Privacy, Machine Learning, Bitcoin, People. Here I share my thoughts, and questions. Email: crowphale protonmail. Michael CryptoEQ. Mike Ermolaev. Alternatively sign up with email. Already have an account? Will Lightning take over Ads? Cryptocurrency Bitcoin BTC lightning network lightning. How do you rate this article? Crowphale Trying to understand the universe. We pay the tips from our rewards pool. Michael CryptoEQ 1 Dec 1 minute read.
Mike Ermolaev Explains. Mike Ermolaev 8 hours ago 4 minute read. Login Register. When one or both wish to close the channel, a closing transaction is sent to the blockchain with the final balances of Alice and Bob. What if Alice wants to transact with Carol? Well, it so happens that Bob has a payment channel with Carol, so Alice transacts with Bob, and Bob passes the transaction on to Carol.
Note that in this scenario, Bob might take a small payment for passing on the transaction. Over time, by the theory of six degrees of separation , LN allows Alice to transact with anyone else. Node A transacts with node Q despite only having direct payment channels with nodes C and B. LN is a new protocol still in the testing phase.
As such, it is faced with many challenges ranging from usability to security. There are concerns about how easy it is to run a LN node. Running a LN node can be quite difficult and it could be the case that there are payment incentive problems for running smaller nodes.
It can be argued that running LN is not too much more difficult than running a full bitcoin node, though. However, since LN is mostly targeted at micro-transactions, the day-to-day experience with LN will be through LN-enabled wallets. LN-enabled wallets are not very user friendly, and most of these wallets caution that since they are still in public testing stages, it is advisable to not deposit too much funds.
Unlike some of the more established Bitcoin wallets, the newness of these LN-enabled wallets means there are tradeoffs between custodial and non-custodial versions. The non-custodial LN wallets are harder to use -- more confusing, less straightforward. The custodial options are easier to use, but you must rely on a third-party with your Bitcoin.
Read more: Understand the difference between custodial and non-custodial wallets , and how it relates to economic freedom. LN must also contend with competitors. Lastly, and most worryingly, LN has been faced with a number of vulnerabilities. These include:. While LN suffers from many vulnerabilities, no one has yet to exploit them.
It is likely that since the expertise required to pull off these vulnerabilities is so high, none have done it. LN developers are confident that finding these vulnerabilities will only make the network stronger - that it is a necessary phase of growth. The developers are optimistic about creating various fixes for the vulnerabilities they have found so far, though pinning attacks and time-dilation attacks will require tweaks to both LN implementations and Bitcoin Core at the same time.
The Lightning Network of today is faced with many challenges, but the protocol is still relatively young and these kinds of issues are to be expected. Lightning developers will continue to improve the protocol and hopefully will be able to solve the issues to help scale Bitcoin on layer Read more: Understand the differences between Bitcoin and Bitcoin Cash, and why Bitcoin Cash is largely serving a different use case.
Choose from Bitcoin, Bitcoin Cash, Ethereum, and more. More getting started articles. What is Bitcoin? How do I buy bitcoin? How do I sell bitcoin? How do crypto exchanges operate? How do I create a Bitcoin wallet? How do I send bitcoin? How do I receive bitcoin? What is Bitcoin governance? What are Bitcoin debit cards? What is bitcoin mining? How do bitcoin transactions work? Learn how to get your first bitcoin in minutes.
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