dido:public:ra:xapend:xapend.a_glossary:l:lightning_network
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dido:public:ra:xapend:xapend.a_glossary:l:lightning_network [2021/08/13 11:00] murphy |
dido:public:ra:xapend:xapend.a_glossary:l:lightning_network [2022/02/03 20:35] (current) 52.45.51.99 ↷ Links adapted because of a move operation |
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| ===== Lightning Network ===== | ===== Lightning Network ===== | ||
| - | [[dido:public:ra:xapend:xapend.a_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 [[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]]. (( | 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]]. (( | ||
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| )) | )) | ||
| - | 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. | ||
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| : **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 [[dido:public:ra:xapend:xapend.a_glossary:i:internet|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.1628866847.txt.gz · Last modified: 2021/08/13 11:00 by murphy
