Yes. You pick a peer and after some setup, create a bitcoin transaction to fund the lightning channel; it’ll then take another transaction to close it and release your funds. You and your peer always hold a bitcoin transaction to get your funds whenever you want: just broadcast to the blockchain like normal. In other words, you and your peer create a shared account, and then use Lightning to securely negotiate who gets how much from that shared account, without waiting for the bitcoin blockchain.
Yes, Lightning is open source. Anyone can review the code (in the same way as the bitcoin code)
Similar to the bitcoin network, no one will ever own or control the Lightning Network. The code is open source and free for anyone to download and review. Anyone can run a node and be part of the network.
No, your bitcoin will never leave the blockchain. Instead your bitcoin will be held in a multi-signature address as long as your channel stays open. When the channel is closed; the final transaction will be added to the blockchain. “Off-chain” is not a perfect term, but it is used due to the fact that the transfer of ownership is no longer reflected on the blockchain until the channel is closed.
Not necessarily,
Example: A and B have a channel. 1 BTC each. A sends B 0.5 BTC. B sends back 0.25 BTC. Balance should be A = 0.75, B = 1.25. If A gets disconnected, B can publish the first Tx where the balance was A = 0.5 and B = 1.5. If the node B does in fact attempt to cheat by publishing an old state (such as the A=0.5 and B=1.5 state), this cheat can then be detected on-chain and used to steal the cheaters funds, i.e., A can see the closing transaction, notice it's an old one and grab all funds in the channel (A=2, B=0). The time that A has in order to react to the cheating counterparty is given by the CheckLockTimeVerify (CLTV) in the cheating transaction, which is adjustable. So if A foresees that it'll be able to check in about once every 24 hours it'll require that the CLTV is at least that large, if it's once a week then that's fine too. You definitely do not need to be online and watching the chain 24/7, just make sure to check in once in a while before the CLTV expires. Alternatively you can outsource the watch duties, in order to keep the CLTV timeouts low. This can be achieved both with trusted third parties or untrusted ones (watchtowers). In the case of a unilateral close, e.g., you just go offline and never come back, the other endpoint will have to wait for that timeout to expire to get its funds back. So peers might not accept channels with extremely high CLTV timeouts. -- Source
Tiny payments are possible: since fees are proportional to the payment amount, you can pay a fraction of a cent; accounting is even done in thousandths of a satoshi. Payments are settled instantly: the money is sent in the time it takes to cross the network to your destination and back, typically a fraction of a second.
Yes, but not in theory. You could make a poorer lightning network without it, which has higher risks when establishing channels (you might have to wait a month if things go wrong!), has limited channel lifetime, longer minimum payment expiry times on each hop, is less efficient and has less robust outsourcing. The entire spec as written today assumes segregated witness, as it solves all these problems.
No, for now. For the first version of the protocol, if you wanted to send a normal bitcoin transaction using your channel, you have to close it, send the funds, then reopen the channel (3 transactions). In future versions, you and your peer would agree to spend out of your lightning channel funds just like a normal bitcoin payment, allowing you to use your lightning wallet like a normal bitcoin wallet.
Not really. Anyone can set up a node, and so it’s a race to the bottom on fees. In practice, we may see the network use a nominal fee and not change very much, which only provides an incremental incentive to route on a node you’re going to use yourself, and not enough to run one merely for fees. Having clients use criteria other than fees (e.g. randomness, diversity) in route selection will also help this.
Lightning is already being tested on the Mainnet Twitter Link but as for a specific date, Jameson Lopp says it best
Nope, because there is no custody ever involved. It's just like forwarding packets. -- Source
Furthermore, the Lightning Network scales not with the transaction throughput of the underlying blockchain, but with modern data processing and latency limits - payments can be made nearly as quickly as packets can be sent. -- Source
Bitcoin Stack Exchange Answer
Bitcoin Stack Exchange Answer
Bitcoin Stack Exchange Answer
Bitcoin Stack Exchange Answer
Each exchange will get to decide and need to implement the software into their system, but some ideas have been outlined here: Google Doc - Lightning Exchanges
Note that by virtue of the usual benefits of cost-less, instantaneous transactions, lightning will make arbitrage between exchanges much more efficient and thus lead to consistent pricing across exchange that adopt it. -- Source
Stack Exchange Answer
According to Rusty's calculations we should be able to store 1 million nodes in about 100 MB, so that should work even for mobile phones. Beyond that we have some proposals ready to lighten the load on endpoints, but we'll cross that bridge when we get there. -- Source
No you'd remember the information from the last time you started the app and only sync the differences. This is not yet implemented, but it shouldn't be too hard to get a preliminary protocol working if that turns out to be a problem. -- Source
Lightning is based on participants in the network running lightning node software that enables them to interact with other nodes. This does not require being a full bitcoin node, but you will have to run "lnd", "eclair", or one of the other node softwares listed above.
