Introduction to Micropayment Channels by Shawn Wilkinson ...

Game Over Blockstream: Mathematical Proof That the Lightning Network Cannot Be a Decentralized Bitcoin Scaling Solution (by Jonald Fyookball)

This is the best tl;dr I could make, original reduced by 91%. (I'm a bot)
"Using a network of these micropayment channels, Bitcoin can scale to billions of transactions per day"What it doesn't tell you is that this can only be accomplished by using large, centralized "Banking" hubs.
What is the Lightning Network and How Does it Work?Lightning Network is a protocol allowing for a series of off-chain bidirectional payment channels.
Linking Multiple ChannelsGoing one step farther, if Alice had a channel with Bob, and Bob also had a channel with Carol, then Alice could indirectly send money to Carol: Bob would first pay Carol, and then Alice would reimburse Bob.The Envisioned NetworkLN evangelists promote the idea that if Alice can pay Carol through Bob, we should be able to keep extending this idea to build an entire network of payment channels, thus allowing a large percentage of transactions to occur off-chain.
Your Money Can't Be In Two Places At the Same TimeIf we assume we need 10 payment channels to reach the entire network in 6 hops, that means you'd have to divide up your bitcoins into 10 parts.
The "TLDR" SummaryTo reach anyone in a big network with a series of branching channel connections, you either need a large number of channels, or a large number of hops.
Channels and Hops Required, with No ConstraintsModeling the network as a complex graph of 1,000,000 nodes, we shall examine the probability of reaching a random peer given a certain number of open channels, C, and allowing for a certain number of hops, H.From the perspective of a user, reaching distant peers through a series of branching channels is similar to tree structure.
Summary Source | FAQ | Feedback | Top keywords: channel#1 Number#2 network#3 transaction#4 hop#5
Post found in /btc, /Bitcoin, /ethereum, /CryptoCurrency and /BitcoinAll.
NOTICE: This thread is for discussing the submission topic. Please do not discuss the concept of the autotldr bot here.
submitted by autotldr to autotldr [link] [comments]

[ANNOUNCEMENT] We are launching Streamium! Streaming p2p video combined with bitcoin micropayment channels. Broadcast video and get paid in real time on a per-second basis with no middlemen. 100% free. 100% open source.

submitted by iwantathink to Bitcoin [link] [comments]

BEYOND LN -- "If all Bitcoin transactions were conducted inside a network of micropayment channels, to enable 7 billion people to make two channels per year with unlimited transactions inside the channel, it would require 133 MB blocks."

The source for the quote in the title is the Lightning Network whitepaper, posted here (Warning, PDF!)
ok, so let's have some fun with math...
The current Network, with Segwit, will provide for the effective equivalent of ~2,000,000 bytes per block, or an average of ~4000 transactions per block (using 500kb per tx, per the LN whitepaper).
Let's divide 2,000,000 by 133,000,000 to apply the LN devs' math to the current solution. Answer: 0.0150375939849624
OK, now lets multiply 7,000,000,000 by that result to get the number of users who could do the same with just 2MB blocks. Answer: 105263157.8947368
So, using this math, we can see that ~105 Million people could each open (not close!) just 2 LN channels PER YEAR.
This also excludes all other uses for the blockspace!
So, now what? Where do we stand if LN does, in fact, become popular (or even hyper-popular)? How many years will it take for LN to fully saturate and overwhelm the current 1MB+SW solution? Is opening just 2 LN channels per user, per year, very realistic? If not, what is a more realistic value?
I'm not writing this to be hostile or take shots at the current plan, or the current devs -- I do appreciate the fact that this is a VERY difficult problem, as well as the need to get it right.
Instead, I simply want to remind people that a hardfork is still eventually necessary, and to inspire some discussion on these very real concerns.
So, again, what are the options after SW and LN?
BU and EC are obviously not the answer -- they're f'n terrible -- so what's the latest and greatest for a viable hardfork that would allow for on-chain scaling well into the future? What are the latest ideas/concepts being discuss behind the scenes that may or may not have been shared on the mailing list and github yet?
I think it's clear that layer2 solutions will require additional blockspace well beyond what 1MB+SW currently provides, so please don't dismiss this issue outright. It's a hard problem, but it's still one I think we must solve long before the network gets overwhelmed by LN and others.
Please keep it civil... ;)
submitted by paleh0rse to Bitcoin [link] [comments]

Phase 1 of Mike Hearn's "Hourglass" app is 95% funded by pledges. Hourglass would enable you to "easily pay someone else on a rolling, per second basis using Bitcoin micropayment channels"

submitted by punkrampant to Bitcoin [link] [comments]

Epicenter Bitcoin 106 – Christian Decker: Scaling Bitcoin With Duplex Micropayment Channels ("PhD student & member of community since 2009; Discussed scalability debate & what block size his research indicates can reasonably be handled today & Duplex Micropayment Channels vs. Lightning.")

