Lightning network digital currency

1.

First of all, all parties need to establish a multi signature wallet (more than one signature is needed for transaction). This wallet has some bitcoin in it. Then the wallet address is saved in the bitcoin blockchain. In this way, payment channels are established. Both parties can now conct an unlimited number of transactions without touching the information stored on the blockchain. For each transaction, both parties sign an updated balance sheet to always reflect the ownership of bitcoin stored in the wallet and the number of each transaction

after both parties complete the transaction and close the channel, the balance generated will be recorded on the blockchain. In the event of a debt dispute, both parties can use the recently signed balance sheet to recover their share of the wallet. There is no need to establish a direct channel for flash trading, users can send payment to someone through the channel of the person they have contact with. The network will automatically find the fastest trading channel

with the adoption of segwit in bitcoin and lightcoin networks, the development of this technology has been greatly promoted. Because if there is no upgraded transaction scalability patch, the transaction risk on the lightning network will be too large to implement. Without the blockchain security behind it, lightning network will not be so secure, which means that it will be widely used in small or even micro transactions with less risk

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2. Lightning bitcoin has not been well known because it is a bifurcated coin of bitcoin. Many users in the coin circle instinctively dislike this kind of token. Fork coin has now become synonymous with money and running. But what you may not know is that all bifurcated bitcoin can be called currency in the eyes of foreign regulators. The US SEC only recognizes bitcoin and Ethereum as currencies because they have not concted ICO in public channels. Accordingly, these bifurcated currencies are regarded as currency. And lightning bitcoin is the only one that doesn't pre dig in the fork coin. You can imagine that bitcoin is 100 banknotes issued by a bank, and all kinds of bifurcated banknotes are equivalent to banknotes of different denominations issued by the bank. You may not be able to understand the valuable value of this. When it comes to the circulation of entities, if you are a bifurcated coin of bitcoin, it is easy to pass the government compliance. In short, the reason why the Grand Prince BCH can get through the physical circulation in Japan so quickly is just the light of bitcoin
then why should I say that lightning bitcoin is a great currency experiment? We compare lightning bitcoin to a free economy with three major stakeholders: developers, miners and holders

so far, no blockchain project can effectively govern the three. Why? The reason is very simple. In an ICO project, the developers, coin holders and even miners are the same group. It's easy to understand. Why should he give the best interests to the ICO holders? This is obviously not in line with human nature. The reason why lightning bitcoin dares to do chain governance is related to the issuing mode of lightning bitcoin. LBTC's "governance on the chain" is another attempt to "decentralize", which is also very eye-catching. Dpos mechanism determines that there are 101 nodes in the network. At the same time, unlike pow, the right of choice is in the hands of the coin holder. These nodes will be elected by the vote of the coin holder. When the node does not act, the user can vote out of the network. According to last week's weekly report, LBTC's block browser has also added this function, which can view the operation of nodes in real time. It also paves the way for LBTC's "chain governance". In the LBTC system, all coin holders can vote to decide whether the project development proposal will go or stay, and all members of the organization can participate in the decision-making and operation of the organization. In addition, the 5000 standard of lockup after the election of the lightning node ensures that the node is both a mine pool and a coin holder. In this way, the relationship among miners, developers and users is well balanced, and the foundation of an autonomous organization is formed.

3.

To be honest, I had the same problem with the subject at the beginning. When I saw the news, I was a little confused and went to search. As a result, when I searched for lightning bitcoin or lightning bitcoin, either lightning network or bitcoin came out... This name is quite poisonous

Let's get down to business. Let's draw a conclusion first. It's not a thing at all

many people have talked about what lightning network is. You can look at other people's answers to get a deeper understanding of its mechanism, or you can go to the official website with better English to see their papers directly http://lightning.network/ . Lightning bitcoin official website in Chinese, save the trouble of translation https://lbtc.io/ . The origins of the two lightning bolts are very similar. They both hope to solve the problem of bitcoin network congestion. One is to carry the protocol, and the other is to change the fork to consensus. The results of the two lightning bolts are also good. The transaction speed is greatly improved, which can be regarded as real-time. The following table directly shows the similarities and differences between the two:

as can be seen from the above, the differences between the two are relatively large, and should not be confused any more~

4.