All lightning wallets have node software integrated into them, because that is necessary to create payment channels and conduct payments on the network, but you can also intentionally run lnd or similar for public benefit - e.g. you can hold open payment channels or channels with higher volume, than you need for your own transactions. You would be compensated in modest fees by those who transact across your node with multi-hop payments. -- Source
Sure, you can help write up educational material. You can learn and read more about the tech at http://dev.lightning.community/resources. You can test the various desktop and mobile apps out there (Lightning Desktop, Zap, Eclair apps). -- Source
No -- Source
lit doesn't depend on having your own full node -- it automatically connects to full nodes on the network. -- Source
LND uses a light client mode, so it doesn't require a full node. The name of the light client it uses is called neutrino
Upon opening a channel, the two endpoints first agree on a reserve value, below which the channel balance may not drop. This is to make sure that both endpoints always have some skin in the game as rustyreddit puts it :-)
For a cheat to become worth it, the opponent has to be absolutely sure that you cannot retaliate against him during the timeout. So he has to make sure you never ever get network connectivity during that time. Having someone else also watching for channel closures and notifying you, or releasing a canned retaliation, makes this even harder for the attacker. This is because if he misjudged you being truly offline you can retaliate by grabbing all of its funds. Spotty connections, DDoS, and similar will not provide the attacker the necessary guarantees to make cheating worthwhile. Any form of uncertainty about your online status acts as a deterrent to the other endpoint. -- Source
You typically want to have more than one channel open at any given time for redundancy's sake. And we imagine open and close will probably be automated for the most part. In fact we already have a feature in LND called autopilot that can automatically open channels for a user.
Frequency will depend whether the funds are needed on-chain or more useful on LN. -- Source
Stack Exchange Answer
Stack Exchange Answer
You don't really set up a "node" in the sense that anyone with more than one channel can automatically be a node and route payments. Fees on LN can be set by the node, and can change dynamically on the network. -- Source
Yes but it has to be implemented in the Lightning software being used. -- Source
You won't have to do anything. With autopilot enabled, it'll automatically open and close channels based on the availability of the network. -- Source
Stack Exchange Answer
Men man er nødt til at set på den konkrete situation. Er det for at sælge eller for at bruge bitcoins som betalingsmiddel? * skat.dk - Guide * skat.dk - Skattefri gevinst * Børsens fortolkning * Spekulations beskatning Hvis du købte bitcoins for at sælge dem igen, og hvis de er faldet i værdi så kan du få fradrag. * Skattefri gevinst ved anvendelse som betalingsmiddel (Bindende personlig svar fra skat)Moms
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Hi Everyone,
I'm trying to create a post that can be stickied with regards to the Lightning Network. This post should be used to provide as many links to as many resources as organized as possible. This is obviously a large task and I've tried to start it in hopes that I can crowdsource this in the comments to keep adding content to this post. Feel free to recommend any additions but please provide sources for your information. Also please correct myself or anything that appears up here that seems incorrect and I'll do my best to edit quickly.
What is the Lightning Network? ?
Explanations:
Specifications / White Papers
- Lightning Network White Paper
- Lightning Network Summary
- Lightning Network Technical Summary
- Lightning Network Specification
- LND API Reference
- Deployable Lightning White Paper
- Scalable Funding of Bitcoin Micropayment Channel Networks
Videos
- Bitcoin's Lightning Network, Simply Explained!
