The Lightning Network (LN) is a second-layer peer-to-peer network that allows us to make Bitcoin payments "off-chain," meaning without committing them as transactions to the Bitcoin blockchain.
The Lightning Network (LN) is a secondlayer peer-to-peer network that allows us to make Bitcoin payments "off-chain," meaning without committing them as transactions to the Bitcoin blockchain.
LN gives us Bitcoin payments that are secure, cheap, fast, and much more private, even for very small payments.
The Lightning Network gives us Bitcoin payments that are secure, cheap, fast, and much more private, even for very small payments.
Building on the idea of payment channels, first proposed by Bitcoin's inventor Satoshi Nakamoto, the Lightning Network is a routed network of payment channels where payments "hop" across a path of payment channels from the sender to the recipient.
The initial idea of the Lightning Network was proposed in 2015 in the groundbreaking paper "The Bitcoin Lightning Network: Scalable Off-Chain Instant Payments", by Joseph Poon and Thaddeus Dryja. By 2017, there was a "test" Lightning Network running on the internet, as different groups built compatible implementations and coordinated to set some interoperability standards. In 2018, the Lightning Network went "live" and payments started flowing.
The initial idea of the Lightning Network was proposed in 2015 in the groundbreaking paper "The Bitcoin Lightning Network: Scalable Off-Chain Instant Payments," by Joseph Poon and Thaddeus Dryja. By 2017, there was a "test" Lightning Network running on the internet, as different groups built compatible implementations and coordinated to set some interoperability standards. In 2018, the Lightning Network went "live" and payments started flowing.
In 2019, Andreas M. Antonopoulos, Olaoluwa Osuntokun, and René Pickhardt agreed to collaborate to write this book. It appears we have been successful!
@ -180,9 +180,9 @@ Thank you all for supporting me throughout this journey.
=== Acknowledgments By René
I want to thank the German education system through which I acquired the knowledge upon which my work builds. It is one of the greatest gifts I was given.
Similarly I want to thank the German public healthcare system and every person devoting their time into working within that industry. Your effort and endurance makes you my personal heros and I will never forget the help, patience and support I received when I was in need.
Thanks goes to all the students I was allowed to teach and who engaged into interesting discussions and questions. From you I learnt the most.
I am also grateful to the Bitcoin and Lightning Network community who warmly welcomed me and to the enthusiasts and private persons who financially supported and continue to support my work.
Similarly I want to thank the German public healthcare system and every person devoting their time into working within that industry. Your effort and endurance make you my personal heroes and I will never forget the help, patience, and support I received when I was in need.
Thanks goes to all the students I was allowed to teach and who engaged in interesting discussions and questions. From you I learned the most.
I am also grateful to the Bitcoin and Lightning Network community that warmly welcomed me and to the enthusiasts and private persons who financially supported and continue to support my work.
In particular I am grateful to all the open source developers (not only Bitcoin and Lightning Network) and to the people who fund them to make that technology possible.
A special thanks goes to my coauthors for riding with me through the storm.
Last but not least, I am thankful to my loved ones.
@ -190,7 +190,7 @@ Last but not least, I am thankful to my loved ones.
=== Acknowledgments by Olaoluwa Osuntokun
I'd like to thank the amazing team at Lightning Labs, as without you all, there
would be no lnd. I'd also like to thank the original set of authors to the BOLT
would be no LND. I'd also like to thank the original set of authors of the BOLT
kristen@oreilly.com
3 years ago