When do we expect Lightning Network to come out?

soham

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Quote from: very_452001 on December 21, 2017, 08:03:20 PM

I want fast cheap transactions Grin

Lightening network is currently under testing phase and I heard that the first transaction was instant with zero fees. It has not yet been implemented officially. However, I think Segwit can save us in the meantime. Few exchanges and wallet service providers have already implemented segwit for faster and cheaper transactions. Do a little google search and you will get the information on how to create and use segwit enabled wallet. ELectrum is already providing segwit address and transaction support. So f you want faster and cheaper transactions, start using segwit enabled wallets.

HeRetiK

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Quote from: bitart on January 01, 2018, 01:02:55 PM

Just wondering what could be the motivation for exchanges to implement LN if they still didn't support Segwit? I hope I'm wrong but exchanges are struggling with this amount of newcomers and transaction count, what if the segwit and LN go live and they have to deal with much higher traffic. I don't know if they will be able to upgrade their service by the time LN comes, they still have time but there's a really need for upgrade from their side. Just have a look at Kraken, when the price of bitcoin moves a lot they're struggling with the load on their website...

It would be an interesting dynamic if merchants (ie. BitPay) where to implement LN before most major exchanges. Meaning, people would have a higher incentive to use BTC as a means of payment instead of trying to dump it on the next exchange whenever the chance arises.

Also, whatever exchange is first to offer LN will likely have an edge in terms of liquidity, as people would be more likely to deposit with them.

Either way, very valid concerns. I hope LN is easier to integrate than SegWit, albeit I fear that this won't be the case.

bitart

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Quote from: iamTom123 on January 01, 2018, 07:21:04 AM

Quote from: Rath_ on December 22, 2017, 04:22:17 PM

It will take a lot of time before Lightning Network will be introduced on the mainnet. Currently, Lightning Network is being tested on the testnet. I did some tests by myself and it works great. However, LN is not secure if you don't understand how it works so if I were you, I would use this time for trying to understand it. Neither hard forks nor soft fork is needed for LN implementation. The biggest flaw is that wallet providers will have to update their wallets in order to make them compatible. I guess it will take half a year starting from today.

Bitcoin right now is very much affected by the scalability problem which became the basis for the ridiculously high transaction fees which many are really complaining about since this is what Bitcoin should be; we did not signed up for this, so to speak. Appropriate and acceptable solution has to be found and implemented before the whole world will go sour on Bitcoin and jump to other more viable cryptocurrency. Within the cryptocurrency market, the competition is quite fierce on who has the right to kick out Bitcoin from its throne that is why Bitcoin devs should work hard and make it fast without sacrificing security but not also using it as an excuse to delay things from happening. I am expecting the Lightning Network once fully implemented can be the answer to the problems of Bitcoin right now. Of course, it may not be perfect but that is much better than the status quo. We should hope that once it can be available, exchanges will implement the said upgrade without hesitation and another round of politicking.

Just wondering what could be the motivation for exchanges to implement LN if they still didn't support Segwit? I hope I'm wrong but exchanges are struggling with this amount of newcomers and transaction count, what if the segwit and LN go live and they have to deal with much higher traffic. I don't know if they will be able to upgrade their service by the time LN comes, they still have time but there's a really need for upgrade from their side. Just have a look at Kraken, when the price of bitcoin moves a lot they're struggling with the load on their website...

akram143

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Quote from: iamTom123 on January 01, 2018, 07:21:04 AM

Quote from: Rath_ on December 22, 2017, 04:22:17 PM

It will take a lot of time before Lightning Network will be introduced on the mainnet. Currently, Lightning Network is being tested on the testnet. I did some tests by myself and it works great. However, LN is not secure if you don't understand how it works so if I were you, I would use this time for trying to understand it. Neither hard forks nor soft fork is needed for LN implementation. The biggest flaw is that wallet providers will have to update their wallets in order to make them compatible. I guess it will take half a year starting from today.

Bitcoin right now is very much affected by the scalability problem which became the basis for the ridiculously high transaction fees which many are really complaining about since this is what Bitcoin should be; we did not signed up for this, so to speak. Appropriate and acceptable solution has to be found and implemented before the whole world will go sour on Bitcoin and jump to other more viable cryptocurrency. Within the cryptocurrency market, the competition is quite fierce on who has the right to kick out Bitcoin from its throne that is why Bitcoin devs should work hard and make it fast without sacrificing security but not also using it as an excuse to delay things from happening. I am expecting the Lightning Network once fully implemented can be the answer to the problems of Bitcoin right now. Of course, it may not be perfect but that is much better than the status quo. We should hope that once it can be available, exchanges will implement the said upgrade without hesitation and another round of politicking.

As you said the competition in bitcoin becomes very tough so bitcoin need to be developed soon to stay in the game otherwise some coin will replace bitcoin if the high transaction fee and slower transaction keep persisting long.But lightning network was already tested in testnet and it will be implemented on mainnet with 2018.

BitChief

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Quote from: Rath_ on December 22, 2017, 04:22:17 PM

It will take a lot of time before Lightning Network will be introduced on the mainnet. Currently, Lightning Network is being tested on the testnet. I did some tests by myself and it works great. However, LN is not secure if you don't understand how it works so if I were you, I would use this time for trying to understand it. Neither hard forks nor soft fork is needed for LN implementation. The biggest flaw is that wallet providers will have to update their wallets in order to make them compatible. I guess it will take half a year starting from today.

