Are Lightning Network transactions still bitcoin transactions? Do you have to be online? What happens when a party does not commit to an action / send a reimbursement in LN? How will the Lightning Network handle DDoS attacks? How does node banning work?
These questions are from the MOOC 9.5 session which took place on March 16th, 2018. Andreas is a teaching fellow with the University of Nicosia. The first course in their Master of Science in Digital Currency degree, DFIN-511: Introduction to Digital Currencies, is offered for free as an open enrollment MOOC course to anyone interested in learning about the fundamental principles.
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
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The Lightning Network – https://www.youtube.com/playlist?list=PLPQwGV1aLnTurL4wU_y3jOhBi9rrpsYyi
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Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and respected figures in bitcoin.
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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
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MASTERING BITCOIN: https://www.amazon.co.uk/Mastering-Bitcoin-Unlocking-Digital-Cryptocurrencies/dp/1449374042
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thank you
Wrong, ! If LN is secure why would BTC require the blockchain at all, transaction amount is irrelevant.
Put it this way – if bitcoin was launched on 3rd Jan 2009 purely as the Lightning Network would it even exist today ? (Don't block me bro !)
Good video, very informative. The question I want to know the answer to is why can’t BTC scale on chain? I’ve heard loads of different arguments on both sides of the debate, but no ‘definitive’ answers.
I am a big fan of Andreas, but this interpretation of the LN security model is very disappointing. A LN transaction is NOT the same as a bitcoin transaction precisely because it has not been broadcast to the bitcoin network and therefore it is not replicated through an immutable network protected by massive redundancy. In addition, the channel must be actively monitored and ready to respond to a potential attempt to cheat. The need for safekeeping of unpublished transactions, and the necessity to actively monitor and publish a transaction under a certain time constrain make the theoretical security of the LN inferior to Bitcoin.
You should ask to be a guest on programming throwdown. I'd love to hear you guys geek out over Bitcoin
People if you want to know about the risks of using lightning, please don't ask Andreas. Ask someone who is trying to find weaknesses. How can this video be called "lightnings security model" when Andreas refuses to mention any of the problems? It is a hot wallet for goodness sakes!!!
Will lightning network have something similar to what particl is working on with their mad escrow transaction system?
Basically a way to prevent fraud, with particl both parties put up money in a smart contract until terms of the agreement are met and if one party tries to screw over the other they both lose money, mad= mutually assured destruction. What is LN's fraud prevention plan??
Thanks for doing these videos, and everything you have done!
Have you read IOHK's recent "Composable Proof-of-Stake Blockchains with Dynamic Availability," and if so, what do you think about their results?
Love your videos and explanations over the years that helped me early on, but can you explain the implications of operating a custodial account and how the holder of funds (even for a split second during a transaction) will have to comply with the same KYC, AML/CTF regulations as a money service business or deposit taker (licences, deposit guarantees liquidity, part III of Patriot Act etc and the law not the smart contract, this can't be conflated that code is law or ignored) which will affect anyone running a LN node, unlike transactions that occur 100% on-chain.
Your earliest videos taught me the benefit of on-chain security and not just using something that has the _qualities of on-chain_.
Love your enthusiasm, dedication and effort to education in helping bank the unbanked.
What's your thought about Hedera Hashgraph project? ?
Keep up the great work!
Andreas is the first time I see you insecure while you talk …. what's up with LN?
Smashed the like……nice video as ever….:-)
Thank you A.A.
Hi Andreas, I'm running a BTC node. In LN can I do the same without to much hassle or resources? Thnxs for your great work!