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Dan

The lightning network

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I was trawling the internet this morning to seek out some technical explanation for the Lightning Network, and how it works. The technology used is based on adding a secondary layer to the bitcoin network which can handle scale-able cheaper and faster transactions. This is a great watch for those who are interested in seeing what the future of crypto has in store for us. My understanding is that litecoin already has this technology integrated into their network.

 

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9 minutes ago, Dan said:

I was trawling the internet this morning to seek out some technical explanation for the Lightning Network, and how it works. The technology used is based on adding a secondary layer to the bitcoin network which can handle scale-able cheaper and faster transactions. This is a great watch for those who are interested in seeing what the future of crypto has in store for us. My understanding is that litecoin already has this technology integrated into their network.

 

Thanks for the video been wondering what the lightning network is since a while too but too lazy to actually search for details regarding it. LTC is generally from what I have seen used like a beta version for BTC so I guess if politics doesnt stop it like Segwit then we might see Lightning network being used in BTC aswell. Fingers crossed

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All the "big" blockchain need those kind of technology if they really want to be faster with the increasing number of transactions. Plus the Lightning Network supports transactions across blockchains. But it's a add-on, i don't know until how they are scalable (don't know if there is a limit where the network will struggle too). I prefer the choice of IOTA for example, more users = transactions faster, they took the opposite direction.

I imagine that the future will tell us, anyway thanks for the vid Dan, always more easy to grasp the idea for a non-tech like me ;)

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3 hours ago, Ymerej said:

wow .. thanks for this video Dan .. :D now I new knowledge about crypto world :D wooohooo 

@Kargai what do you mean by All the "big" blockchain ... are you referring the big minners??

Those who have/will have a load of transactions to deal with.

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Fast transactions are necessary for networks of blockchain. The lightning network is good, but will it be able to be implemented in the blockchain and when. Interesting video. Thank you.
 

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It's live on the testnet and so far hasn't had any major issues. I believe core is changing a few things up for another release on the testnet. This will only sadly delay things further knowing the speed they're able to roll out updates. 

Get behind the lightning network by playing around with it on the available version. It's odd how little people are helping test it despite the massive need for it in the community as of now.

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