Bitcoin Payment Channels on the Lightning Network

The communication and data flow between peers on the Lightning Network to open and close a payment channel.
lightning-network
Share on facebook
Share on whatsapp
Share on twitter
Share on pinterest
Share on skype

Learn How To Earn Bitcoin

In this Bitcoin course you will learn the construction of the currently implemented payment channel mechanism.

This is achieved by comparing the core idea of the construction with HTTP long polling.

We take a high level view on the bitcoin scripts that are needed to create a Revocable Sequence Maturity Contract.

After this construction is explained we look at why getting rid of transaction malleability (which was achieved with the segwit upgrade) was crucial to be able to securely set up Lightning Network payment channels.

Understanding the basics of the cryptography we will also look at the Channel Protocol defined in BOLT 02 (Basics of Lightning Technologies or BOLT is the name of the protocol specification for the Lightning Network) which includes the communication and data flow between peers on the Lightning Network to open and close a payment channel.

You will investigate problems and downsides (like asymmetric state or the difficulty to backup lightning nodes) with the current construction and proposals that could improve on them.

René’s slides can be found here.

René Pickhardt (@renepickhardt) is a self employed Data Science Consultant who has studied Mathematics, Physics and Chinese. Besides data analysis and extracting knowledge from data he is interested in scaling computer systems.

Share on whatsapp
Share on twitter
Share on telegram
Share on linkedin
Share on facebook

Subscribe to our Newsletter

Find out how to buy, mine and earn Bitcoin

Bitcoin
Haroun Kola

Bitcoin Is More Than a Bubble And Here To Stay

Is Bitcoin here to stay, or is it a bubble waiting to pop? Less than a decade old, Bitcoin is worth billions. The cryptocurrency promises to revolutionize global finance by placing control of currency in the hands of users.

Bitcoin
Haroun Kola

Snax a blockchain based social overlay

SNAX is the basic utility token of own DPOS blockchain. Snax platform allows to measure the value of a public content transparently and reward publishers

Bitcoin Trading
Haroun Kola

How to make money as a crypto trader with Crypto Members Club

Bitcoin was THE story of 2017. Unprecedented gains. A thousand news stories. People mortgaging their homes, taking out lines of credit, and making other huge risk just to get a piece of something that might pay it all back on a good day.

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. By continuing to use the site either by scrolling or navigating to another page, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings, by scrolling or navigating to another page, or you click "Accept" below then you are consenting to using cookies on this site.

Close