Lightning network is known as one of the most effective cryptocurrency expansion solutions currently being developed. The scheme was proposed in 2015, based on a network at the top of bitcoin blockchain, and finally implemented on the network. The network consists of user generated channels that send payments back and forth in a secure and untrusted manner

For example, suppose I want to pay for every minute I watch. We're going to open up a lightning channel, and as time goes on, we're going to make regular payments from my wallet to the video makers. When I finish, we will close the channel to settle the net balance on the bitcoin blockchain. Because transactions are only between me and the other party and do not need to be broadcast to the whole network, they are almost instantaneous. And because there is no incentive for miners, the transaction cost is low, or even no transaction cost at all

5.

It has been ten years since bitcoin was born. Ten years ago, if someone had told his founder, Tsui Nakamoto, that this new decentralized currency would flourish in 2019, he might have thought his experiment was a success. Bitcoin is indeed likely to become a world currency. Even if it is not as magical as Nakamoto said, even today, 10 years later, there are still people criticizing the ideas in its white paper

Although bitcoin has become a widely used investment and speculative asset, e to its own design and huge demand, bitcoin is far away from its goal of completely decentralized free currency. But if the new solution does solve some of the existing problems, then its status quo will certainly be greatly improved< as long as the transaction cost of bitcoin blockchain is not higher than lightning network, users will not transfer assets to other public chains. If bitcoin blockchain can continue to expand the transaction processing capacity through other solutions besides lightning network in the future, it may eventually develop into the world currency originally conceived by Nakamoto

6.

In February 2015, bitcoin developers Joseph PON and Thaddeus dryja proposed the concept of scalable off chain payment -- Lightning network in their paper the bitcoin lightning network: scalable off chain instant payments. We know that a very important reason why the bitcoin network is reliable is that all the bitcoin nodes keep the bitcoin account books. If someone wants to tamper with the transaction records, they need more than half of the computing power of the whole network. Without the trust machine of blockchain network, how can we ensure that both sides of the transaction will not go back and deny? How is lightning network realized

in short, the lightning network is based on the expansion of bitcoin. Due to the limitation of bitcoin block, a new channel is required. The process of small amount delivery can be realized through the channel of lightning network without bitcoin miner accounting, which can speed up the speed and rece the handling charge. But how can such lightning network prevent the centralization problem? More details this video is very detailed: six minutes to understand the lightning network

but how long can the lightning network land

7. The most critical point of bitcoin's trading network is its trading performance: the speed of seven transactions per second in the whole network is far lower than that of traditional financial trading system; At the same time, waiting for the trusted confirmation of six blocks results in a final confirmation time of about one hour
the main idea of lightning network is very simple: put a large number of transactions outside the bitcoin blockchain
RSMC guarantees that the direct transaction between two people can be completed under the chain, while HTLC guarantees that the transfer between any two people can be completed through a & quot; Payment & quot; Channel. By integrating these two mechanisms, the transaction between any two people can be completed under the chain
in the whole transaction, smart contract plays an important role as an intermediary, while blockchain ensures that the final transaction result is confirmed.

