What is eltoo? What are the trade-offs and barriers to its implementation? What is the origin of the Lightning Network? What are Poon and Dryja payment channels? Could intermediate nodes be allowed to decide the route? How did the Lightning Network get ahead of schedule? What is coming next? What can non-technical users engage with it now?
The eltoo paper: https://blockstream.com/eltoo.pdf
CORRECTION / CLARIFICATION: At 1:12, I mixed up Poon-Dryja channels and Decker-Wattenhofer channels; Poon-Dryja channels are bi-directional and Decker-Wattenhofer channels use a “duplex” of uni-directional payment channels with timelocks to achieve bi-directional functionality. While Decker and Wattenhofer did invent a new design using Hashed Timelock Contracts (HTLCs), ideas for uni-directional channels have been around since 2011. Also, apologies for repeatedly mispronouncing Wattenhofer’s name!
https://lightning.network/lightning-network-paper.pdf
https://www.tik.ee.ethz.ch/file/716b955c130e6c703fac336ea17b1670/duplex-micropayment-channels.pdf
The Bitcoin wiki has accurate descriptions of the different types of channels, including those covered in this video: https://en.bitcoin.it/wiki/Payment_channels
These questions are from the June monthly Patreon session, which took place on June 24th 2018 respectively. If you want early-access to talks and a chance to participate in the monthly live Q&As with Andreas, become a patron: https://www.patreon.com/aantonop
RELATED:
Bitcoin, Lightning, and Streaming Money – https://youtu.be/gF_ZQ_eijPs
The Internet of Money: Five Years Later – https://youtu.be/6xIq0FdmsIA
The Lightning Network – https://www.youtube.com/playlist?list=PLPQwGV1aLnTurL4wU_y3jOhBi9rrpsYyi
Advanced Bitcoin Scripting, Part 1: Transactions and Multisig – https://youtu.be/8FeAXjkmDcQ
Advanced Bitcoin Scripting, Part 2: SegWit, Consensus, and Trustware – https://youtu.be/pQbeBduVQ4I
The Lightning Network – https://youtu.be/vPnO9ExJ50A
Lightning’s security model – https://youtu.be/_GNsT_ufkec
Misconceptions about the Lightning Network – https://youtu.be/c4TjfaLgzj4
Lightning Network scaling – https://youtu.be/4KiWkwo48k0
Lightning Network interoperability – https://youtu.be/1HYMWcJHGXc
Atomic swaps – https://youtu.be/fNFBA2UmUmg
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What is Segregated Witness (SegWit)? – https://youtu.be/dtOjjB4mD8k
SegWit and fork research – https://youtu.be/OorLoi01KEE
Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and respected figures in bitcoin.
Follow on Twitter: @aantonop https://twitter.com/aantonop
Website: https://antonopoulos.com/
He is the author of two books: “Mastering Bitcoin,” published by O’Reilly Media and considered the best technical guide to bitcoin; “The Internet of Money,” a book about why bitcoin matters.
THE INTERNET OF MONEY, v1: https://www.amazon.co.uk/Internet-Money-collection-Andreas-Antonopoulos/dp/1537000454/ref=asap_bc?ie=UTF8
[NEW] THE INTERNET OF MONEY, v2: https://www.amazon.com/Internet-Money-Andreas-M-Antonopoulos/dp/194791006X/ref=asap_bc?ie=UTF8
MASTERING BITCOIN: https://www.amazon.co.uk/Mastering-Bitcoin-Unlocking-Digital-Cryptocurrencies/dp/1449374042
[NEW] MASTERING BITCOIN, 2nd Edition: https://www.amazon.com/Mastering-Bitcoin-Programming-Open-Blockchain/dp/1491954388
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All of that should be working in about 18 months.
12:33 "Aaaaas a set of specifications"
How will the bottlenecked bitcoin blockchain handle the opening and closing of millions of simultaneous lightning payment channels.?.
This was very informative, thanks Andreas
Hello Andreas i have a question about BITMAIN. As you know bitmain mines BTC and makes the ASICS itself so is it possible that they could do a 51% attack on the btc network? In Satoshi Nakamotos Whitepaper stands that every one can mine btc with their own pc. My worry is that when a corporation gets so big like Bitmain and could hack the system. I think its nothing new when people/corporation have to much power over the system that they just manipulate the system to their own advantage. Thx for your help and keep up the good work 🙂
Disliking this because anton blocked me on twitter for asking him to talk more abouut bitcoin..
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I was driving to your speak in Denver, CO (near there), and someone hit my rear end in traffic during the drive up there….I ended up missing the whole thing…..Was the saddest day of 2018. Been wanting to meet you for such a long time now. 🙁 🙁
Great vid what’s your thoughts on contract vault ico love to hear your opinion
Workin on running lnd and ltc full node on ubuntu on old laptop from dec 2008….ironic? Also finally got the internet of money book and love how it pulls no punches. Im an engineer but not a CE. Lightning is confusing and so is trying to do it all in command line. The tech is so amazing and the devs are so awesome. Andreas will eventually get a Nobel prize. Next u.s. economy crash immanent. Thanks for existing Andreas! Bitcoin was the hope I needed.
Here is a question that I would love to hear your thoughts on, and hopefully there are more people interested to poke your brain on this one! So if you never read this, hopefully some one wants to post this question to your Q&A on patreon!
Question:
"
If Bitcoin becomes widely adopted in the future, could a debate be started over code changes to introduce inflation?
For example: They could convince a lot of people that we need inflation because a lot of coins are hoarded by a small group of people. Other arguments could be made ofcourse, and I fear a lot of people could easily be convinced by this.
Do you think it is likely that this will happen eventually, and what do you think the outcome would be?
"
Sorry if the question is long, but this is something I think about a lot. Perhaps right now we have a fixed supply, but what if the majority of the world gets convinced that we need to change that in the future…
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what about another speech about global financial crisis after turkey's try melt down against all currencies?
Andreas, I know you feel like most coins are shit but how do you feel about on-ramps for crypto such as rootstock or pundi-x? Do you think these kinds technologies will come from Alts, forks, or neither? ( I’m not an investor, just a geek so I’m not looking for financial advice)
Lightning network is a game-changer.
Very little about routing and route discovery. I am deeply concerned about LN at it's current state.
10 people sneezed while trying to click the like button
“Rigetti Computing” said they’ll have a 128 qubit quantum chip in 12 months. If this gets close to becoming possible, which hashing algorithm will we implement to the bitcoin network? How would this change keys and addresses?
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One guy clicked on the wrong video. Lol
When are we going to get "Mastering Lightning Network"?
Watched, liked & shared = true ;
Greetings from Kenya Africa
As always download and re-watch twice or more
How hard would it be for you to upload your videos on bitchute? I am getting off Youtube… these bastards are not worthy of a free thinking people. What are your thoughts?
Have a great day Andreas. Thanks again.
Smashed the like….