dido:public:ra:xapend:xapend.a_glossary:l:lightning_network
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dido:public:ra:xapend:xapend.a_glossary:l:lightning_network [2020/05/06 00:06] 52.45.51.99 ↷ Links adapted because of a move operation |
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| ===== Lightning Network ===== | ===== Lightning Network ===== | ||
| - | [[dido:public:xapend.glossary| Return to Glossary ]] | + | [[dido:public:ra:xapend:xapend.a_glossary:start| Return to Glossary ]] |
| - | A **Lightning Network** is network layered on top of an existing blockchain technology (i.e., Bitcoin) intended to help with scalability issues. It is a decentralized system for instant, high-volume micropayments that removes the risk of delegating custody of funds to trusted third parties using a peer-to-peer (P2P) network connections called Micropayment Channel or Payment Channel. (( | + | A **Lightning Network** is network layered on top of an existing [[dido:public:ra:xapend:xapend.a_glossary:b:blockchain|blockchain]] technology (i.e., [[dido:public:ra:xapend:xapend.a_glossary:b:bitcoin|Bitcoin]]) intended to help with scalability issues. It is a decentralized system for instant, high-volume micropayments that removes the risk of delegating custody of funds to trusted third parties using a peer-to-peer (P2P) network connections called [[dido:public:ra:xapend:xapend.a_glossary:m:micropayment_channel|Micropayment Channel]] or [[dido:public:ra:xapend:xapend.a_glossary:p:payment_channel|Payment Channel]]. (( |
| "The Bitcoin Lightning Network", | "The Bitcoin Lightning Network", | ||
| [[https://lightning.network/lightning-network-summary.pdf | Lightning Network ]] | [[https://lightning.network/lightning-network-summary.pdf | Lightning Network ]] | ||
| )) | )) | ||
| - | The Lightning Network solves these problems. It is one of the first implementations of a multi-party Smart Contract | + | The Lightning Network solves these problems. It is one of the first implementations of a multi-party [[dido:public:ra:xapend:xapend.a_glossary:s:smart_contract|Smart Contract]] |
| (programmable money) using bitcoin's built-in scripting. The Lightning Network is leading technological development in multiparty financial computations with bitcoin. | (programmable money) using bitcoin's built-in scripting. The Lightning Network is leading technological development in multiparty financial computations with bitcoin. | ||
| : **Instant Payments:** | : **Instant Payments:** | ||
| - | : Bitcoin aggregates transactions into blocks spaced ten minutes apart. Payments are widely regarded as secure on bitcoin after confirmation of six blocks, or about one hour. On the Lightning Network, payments don't need block confirmations, and are instant and atomic. Lightning can be used at retail point-of-sale terminals, with user device to-device transactions, or anywhere instant payments are needed. | + | : Bitcoin aggregates transactions into blocks spaced ten minutes apart. Payments are widely regarded as secure on bitcoin after [[dido:public:ra:xapend:xapend.a_glossary:c:confirmation|confirmation]] of six blocks, or about one hour. On the Lightning Network, payments don't need block confirmations, and are instant and atomic. Lightning can be used at retail point-of-sale terminals, with user device to-device transactions, or anywhere instant payments are needed. |
| : **Micropayments:** | : **Micropayments:** | ||
| Line 17: | Line 17: | ||
| : **Scalability:** | : **Scalability:** | ||
| - | : The bitcoin network will need to support orders of magnitude higher transaction volume to meet demand from automated payments. The coming increase in internet-connected devices needs a platform for machine-to-machine payments and automated micropayment services. Lightning Network transactions are conducted to the blockchain without delegation of trust and ownership, allowing users to conduct nearly unlimited transactions between other devices. | + | : The bitcoin network will need to support orders of magnitude higher transaction volume to meet demand from automated payments. The coming increase in [[dido:public:ra:xapend:xapend.a_glossary:i:internet|internet]]-connected devices needs a [[dido:public:ra:xapend:xapend.a_glossary:p:platform|platform]] for machine-to-machine payments and automated micropayment services. Lightning Network transactions are conducted to the blockchain without delegation of trust and ownership, allowing users to conduct nearly unlimited transactions between other devices. |
| : **How it Works?** | : **How it Works?** | ||
dido/public/ra/xapend/xapend.a_glossary/l/lightning_network.1588737965.txt.gz · Last modified: 2020/05/06 00:06 by 52.45.51.99
