I thought so too, I can see Litecoin being very much in demand over the next few weeks.

I have 30 something, I usually just treat LTC as just something to trade or a way to get money around without paying high fees, never really saw it as a long-term hold before, now I do.

Zendalet

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Yeah, I think that's a big deal. Finally we get to see some real technical innovation. It addresses both scaling and exchanging.

burnedbyfees

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Charlie Lee just tweeted this article, is this the reason for the sudden spike in LTC?

https://bitcoinmagazine.com/articles/lightning-network-now-supports-transactions-across-blockchains/

Topic: The Lightning Network Now Supports Transactions Across Blockchains (Read 364 times)