- The Lightning Network Explained (Litecoin/Bitcoin)
- Zap: Lightning Network Wallet
- Cross-Implementation Lightning Payment on Bitcoin's Mainnet
- Bitcoin Q&A: The Lightning Network
- Lightning Network Deep Dive with Laolu "Roasbeef" Osuntokun [48:10]
- SF Bitcoin Devs Seminar: Scaling Bitcoin to Billions of Transactions Per Day [54:40]
- Bitcoin, Lightning, and Streaming Money (Andreas Antonopoulos) [27:38]
- Lightning Network Tech Talk at Coinbase (Thaddeus Dryja and Joseph Poon) [58:11]
Lightning Network Experts on Reddit
- https://www.reddit.com/usestarkbot
- https://www.reddit.com/usecdecker
- https://www.reddit.com/useroasbeef
- https://www.reddit.com/usepmpadiou
- https://www.reddit.com/useRustyReddit
- https://www.reddit.com/useDryja
- https://www.reddit.com/usejosephpoon
- https://www.reddit.com/usefdrn
- https://www.reddit.com/usestile65
- https://www.reddit.com/usecfromknecht
Medium Posts
- https://medium.com/lightning-resources
- Lightning FAQ
- https://medium.com/@ACINQ/releasing-our-lightning-network-explorer-93e87de150bb
Learning Resources
- Lightning Network Bitcoin Wiki
- Hashed Timelock Contracts
- LN as a Directed Graph; Single-Funded Channel Topology (Slides)
- How to Do "2-of-3 Multisig Contract" Equivalent on Lightning (From LN Mailing List)
Books
Desktop Interfaces
- lightning-app - Cross-platform Lightning Desktop Application
- lnd-gui - Lightning MacOS GUI Wallet
- eclair-node-gui - Cross-platform desktop GUI for Lightning
- zap-desktop - Lightning Network desktop application
Web Interfaces
- lncli-web - Light-weight web client for the lnd daemon written in NodeJS / Angular
- lnd-chrome-extension
- kugelblitz - A simple UI for the c-lightning daemon lightningd and bitcoind
Tutorials and resources
- Install bitcoind + lnd
- Develop an application of bitcoind and lnd
- Setting up and Testing LND with the Testnet Lightning Faucet
- Setting up a local Lightning cluster
- Using the LND Web Client
- Using the LND gRPC Client
- Integrating Lightning into a server-side web application
- How to use a Python gRPC Client with LND
- How to use a Javascript gRPC Client with LND
Lightning on Testnet
Lightning Wallet
Place a transaction
- https://yalls.org/
- https://starblocks.acinq.co/
- https://blog.bitrefill.com/lightning-payments-on-testnet-for-bitrefill-ef6db8714b00
Lightning on Mainnet
Atomic Swaps
Developer Documentation and Resources
Lightning implementations:
- LND - Lightning Network Daemon (Golang)
- eclair - A Scala implementation of the Lightning Network (Scala)
- lit - Lightning Network node software (Golang)
- c-lightning - A Lightning Network implementation in C
- lightning-onion - Onion Routed Micropayments for the Lightning Network (Golang)
- lightning-integration - Lightning Integration Testing Framework
- ptarmigan - C++ BOLT-Compliant Lightning Network Implementation [Incomplete]
Libraries
- lightning-integration - Lightning Integration Testing Framework
- lightning-strike - A simple drop-in solution for accepting lightning payments (Javascript)
- lightning-strike-client-js - JavaScript client for lightning-strike
- lightning-strike-client-php - PHP client for lightning-strike
- lightning-payencode - Minimal QR-code-ready encoding for requesting lightning payments
- lseed - A DNS seed for the Lightning Network
- woocommerce-gateway-lightning - A WooCommerce gateway for lightning payments
- lnrpc-client - Javascript RPC Client for LND
- ln-service - Lightning REST Service
Lightning Network Visualizer (Testnet)
Community
- Lightning Network Community Blog
- Lightning Network Twitter Feed
- Lightning Labs Blog
- Lightning Network Mailing List
Slack
- LND Community Slack - Invite Needed
IRC
- #lightning-dev (on Freenode) - Lightning protocol development
- #lnd - Lightning only version of #bitcoin-commits
IRC channel
- #li...
Men man er nødt til at set på den konkrete situation. Er det for at sælge eller for at bruge bitcoins som betalingsmiddel? * skat.dk - Guide * skat.dk - Skattefri gevinst * Børsens fortolkning * Spekulations beskatning Hvis du købte bitcoins for at sælge dem igen, og hvis de er faldet i værdi så kan du få fradrag. * Skattefri gevinst ved anvendelse som betalingsmiddel (Bindende personlig svar fra skat)Moms
You have stumbled upon the Kiwi Webchat for the freenode project. To learn more about the freenode IRC network, the freenode #live conference and other freenode projects head over to our website.our website. De Bitcoin Wiki. Aller à : navigation, rechercher. Présentation. Le chan #bitcoin-fr sur Freenode permet aux francophones de discuter et de partager autour du Bitcoin. rejoindre le chan #bitcoin-fr; rejoindre le chan #bitcoin-fr (webchat) NB : ... Internet Relay Chat (IRC) is an application layer protocol that facilitates communication in the form of text.The chat process works on a client/server networking model. IRC clients are computer programs that users can install on their system or web based applications running either locally in the browser or on 3rd party server. PDF On Jan 15, 2015, Petar Čekerevac and others published BITCOIN – BENEFITS AND RISKS Find, read and cite all the research you need on ResearchGate Quantum computers have arrived, and new models are introduced every year. Most recently, IBM demonstrated a brand new model at this year’s Consumer Electronics Show.Most quantum computing research is currently limited to academic institutions and major corporations, but the technology will become more widely available in the not-so-distant future.
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