Merge pull request #446 from ImranLorgat/patch-30

Introduction - paying many times
pull/459/head^2
Andreas M. Antonopoulos 4 years ago committed by GitHub
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@ -50,7 +50,8 @@ 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, making use of the Bitcoin blockchain only in order to load bitcoin onto the Lightning network initially and to "settle", that is: remove bitcoin from the Lightning Network.
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.

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