To be expected I suppose. The tech is pretty cool tho. Can't wait to see it live

iamTom123

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Quote from: Rath_ on December 22, 2017, 04:22:17 PM

It will take a lot of time before Lightning Network will be introduced on the mainnet. Currently, Lightning Network is being tested on the testnet. I did some tests by myself and it works great. However, LN is not secure if you don't understand how it works so if I were you, I would use this time for trying to understand it. Neither hard forks nor soft fork is needed for LN implementation. The biggest flaw is that wallet providers will have to update their wallets in order to make them compatible. I guess it will take half a year starting from today.

Bitcoin right now is very much affected by the scalability problem which became the basis for the ridiculously high transaction fees which many are really complaining about since this is what Bitcoin should be; we did not signed up for this, so to speak. Appropriate and acceptable solution has to be found and implemented before the whole world will go sour on Bitcoin and jump to other more viable cryptocurrency. Within the cryptocurrency market, the competition is quite fierce on who has the right to kick out Bitcoin from its throne that is why Bitcoin devs should work hard and make it fast without sacrificing security but not also using it as an excuse to delay things from happening. I am expecting the Lightning Network once fully implemented can be the answer to the problems of Bitcoin right now. Of course, it may not be perfect but that is much better than the status quo. We should hope that once it can be available, exchanges will implement the said upgrade without hesitation and another round of politicking.

ngefek berat

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Quote from: khaled0111 on December 31, 2017, 07:52:51 PM

SegWit was released months ago, but few are those using it right now. People need tome to accept new changes.
The Lightning Network will solve all users problems , its implementation will be faster.
The problem is that the majority of users are just byuing Bitcoin and holding and not using in a daily basis, that's why they don't care much about fees and slow transactions.

It's true of your opinion because everybody often trades when the purchase price and exchange increase from there come a variety of transactions that are too slow because many people are doing activities together to expect a profit.Although in waiting for the price rise takes a relatively long time.

vv181

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Quote from: khaled0111 on December 31, 2017, 07:52:51 PM

SegWit was released months ago, but few are those using it right now. People need tome to accept new changes.
The Lightning Network will solve all users problems , its implementation will be faster.
The problem is that the majority of users are just byuing Bitcoin and holding and not using in a daily basis, that's why they don't care much about fees and slow transactions.

Agree, many people whining about the transaction fees and the transaction time while they didn't utilize the features that bitcoin have which is Segwit. All people expecting Lightning Network to solve the scalability of Bitcoin.

lucasarab

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I saw a tweet about someone doing beta testing on the mainnet, the service was provided by bitrefill.
https://twitter.com/alexbosworth/status/946175898029395968

hessanseen

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The lightning network will not quit too quickly. Although everyone is in urgent need of the lightning network. This requires a lot of testing, and has played a game with the miners. Let's look forward to a team that doesn't use the news for us in 2018.

Hateculd75

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Quote from: very_452001 on December 21, 2017, 08:03:20 PM

I want fast cheap transactions Grin

first successful transaction done and money developers work to make it real. it is possible to see Lightning Network during 2018 and max 2019
By 2020 you will find many wallets that have started to support this technology and before the end of the year 2021 you will find many people who either know how to use these wallets or have already used them.
i supported to do very important transaction only this days
time chaning fast

HeRetiK

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Quote from: figmentofmyass on December 22, 2017, 06:24:11 PM

[...]

LN developers were recently quoted as saying they are "not going to rush anything" since there will be so much money on the line once LN launches. they are very concerned about funds being lost due to corner cases they haven't discovered yet.

[...]

That's good to hear. While I want LN to be deployed yesterday, a rushed release is the last thing we need, even if it means that BTC loses some of its market cap along the way.

Everyone who fears alts overtaking BTC due to a belated LN release is missing the big picture. Everyone who expects alts overtaking BTC due to LN failing, does so regardless of a release date.

Quote from: cryptohorsee on December 22, 2017, 06:31:06 PM

Probably in 2 years if the core get their shit together

LN is worked on by 3 different dev teams, none of which is core (albeit individual devs intersect, obviously)

khaled0111

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SegWit was released months ago, but few are those using it right now. People need tome to accept new changes.
The Lightning Network will solve all users problems , its implementation will be faster.
The problem is that the majority of users are just byuing Bitcoin and holding and not using in a daily basis, that's why they don't care much about fees and slow transactions.

very_452001

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Yeah i agree should be a lightning network status countdown sticky.

BTCforJoe

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I’m curious as to whether there is an official thread to follow for the production updates for the Lightning Network. There was an article about BitRefill successfully using LN to confirm a transaction which was done INSTANTLY with no fees. How were they able to do this outside of a testnet environment?

It’s been a few months since the rise of transaction fees for the bitcoin core network, and I think it’s safe to say that most people won’t mind the high fees if they knew that a solution like LN was on the way. We just need to ensure that most laymen know that it’s coming, and what to do to prepare themselves for making sure that they are knowledgeable in what to expect for the network to operate smoothly.

Does anyone care to start a self-moderated megathread with updates about the Lightning Network that will only carry relevant discussion and news regarding LN?

very_452001

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Ok coming back to this thread how do I track the progress of the lightning network? Is there a website or something similarly like there was for segwit.

Also is lightning network the best scalability model out there for bitcoin or is there a better model? If there is better then lightning network is just hype right?

very_452001

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Yeah aren't we all waiting for Lightning Network update. It has to be released otherwise bitcoin cash will win.

Will miners be against Lightning network? Who else will be against Lightning network?

jeffer8035

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im waiting for lightining network since the fork, hope we can see it soon, and how this new technology works.

very_452001

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Can someone please remind me what are the specs of Lightning Network update and how does the specs compare to VISA and Mastercard specs?

What was Visa and Mastercard specs at first release decades ago?

very_452001

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Ok so another 6-12 months to wait for LN.

Will this long time cause price of bitcoin to crash while waiting for LN as people won't wait that long for cheaper faster transactions right?

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