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The Lightning Network is a "second layer" payment protocol that operates on top of a blockchain most commonly Bitcoin. It enables instant transactions between participating nodes and has been touted as a solution to the bitcoin scalability problem.
It features a peer-to-peer system for making micropayments of digital cryptocurrency through a network of bidirectional payment channels without delegating custody of funds and minimizing trust of third parties. Normal use of the Lightning Network consists of opening a payment channel by committing a funding transaction to the relevant blockchain, followed by making any number of Lightning transactions that update the tentative distribution of the channel's funds without broadcasting to the blockchain, optionally followed by closing the payment channel by broadcasting the final version of the transaction to distribute the channel's funds.
Joseph Poon and Thaddeus Dryja wrote the Lightning white paper. The specification is available on Github, and its largest contributor is Rusty Russell of Blockstream. The public alpha release of lnd was made on 10 January In December , three different entities working on creating software implementations, ACINQ, Lightning Labs, Blockstream , performed a series of interoperable test transactions.
Payment provider Bitrefill tweeted in December claiming it was the first lightning transaction operating on the Bitcoin network. On January 4, TorGuard became the first VPN provider to accept payments via mainnet Lightning network [7] while covering any potential losses of funds when sending Lightning payments.
In January Blockstream launched a payment processing system for web retailers called "Lightning Charge," and noted that lightning was live on mainnet with 60 nodes operating as of January 18, , and should be considered "in testing. The released also included Litecoin support. In April , the eclair wallet was removed from the Google Play store for a few days because the app developer lost the private signing key making it unable to be updated for critical bugs.
In May , Vaultoro. The exploit used as many node connections as possible to prevent any new connections. The payment channels allow participants to transfer money to each other without having to make all their transactions public on the blockchain.
This is done by penalizing uncooperative participants. When opening a channel, participants must commit an amount in a funding transaction , which is on the blockchain. If we presume a large network of channels on the Bitcoin blockchain, and all Bitcoin users are participating on this graph by having at least one channel open on the Bitcoin blockchain, it is possible to create a near-infinite amount of transactions inside this network.
The only transactions that are broadcast on the Bitcoin blockchain prematurely are with uncooperative channel counterparties.
If Alice and Bob have a payment channel, both of them also have a "latest" commitment transaction. A commitment transaction divides the funds from the funding transaction according to the correct allocation between Alice and Bob. For example, if Alice owns 1. Commitment transactions allow multiple users to participate in a single transaction and thus act as a single entity , using a multi-key system. Since commitment transactions spend the funding transaction, they must be signed by both partners.
Commitment transactions are actually a pair of asymmetrical transactions. Alice's commitment transaction contains two outputs: The revocable output may be revoked by Bob if Bob knows the revocation key. Bob's commitment transaction is the reverse: The Lightning Network is made up of bidirectional payment channels between two nodes which combined create smart contracts.
From Wikipedia, the free encyclopedia. Lightning Network Routing through an idealized mesh network of payment channels. Lightning Network Community Blog. Retrieved 19 September Retrieved 21 December Retrieved 4 January Retrieved 21 January First Bitcoin Exchange to accept Lightning Network deposits".
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