Epicenter Bitcoin 106 – Christian Decker: Scaling Bitcoin With Duplex Micropayment Channels ( submitted by eragmus to Bitcoin [link] [comments]

SuchWow.tv is the quirkiest video channel using PopChest bitcoin micropayments. Laura Lopez is a genius. Let's show her some love!

SuchWow.tv is the quirkiest video channel using PopChest bitcoin micropayments. Laura Lopez is a genius. Let's show her some love! submitted by valerian253 to Bitcoin [link] [comments]

Or fund a few lightning channels and try out some micropayment lapps. #LightningNetwork #bitcoin https://t.co/vzYQPxfrrA - Crypto Insider Info - Whales's

Posted at: July 12, 2018 at 04:57AM
By:
Or fund a few lightning channels and try out some micropayment lapps. #LightningNetwork #bitcoin https://t.co/vzYQPxfrrA
Automate your Trading via Crypto Bot : https://ift.tt/2EU8PEX
Join Telegram Channel for FREE Crypto Bot: Crypto Signal
submitted by cryptotradingbot to cryptobots [link] [comments]

Such Cool!What if we can pay Dogecoin for watching video like this Bitcoin micropayments: Dogecoin On Chinese biggest TV channel: Phoenix satellite TV! Show some shibe love !

Such Cool!What if we can pay Dogecoin for watching video like this Bitcoin micropayments: Dogecoin On Chinese biggest TV channel: Phoenix satellite TV! Show some shibe love ! submitted by Pyds1977 to dogecoin [link] [comments]

Bitcoin micropayment payment channel - Yours

Bitcoin micropayment payment channel - Yours submitted by bitusher to btc [link] [comments]

[uncensored-r/Bitcoin] If all transactions using Bitcoin were conducted inside a network of micropayment channels, to en...

The following post by cryptogopher is being replicated because the post has been silently removed and some comments within it have been silently removed.
The original post can be found(in censored form) at this link:
np.reddit.com/ Bitcoin/comments/7lfsbz
The original post's content was as follows:
https://lightning.network/lightning-network-paper.pdf
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

"Towards Bitcoin Payment Networks" - Comparing Duplex Micropayment Channels and The Lightning Network

submitted by stonecoldpat to Bitcoin [link] [comments]

09-02 23:12 - 'LN isn't great for micropayments. I support Segwit and I think LN is useful, but you won't open a channel to pay something only one or two times. It's better to do onchain. Also, it's going to be highly centralized on hubs...' by /u/viniciuserrero removed from /r/Bitcoin within 0-8min

'''
LN isn't great for micropayments. I support Segwit and I think LN is useful, but you won't open a channel to pay something only one or two times. It's better to do onchain. Also, it's going to be highly centralized on hubs who have solvency to be the middleman between two LN channels
'''
Context Link
Go1dfish undelete link
unreddit undelete link
Author: viniciuserrero
submitted by removalbot to removalbot [link] [comments]

12-22 07:02 - 'If all transactions using Bitcoin were conducted inside a network of micropayment channels, to enable 7 billion people to make two channels per year with unlimited transactions inside the channel, it wou...' (lightning.network) by /u/cryptogopher removed from /r/Bitcoin within 0-10min

If all transactions using Bitcoin were conducted inside a network of micropayment channels, to enable 7 billion people to make two channels per year with unlimited transactions inside the channel, it would require 133 MB blocks (from LN whitepaper)
Go1dfish undelete link
unreddit undelete link
Author: cryptogopher
submitted by removalbot to removalbot [link] [comments]

Scalable Funding of Bitcoin Micropayment Channel Networks

submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Scalable Funding of Bitcoin Micropayment Channel Networks [PDF]

submitted by BitcoinAllBot to BitcoinAll [link] [comments]

