What is The Lightning Network ? - page 2.

Lauda

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Terminated.

Quote from: OmegaStarScream on April 29, 2016, 02:35:08 AM

I see , It sounds nice honestly but taht doesn't mean that the size of the blockchain won't increase right ?

It does not mean that indeed. However, technically you don't need to increase it (yet) as LN at 1 MB can accommodate a lot of users.

Quote from: OmegaStarScream on April 29, 2016, 02:35:08 AM

even if there is different transaction in one TX blockchain size should increase ?

What does this mean?

Quote from: OmegaStarScream on April 29, 2016, 02:35:08 AM

so we should see this updates with SegWit , means Bitcoin Core 0.12.2 ?

Segwit should come within 0.12.X (either 2 or three). I have no idea how they are going to finalize LN at the moment. There are multiple implementations and the advanced ones will come to some sort of agreement on the exact parameters.

P.S. Ignore the two posters under your post (pointless posts due to signature).

Amph

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transaction should also be instant by the look of it, it should not be much different than having an off chain transaction, like with bitpay

from what i've understand they seem big centralized(or more centralized) node, that can rely almost infinite transaction instantly

there are some weakness that were pointed out on reddit, i need to check it again

Quote from: Divinespark on April 29, 2016, 02:36:10 AM

The lightning network will allow the network to scale by allowing the vast majority of transactions to happen off the blockchain
it's a secure micropayment channel

network can scale with optimizations also, LN is not the only solution out there

Divinespark

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The lightning network will allow the network to scale by allowing the vast majority of transactions to happen off the blockchain
it's a secure micropayment channel

OmegaStarScream

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Quote from: Lauda on April 29, 2016, 02:16:06 AM

Well, I don't think that the definition of LN (e.g. LN is X) has been used widely and even if you try searching for it you might fail to find one. The Lightning Network is supposed to represent complex, bi-directional payment channels. The idea behind it is that e.g. Alice and Bob open up a payment channel between them and lock X amount of funds (this process currently takes ~30 minutes, i.e. 3 confirmations) in it. What makes Lightning so 'special' here (in the terms of scalability) is that it enables a theoretically infinite amount of transactions between Alice and Bob without bloating the blockchain (imagine 1 million transactions between two partners, and only a single TX to settle on the main chain). Transacting within the LN is both instant and trust.less. It might even improve privacy at some point as there are potential unknown use cases.

Quote from: OmegaStarScream on April 29, 2016, 02:05:40 AM

If it's the case then when we are supposed to see it ?

IIRC someone said that a working implementation should be available soon (I assume beta).

I see , It sounds nice honestly but taht doesn't mean that the size of the blockchain won't increase right ? even if there is different transaction in one TX blockchain size should increase ?
so we should see this updates with SegWit , means Bitcoin Core 0.12.2 ?

Lauda

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Activity: 2674

Merit: 2970

Terminated.

Well, I don't think that the definition of LN (e.g. LN is X) has been used widely and even if you try searching for it you might fail to find one. The Lightning Network is supposed to represent complex, bi-directional payment channels. The idea behind it is that e.g. Alice and Bob open up a payment channel between them and lock X amount of funds (this process currently takes ~30 minutes, i.e. 3 confirmations) in it. What makes Lightning so 'special' here (in the terms of scalability) is that it enables a theoretically infinite amount of transactions between Alice and Bob without bloating the blockchain (imagine 1 million transactions between two partners, and only a single TX to settle on the main chain). Transacting within the LN is both instant and trust.less. It might even improve privacy at some point as there are potential unknown use cases.

Quote from: OmegaStarScream on April 29, 2016, 02:05:40 AM

If it's the case then when we are supposed to see it ?

IIRC someone said that a working implementation should be available soon (I assume beta).

OmegaStarScream

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So I was reading this : https://bitcoincore.org/en/2016/01/26/segwit-benefits/
I want to understand what is this Lightning network exactly ? is it making transaction even faster ? If it's the case then when we are supposed to see it ?

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