8. Friends who are new to the currency circle are dazzled to see all kinds of digital currencies. What are the origins and characteristics of these cryptocurrencies? Here is a brief introction to some mainstream cryptocurrencies< Bitcoin is the earliest cryptocurrency. In 2008, an Internet geek named Nakamoto Tsung published a paper called bitcoin: a peer-to-peer e-cash system. In 2009, the first creation block was g up by Nakamoto Tsung and has been developing ever since. The original block size of bitcoin was only 1m, and the congestion problem was getting more and more serious. As a result, the block expansion was put on the agenda. The core development group advocated the use of isolation witness and lightning network to realize the expansion, while the big block group advocated the direct expansion of the block. At last, on August 1, 2017, bitcoin cash (BCH) forked from bitcoin (BTC) and expanded its capacity by expanding the block. After this split, bitgold, bitdiamond, super bitcoin, bitgod and many other split coins have sprung up. Later, BCH itself encountered a bifurcation. The Australian CSW, who calls himself Nakamoto Tsung, has to continue to expand the block and lock the underlying protocol of bitcoin. He claims to make a bitcoin that meets Nakamoto Tsung's vision. This time, the bifurcation coin is called BSV

apart from BCH and BSV, most of the other bifurcated currencies have declined. BTC, BCH and BSV represent the exploration of three different directions respectively. BTC is the most conservative and cautious, BSV is the most radical, and BCH is relatively mild and graal. At present, BTC enjoys the name of bitcoin in fact and has the largest market value< br />
< At the end of 2013, vitalik buterin (V God), a gifted programmer born in 1994, published a white paper on Ethereum, proposing the idea of adding various smart contracts to cryptocurrency, which can be used in social networking, trading, games and other fields. The market value of Ethereum has soared all the way, and it will soon be second only to bitcoin, Ethereum with smart contracts is also known as blockchain 2.0

in 2016, Ethereum encountered a serious hacker coin theft incident (DAO), and God V decided to delete the coin theft record by using rollback method. However, some people who insisted that the blockchain should not be tampered with opposed rollback, so Ethereum also split. Unlike bitcoin, the original Ethereum chain has become a minority, known as the Ethereum classic (etc), and the new chain that has been rolled back has become a majority, the de facto Ethereum (ETH)

stable currency system

stable currency is generally anchored legal currency, which can be used to exchange legal currency 1:1 to the issuer. The currency value is relatively stable, but sometimes there will be a small amount of premium in transactions, which is widely used in cryptocurrency transactions. Now the most common stable currency is the usdt issued by tether company, 1 usdt = 1 dollar. Stable currency is generally issued on other cryptocurrency networks, such as bitcoin Omni protocol, Ethereum erc20 protocol, etc< br />


in anonymous currency

on bitcoin, every transaction is clear and searchable, although we don't know who the person behind the address is. Some people think that the privacy of bitcoin is not enough, so some anonymous coins, such as XmR, dash and zcash, which can cover up user information, have emerged. Monroe coin uses ring signature technology, dasey coin adopts mixed coin technology, and big zero coin uses zero knowledge proof, which can play an anonymous effect in different degrees

platform currency system

some digital currency trading platforms often release their own platform currency, and there are certain discounts for trading with platform currency, such as okb of okex, HT of fire currency, BNB of coin security, etc<

some other mainstream currencies

lightcoin (LTC) has copied the code of bitcoin, replaced the consensus algorithm, and shortened the block out time. When bitcoin wants to upgrade, it often does experiments on bitcoin first. Lightcoin is known as "bitcoin, lightsilver"

XRP is currently the third largest currency in market value. It is an Internet transaction protocol, allowing users to transfer money around the world quickly and cheaply

grapefruit coin (EOS), known as blockchain 3.0 and Ethereum upgrade, attempts to introce more functions and application expansion on it

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"bitkangaroo" is the first digital currency financial service platform in the world that allocates theoretical revenue from its own mines and machines without power failure. The platform is mainly based on cloud computing procts, and the theoretical revenue is allocated by "1tash" of Wanyou computing power's professional mine, a strategic partner, on a regular basis every day, integrating high-yield, security, liquidity, transparency and professionalism

High Yield: the platform aims at "increasing users' assets", and customers can choose a variety of derivatives to prevent systemic risks

Security: the team stores the standby digital assets in the cold multi signature wallet, and in case of any accident, the reserve fund will be used to distribute revenue to customers

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