Lightning network expands bitcoin

1.

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~

2.

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

3.

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

4.

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

5. Hanging order is the number of orders waiting to be bought and sold behind the five trading prices transmitted from the exchange ring the market trading period. Together with five trading prices, these ten data constitute the most original public data in the whole trading system

6.

March 6 (Xinhua) "blockchain is a good technology, but it is still in the early stage of development. We need to establish an effective application mode. Tencent is also actively exploring the application of blockchain in various scenarios." Ma Huateng, chairman and CEO of Tencent, expressed his views on the current situation of blockchain

In terms of specific application scenarios,

CAI Yige said that Tencent will increase its exploration in the direction of blockchain combined with supply chain finance in 2018. As early as April 2017, Tencent has officially released the white paper on Tencent's blockchain scheme, and the relevant blockchain technology has been applied by Tencent in many fields, such as supply chain finance, logistics information, legal deposit, public search, Tencent micro gold, etc“ Studying blockchain technology and expanding blockchain application scenarios is definitely our development direction. " Cai Yige said

7. Slicing technology is one of the common methods used by developers to improve transaction throughput
in short, slicing is a partition method to divide computing power and storage workload in a point-to-point network. After slicing, each node no longer needs to deal with the transaction load of the whole network, It only needs to process the transactions in the partition (or partition)
just like the current blockchain, the information contained in the partition is jointly maintained by multiple nodes, thus ensuring the decentralization and security of the ledger. After the partition is enabled, everyone can still see all the information in the ledger, but people no longer need to process and store all the information

8. The core team has a great influence in the expansion of bitcoin. The core team has always been responsible for the development and maintenance of bitcoin system, and made outstanding contributions to the development of bitcoin in its early stage. However, with the passage of time, this group of technicians has become not so simple, utilitarian become stronger
now, two of the three core members of the core team are BS employees, which has been criticized by people all the time. In particular, the core team refused to expand the capacity of the main chain, set the block size of the main chain to 1m, and took on the function of the main chain through the side chain lightning network to solve the problem of bitcoin transaction congestion. This scheme is resisted in the bitcoin community. The side chain lightning network can only be used as a supplement to the main chain, and it is unacceptable to replace the main chain.

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