A Novel Solution for Scalable Micropayment Channels Across Bitcoin's Network

A Novel Solution for Scalable Micropayment Channels Across Bitcoin's Network submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Scalable Funding of Bitcoin Micropayment Channel Networks [PDF]

submitted by BobAlison to Bitcoin [link] [comments]

gocoin - library to make bitcoin addresses and send transactions including Micropayment Channel in golang

submitted by chromanion to golang [link] [comments]

Grid Computing with Bitcoin Micropayment Channels

Grid Computing with Bitcoin Micropayment Channels submitted by cryptoz to Bitcoin [link] [comments]

A Novel Solution for Scalable Micropayment Channels Across Bitcoin's Network

A Novel Solution for Scalable Micropayment Channels Across Bitcoin's Network submitted by Cryptofortune to Bitcoin [link] [comments]

BEYOND LN -- "If all Bitcoin transactions were conducted inside a network of micropayment channels, to enable 7 billion people to make two channels per year with unlimited transactions inside the channel, it would require 133 MB blocks." r/Bitcoin

submitted by BitcoinAllBot to BitcoinAll [link] [comments]

"Towards Bitcoin Payment Networks" - Comparing Duplex Micropayment Channels and The Lightning Network

submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Tipping ChangeTip Bitcoin MicroPayment Content Monetization CryptoCurrency Money #BTC4 P2P - The Bes The StartUp #4: Pay Per View with Bitcoin How to Open a Lightning Payment Channel ~ Bitcoin to the ... Micro Miner Bitcoin Free 2020✔️ Micropayment channel + HTLCs

Working with micropayment channels. Learn how to efficiently send repeated micropayments to a chosen recipient. Introduction. Bitcoin has great potential as a platform for enabling micropayments, payments much smaller than what the traditional financial system can handle.Indeed, you can send a very tiny amount of value in a Bitcoin transaction without doing anything special and it will work ... A Micropayment Channel or Payment Channel is class of techniques designed to allow users to make multiple Bitcoin transactions without commiting all of the transactions to the Bitcoin block chain. In a typical payment channel, only two transactions are added to the block chain but an unlimited or nearly unlimted number of payments can be made between the participants. The Bitcoin network has scalability problems. To increase its transaction rate and speed, micropayment channel networks have been proposed, however these require to lock funds into specific channels.... If the micropayment channel goes well, however, the refund is discarded because it is unusable. It’s like an airlock. Tab: ... By reducing payment friction, bitcoin micropayment channels can make it easy for consumers to pay small amounts to artists and providers directly. Users could have a digital media wallet with a cap of $5/week The wallet could automatically pay the creators of youtube ... Beiträge über Micropayment von Christoph Bergmann. Bei Bitcoin Cash ist einiges passiert: Die Community führt mit dem Address-Day ein neues Adressformat ein, ein Stress-Test zeigt, dass das Netzwerk in der Lage ist, auch mehrere Tage lang fortlaufend 8MB große Blöcke zu prozessieren, und die Bitcoin Cash Publishing Plattform Yours.org erhält ein Investment von 1,5 Millionen Dollar.

[index] [37932] [38067] [45988] [42977] [13411] [35872] [18750] [1074] [35474] [33731]

Tipping ChangeTip Bitcoin MicroPayment Content Monetization CryptoCurrency Money #BTC4 P2P - The Bes

Thank you mucho meow for your donation: Bitcoin Address: . why if I had a quarter for every blog post... Id have a whole buncha quarters! * * * * * * * * * *... On this episode of The StartUp, Doug Scribner of WatchMyBit.com discusses the virtues of using Bitcoin as a micropayment channel for watching videos. Micropayment channel + HTLCsを利用したブロックタイム10分を待たない安全なBitcoin支払いデモです (testnet) Android - Arduinoシールド間での支払いを行ってい ... Bitcoin hacked Bitcoin hacking channel Bitcoin hacking content Bitcoin fully hack Bitcoin hack no fee Bitcoin hack pro Bitcoin hack pro 2019 Bitcoin hack free Bitcoin wallet hack Bitcoin account ... Two offered HTLCs which have the same amount_msat and payment_hash will have identical outputs, even if their cltv_expiry differs. This only matters because ...

#