Lightning Network
Scalable, Instant Bitcoin/Blockchain Transactions
Screenshots
Hunter's comment
Hello dear steemians!
Today i post in Steem Hunt about:
Transactions for the Future
Lightning Network
Increasing Privacy while solving bitcoin scalability problem
This "second layer" payment protocol operates on the top of a blockchain and can perform fast and cheap transactions.
The idea is based on a network that runs on top of the bitcoin blockchain and was proposed by Thaddeus Dryja and Joseph Poon in a 2015. The network works with channels generated by users when sending payments in a safe and trust-less mode. This means that you do not need to trust or even know the other party, but... don´t worry about! security is enforced by blockchain smart-contracts.
Lets see an example:
- Imagine that i want to pay for every minute of your live broadcast. We can open a channel in the network and as the minutes pass, payments for each minute would be sent from my wallet to yours. When I finished watching, we would close the channel and settle the net amount in the bitcoin blockchain.
All transactions would be carried out between you and me, they do not need to be broadcasted to the whole network and are almost instantaneous. As there are no miners in between, the transaction fees are very low and sometimes there are no fees.
In my opinion it can boost bitcoin world and price as the network could process millions to billions of transactions per second. I think it will change the rules of the game for bitcoin and other cryptocurrencies such as litecoin, stellar, zcash, ether and ripple, since they are currently developing the same technology.
3 points highlighted in the website
- Scalability Capable of millions to billions of transactions per second across the network.
- Low Cost By transacting and settling off-blockchain.
- Cross Blockchains. Cross-chain atomic swaps can occur off-chain instantly with heterogeneous blockchain consensus rules.
You can see all details of how it works here
Pros:
- Very low transaction fees
- Instant payments
- Scalability features
- Cross-chain atomic swaps available
- Censorship-resistance/decentralization are in their goals
- Give an extra privacy
- You can make transactions across blockchains without trust in 3rd party custodians.
Write yours, i´m sure that you have some pros and cons ; )
Cons:
- SegWit must be widely extended
- They are in early stages of the project
-------------------------------------
Image fount 1
Image fount 2
Image fount 3
Image fount 4
My steemhunt entry about a cool project that maybe helps you ; )
Would be nice if you help me going to the first places in the Ranking
You can share, comment and upvote this post to support Steemit
Earnings will be used to keep promoting Steemit in Canary Islands
Thanks for reading!!
Link
https://lightning.network?ref=steemhunt
Contributors
This is posted on Steemhunt - A place where you can dig products and earn STEEM.
View on Steemhunt.com
