What are some misconceptions about the Lightning Network? How does the onion-routing work? How does channel funding work? Are there any security or legal risks to running a Lightning node? How far is the user experience development?
This is not a choice between on-chain and off-chain. A large portion of transaction volume has already been conducted off-chain (i.e. within the private databases of exchanges) for years; what second-layer solutions like the Lightning Network do is to allow for similar low-cost activity without sacrificing most of the security model and trustless nature of Bitcoin. Decentralisation is not a Boolean value, it is a range.
The Lightning Network is not only about payment channels, there is also routing between the payment channels of others. You do not need to open a channel with every party you want to transact with. If a merchant does open a channel, they do not have to close the channel in order to be paid.
LN Development Resources: http://dev.lightning.community/
LND Desktop Wallet – https://github.com/lightninglabs/lightning-app
ACINQ’s Lightning implementation: https://github.com/ACINQ/eclair
Blockstream’s C-Lightning implementation: https://github.com/ElementsProject/lightning
Zap, another Lightning wallet: http://zap.jackmallers.com/
More on contributors: http://lightning.community/release/software/lnd/lightning/2017/01/10/lightning-network-daemon-alpha-release/
This question is from the patron-only live Q&A which took place on January 27th 2018. 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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Advanced Bitcoin Scripting: Part 1 – https://youtu.be/8FeAXjkmDcQ
Advanced Bitcoin Scripting: Part 2 – https://youtu.be/pQbeBduVQ4I
Decentralised exchanges and counterparty risk – https://youtu.be/hi_jaw0dT9M
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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.
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.
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MASTERING BITCOIN, 2nd Edition: https://amzn.to/2xcdsY9
Translations of MASTERING BITCOIN: https://bitcoinbook.info/translations-of-mastering-bitcoin/
THE INTERNET OF MONEY, v1: https://amzn.to/2ykmXFs
THE INTERNET OF MONEY, v2: https://amzn.to/2IIG5BJ
Translations of THE INTERNET OF MONEY:
Spanish, ‘Internet del Dinero’ (v1) – https://amzn.to/2yoaTTq
French, ‘L’internet de l’argent’ (v1) – https://www.amazon.fr/Linternet-largent-Andreas-M-Antonopoulos/dp/2856083390
Russian, ‘Интернет денег’ (v1) – https://www.olbuss.ru/catalog/ekonomika-i-biznes/korporativnye-finansy-bankovskoe-delo/internet-deneg
Vietnamese, ‘Internet Của Tiền Tệ’ (v1) – https://alphabooks.vn/khi-tien-len-mang
MASTERING ETHEREUM (Q4): https://amzn.to/2xdxmlK
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