Lightning net
Litecoin (LTC, currency symbol: 321;) It is a kind of network currency based on "peer-to-peer" technology. It is also an open source software project under MIT / X11 license. It can help users make instant payments to anyone in the world< better use of digital currency trading platform coin exchange
data expansion:
lightcoin is inspired by bitcoin (BTC), and has the same implementation principle in technology. The creation and transfer of lightcoin is based on an open source encryption protocol, and is not managed by any central organization. Lightcoin aims to improve bitcoin. Compared with bitcoin, lightcoin has three significant differences. First, the lightcoin network can process a block every 2.5 minutes (instead of 10 minutes), so it can provide faster transaction confirmation. Second, the lightcoin network is expected to proce 84 million lightcoins, four times the amount of money issued by bitcoin network. Thirdly, the scrypt encryption algorithm first proposed by Colin Percival is used in lightcoin's workload proof algorithm, which makes it easier to mine lightcoin on ordinary computer than bitcoin. Each Leyte is divided into 100000000 smaller units, defined by eight decimal places
At 10:00 a.m. on July 3, the opening price of Leyte was 283 yuan / piece, and the highest price was 324 yuan / piece at 13:00 a.m. on July 3, with a 3-hour rise of 14%
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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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.
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 allmany 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~
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
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 NakamotoIn 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