Topic: When Will The Lightning Network Technology Be Ready? (Read 439 times)
Lightning network is still in Beta, it means in testing phase. It may take some months to release the lightning network since there's so many tests and deployments need to happen before release. Hopefully, we can expert the lighting network to be released in full before this Christmas, hope already small phase of lightning network have already been started in some wallets as a test phase.
It was said that the Lightning is still in beta, no hard date for deadline and will be ready this year. Is there anyone who know exactly when it going to be?
Lightning has already launched there are a few transactions that are being made using the lightning network but the problem is that the mass adoption is still far away and it is not going to happen anytime soon. The already incumbent Segwit is yet to be applied in all wallets. Many people still don't use segwit So LN is a big dream. Moreover some people are absolutely against it so I really don't expect it to be ready anytime soon. It was said that the Lightning is still in beta, no hard date for deadline and will be ready this year. Is there anyone who know exactly when it going to be?
Lightning has already launched there are a few transactions that are being made using the lightning network but the problem is that the mass adoption is still far away and it is not going to happen anytime soon. The already incumbent Segwit is yet to be applied in all wallets. Many people still don't use segwit So LN is a big dream. Moreover some people are absolutely against it so I really don't expect it to be ready anytime soon. 
Is there really an implementation of Lightning that's already in beta yet? I believe there's none.
The Lightning network IS an implementation of hashed timelock contracts (https://en.bitcoin.it/wiki/Hashed_Timelock_Contracts).
The preview release of RC 1.0 already happened 3 months ago (6.12.2017).
I am aware.
Quote
Zap - a wallet for LN - already is in beta: https://zap.jackmallers.com/
The LN already can be used/tested on the test- and main net. Its running on the mainnet for quite some time now.
The LN already can be used/tested on the test- and main net. Its running on the mainnet for quite some time now.
I am also aware of Lightning on mainnet. But I was not aware of Zap beta. I follow Lightning Labs mostly, and they discourage any reckless behavior and some of the discourage the use of the Lightning Network with real Bitcoins. That is why they are not declaring anything as "beta" yet.
For now, i think the priority is think about the adoption of the segwit address, because the change to segwit address is simple if we compare with the implementation of the lightning network, which needs the cration of hubs, a server 24h to monitore the contracts etc
There is no reason to wait for SegWit to become more popular. In fact, thanks to the Bitcoin Core 0.16 update and some exchanges starting to finally support SegWit, its adaption rate has risen. Actually, Lightning Network is working right now but you might lose your money and you have to use clients which are still not read for production environment. Also, there aren't many services which accept LN payments. The only one I know is TorGuard.
For now, i think the priority is think about the adoption of the segwit address, because the change to segwit address is simple if we compare with the implementation of the lightning network, which needs the cration of hubs, a server 24h to monitore the contracts etc
It was said that the Lightning is still in beta, no hard date for deadline and will be ready this year. Is there anyone who know exactly when it going to be?
No none has any exact date on when it be released, the lightning network is based on trust kind of like smart contracts where users are connected to each other via paymment channels, means it connects you to another person who you are trying to send funds to it through other people who are connected to that user, so if there is no direct link to the destination your trnasaction would be refunded, as you can imagine this is a whole new concept that neeeds a lot of work and experiment before it is released to the public to make sure that is flawless, and not releasing an exact date is a way to avoid people getting hyped up and than dissapointed just like what happend woth segwit. 
So now, if this upgrade is already available on mainnet, I keep reading about the bugs and dangers proposed by some people, especially from supporters of Bitcoin Cash, but I don't seem to see any of it being talked about much on this forum.
It is still testing phase. If you want you can already open a LN channel and get used to it.
It is recommended to use LN on the testnet (funds may get lost, etc.. ) and not on the main net until all bugs are found and sorted out.
Current stats:
Mainnet: 993 Nodes - 1869 Channels (https://lnmainnet.gaben.win/)
Testnet: 1885 Nodes - 4822 Channels (https://explorer.acinq.co/#/)
bcash fellower are trying to FUD the hell out of BTC. You should not listen to them.
Those guys still believe increasing the blocksize to 8Mb was a 'scaling solution'
On-chain scaling (like increasing blocksize) is and will forever be one of the worst attempts to solve the problem.
Don't get caught by scam/pump 'n dump coins like bcash.
Sorry if this is a dumb question, but is bitcoin core also working on LN like they were on SegWit, and is the core client heading towards LN operability? Will it be a mandatory update or just a parallel line of technology?
I don't think core developer are directly involved into LN (correct me if i'm wrong).
Additionally i don't think you will be able to 'access' the LN from the core client.
The LN is a second-layer protocol which works 'on top of bitcoin'. There will be new wallets to be able to operate on the LN (e.g. zap: https://zap.jackmallers.com/).
No update of core is needed for LN to go 'live'. It doesn't change anything regarding BTC tech. Its just operating one layer above BTC.
So now, if this upgrade is already available on mainnet, I keep reading about the bugs and dangers proposed by some people, especially from supporters of Bitcoin Cash, but I don't seem to see any of it being talked about much on this forum. Sorry if this is a dumb question, but is bitcoin core also working on LN like they were on SegWit, and is the core client heading towards LN operability? Will it be a mandatory update or just a parallel line of technology?
Is there really an implementation of Lightning that's already in beta yet? I believe there's none.
The Lightning network IS an implementation of hashed timelock contracts (https://en.bitcoin.it/wiki/Hashed_Timelock_Contracts).
The preview release of RC 1.0 already happened 3 months ago (6.12.2017).
Zap - a wallet for LN - already is in beta: https://zap.jackmallers.com/
The LN already can be used/tested on the test- and main net. Its running on the mainnet for quite some time now.
