Lightning
⚡️The Lightning Network
The Lightning Network (LN) is complicated and requires many steps to make it useful. It's speed and low cost fees make it the application of the future. The LN is an off-blockchain solution. Tasks are performed off the public Blockchain, then the results are loaded onto the Public Blockchain for viewing. Workings and calculations showing how results were achieved are not shown.
LN payments are not recorded on the blockchain.
The Lightning Network (LN) requires setting up one channel which will cost you the price of a Bitcoin transaction.
The LN is designed for making multiple payments by depositing a transaction fee ( GAS ) to pay for future payments.
Your Payment channel uses 2-of-2 multisignature wallets
To make a payment, someone needs to issue a payment request from "Y'alls", Starblocks
Make a payment - To make a payment, somebody will need to issue you a payment request. Head to any of the following places to get an invoice.
Y’alls is a platform where you pay to post and get paid when people read your content. Just click on any of the articles and copy the payment request into the ‘Pay’ option of your Lightning App.
On Starblocks you can buy virtual coffee instantly with Bitcoin. Click on the coffee you like, go to the checkout and copy the payment request into your wallet.
⚡️Lightning Network Links
Lightning Network Search and Analysis Engine = https://1ml.com/
LN Explorer NODE Activity = https://explorer.acinq.co/
BTC PayServer Wallet = https://btcpayserver.org/
Beginners Guide to LN = https://bitcoiner.guide/lightning/
Lightning Network Resources ( BIG ) = https://www.lopp.net/lightning-information.html
MAP Showing the Extent of the Lightning Network = https://explorer.acinq.co/
⚡️LN Videos
⚡️Bitcoin Lightning Network = https://www.youtube.com/watch?v=J3cQNpOR_a0&t=1s
⚡️ 2017 Bitcoin's Lightning Network = https://www.youtube.com/watch?v=rrr_zPmEiME
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⚡️LN’s Advantages
Low transaction fees
Fast transactions & verification
Scale is same as SPEED (Bil/sec claim)
Mix crypto payments
⚡️LN's Disadvantages
Smallest deposit in chain limits ALL deposits
LN nodes are too small
LN growth limits node routes
Limited Time closure contest.
A Network consists of a group of NODES interconnected by telecommunications links to exchange messages between the nodes. Multiple nodes may cooperate to pass the message from an originating node to the destination node, via multiple network hops.
The Lightning Network (LN) is very fast. Bitcoin has only been capable of processing around 7 transactions per second. The first variations of the Lightning Network can make up to 25 MILLION transactions in a single second and settle it on the Bitcoin blockchain as only one transaction. The need for speed wins, so the Lightning Network is the current winner.
Most of the LN transactions happen outside of the main blockchain, so all the micropayment made via Lightning channels will be almost impossible to trace. This may encourage nefarious transactions outside the reach of current laws.
June 2021 El Salvador adopts Bitcoin on the Lightning Network for use within the country.
The Lightning Network is an off-blockchain solution. Tasks are performed off the Blockchain, then the results are loaded onto the Public Blockchain for viewing. Workings and calculations showing how results were achieved are not shown.
LN payments are not recorded on the blockchain.
Cypherhunter Data Library = https://www.cypherhunter.com/en/