pull/530/head
Andreas M. Antonopoulos 4 years ago
parent ea5758ae99
commit 6e5818a36f

@ -50,7 +50,7 @@ Bitcoin relies on users validating the ledger for themselves, without explicitly
Pricing users out of running nodes forces the average user to trust third parties to discover the state of the ledger, ultimately breaking the trust model of Bitcoin.
The Lightning Network proposes a new network, a "second layer", where users can make payments to each other peer-to-peer, without the necessity to publish a transaction to the Bitcoin blockchain for each payment.
Users may pay each other on the Lightning Network as many times as they want, without creating additional bitcoin transactions or incurring on-chain fees.
Users may pay each other on the Lightning Network as many times as they want, without creating additional Bitcoin transactions or incurring on-chain fees.
They will only make use of the Bitcoin blockchain in order to load bitcoin onto the Lightning network initially and to "settle", that is: remove bitcoin from the Lightning Network.
The result is that many more Bitcoin payments can take place "off-chain", with only the initial loading and final settlement transactions needing to be validated and stored by Bitcoin nodes.
Aside from reducing the burden on nodes, payments on the Lightning Network will be cheaper for users as they do not need to pay blockchain fees, and more private for users as they are not published to all participants of the network and furthermore not stored permanently.
@ -79,7 +79,7 @@ More detailed definitions of these and many other terms can be found in the <<gl
[TIP]
====
Throughout this book, you will see "Bitcoin" with the first letter capitalized, which refers to the _Bitcoin System_ and is a proper noun. You will also see "bitcoin", with a lower-case _b_, which refers to the currency unit.
Throughout this book, you will see "Bitcoin" with the first letter capitalized, which refers to the _Bitcoin System_ and is a proper noun. You will also see "bitcoin", with a lower-case _b_, which refers to the currency unit. Each bitcoin is further subdivided into 100 million units each called a "satoshi" (singular) or "satoshis" (plural)
====
=== What is the Lightning Network?
@ -114,7 +114,7 @@ consumer::
Alice is a Bitcoin user who wants to make fast, secure, cheap, and private payments for small retail purchases. She buys coffee with bitcoin, using the Lightning Network.
merchant::
Bob owns a coffee shop, "Bob's Cafe". "On-chain" bitcoin payments don't scale for small amounts like a cup of coffee, so he uses the Lightning Network to accept bitcoin payments almost instantaneously and for low fees.
Bob owns a coffee shop, "Bob's Cafe". "On-chain" Bitcoin payments don't scale for small amounts like a cup of coffee, so he uses the Lightning Network to accept Bitcoin payments almost instantaneously and for low fees.
web designer::
Saanvi is a web designer and developer in Bangalore, India. She accepts bitcoin for her work, but would prefer to get paid more frequently and so uses the Lightning Network to get paid incrementally for each small milestone she completes. With the Lightning Network, she can do more small jobs for more clients without worrying about fees or delays.

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