Is there really an implementation of Lightning that's already in beta yet? I believe there's none.
The users have only taken the initiative to start using it for fun just like how it should be with open source software. Bitcoin mostly started in the same way if anyone has forgotten.
The users have only taken the initiative to start using it for fun just like how it should be with open source software. Bitcoin mostly started in the same way if anyone has forgotten.
At least with Blockstream's implementation, it's already usable, even if still considered experimental (hell, I still consider Bitcoin to be experimental, ya?). I'm very close to getting someone to try out the experiment, supposedly, you can already purchase items from their store with c-lightning. I myself cannot, as you need Linux to try out their implementation. Here's the tutorial: https://blockstream.com/2018/02/02/lightning-instant-bitcoin-transacting-tutorial.html
I think Lightning's adoption will be similar to SegWit's adoption - advanced users will be using while it's still in beta, while less advanced or more conservative users will be waiting for full release. So, the answer fo when will the Lightning Network be ready really depends on who asks. Also, the fees are really low as of now, so there's no urgent need for cheap transactions - we still have plenty of time that should be spent on polishing the code to make it reliable and secure.
Yes, the paradox of solutions not being implemented because the problem's gone away (albeit temporarily!). Even I only finally now moved to a native SegWit wallet just last week, putting it off for so long because no one saw the need for the hassle of migrating when fees have never been lower!
The way I understand it, most people will one day be able to just opt to open a LN channel without ever needing to know how it works - in time, like SegWit, all newcomers will simply be using SW wallets and making off-chain LN payments without ever realising that there are direct on-chain methods as well.
no guarantee when that's gonna happen.
But Mr "European Central Bank" you must be in a position to know better then most of us when the international lightning banker
network will be ready for fee paying customers and I notice that many of the inter-branch channels are already up and running.
from the network map here https://lnmainnet.gaben.win/
You don't know where I can download a copy of the terms and conditions these banks are offering do you or has the phrase T&C been
replaced by "Smart contracts" and I will need to pick through the code to pick out the fees.
there will never be a rollout day or a big, glitzy launch day.
it's being worked on by loads of different groups of people. because of that it's gonna sneak out in stages over time. the closest thing there'll be to a big launch is a series of individual launches by the services everyone knows and loves.
no guarantee when that's gonna happen.
it's being worked on by loads of different groups of people. because of that it's gonna sneak out in stages over time. the closest thing there'll be to a big launch is a series of individual launches by the services everyone knows and loves.
no guarantee when that's gonna happen.
Lighting network is a protocol. Protocols are never just ready they take years to develop and there isn't really ever a seminal moment where it just starts to work. Its more an evolution over time that we probably won't notice until we take a step back and see the progress. The amount of nodes running lighting has doubled in a month so we are heading in the right direction
lightning network??? what it is?? heard before but don't know much more about it.
The lightning network [1] is an implementation of hashed timelock contracts [2].
You can find a short description here: https://cointelegraph.com/explained/lightning-network-explained
is it about transaction speed of bitcoin??
The 'transaction speed' indirectly will be faster, yes.
Its basically like 0-conf transactions (Of course only within/between channels - Opening/closing channels is still a standard TX on the blockchain).
and can it be reduce transaction fees of bitcoin??
The transaction made on the LN will have negligible fees. The opening/closing of a channel still requires a normal TX fee.
[1] https://en.wikipedia.org/wiki/Lightning_Network
[2] https://en.bitcoin.it/wiki/Hashed_Timelock_Contracts
At least with Blockstream's implementation, it's already usable, even if still considered experimental (hell, I still consider Bitcoin to be experimental, ya?). I'm very close to getting someone to try out the experiment, supposedly, you can already purchase items from their store with c-lightning. I myself cannot, as you need Linux to try out their implementation. Here's the tutorial: https://blockstream.com/2018/02/02/lightning-instant-bitcoin-transacting-tutorial.html
I think Lightning's adoption will be similar to SegWit's adoption - advanced users will be using while it's still in beta, while less advanced or more conservative users will be waiting for full release. So, the answer fo when will the Lightning Network be ready really depends on who asks. Also, the fees are really low as of now, so there's no urgent need for cheap transactions - we still have plenty of time that should be spent on polishing the code to make it reliable and secure.
A Beta version is already a huge step, and for Bitcoin, it's like saying "the best disruptive innovation in tech for 2018"
Surely a pain to work on by the way. Idoubt we will see it before this summer...
This said,on February 14 +700 nodes, today +900 nodes
Surely a pain to work on by the way. Idoubt we will see it before this summer...
This said,on February 14 +700 nodes, today +900 nodes
yes, beta, and lot's of warnings, but already live: https://lnmainnet.gaben.win
One can see 5 or 6 larger hubs, where many nodes want to talk with, and if you move them to the side, you can see clearly, that there is a highly meshed net, without a single sign of centralization.
One can see 5 or 6 larger hubs, where many nodes want to talk with, and if you move them to the side, you can see clearly, that there is a highly meshed net, without a single sign of centralization.
I like your sense of humor
You can bet if we did a l@@K-up on the IP-Addresses then not a single one of them will be known miners right
yes, beta, and lot's of warnings, but already live: https://lnmainnet.gaben.win
One can see 5 or 6 larger hubs, where many nodes want to talk with, and if you move them to the side, you can see clearly, that there is a highly meshed net, without a single sign of centralization.
The question is, when is software ever ready
One can see 5 or 6 larger hubs, where many nodes want to talk with, and if you move them to the side, you can see clearly, that there is a highly meshed net, without a single sign of centralization.
The question is, when is software ever ready
Jump to: