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~~~~~
📺Essential Videos📺
Fastest Cryptocurrencies 👉
Axie Infinity Explained 👉
Hedge Funds And Robinhood 👉
Monero Privacy 👉
FATF Crypto Regulations 👉
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– TIMESTAMPS –
0:00 Intro
2:14 Bitcoin Basics
5:18 Lightning Network History
7:49 How it Works Part 1:
11:37 How it Works Part 2:
14:28 Growth & Adoption
17:36 Lightning Network Issues
21:15 Lightning Network Privacy
24:24 Outro
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⛓️ 🔗 Useful Links 🔗 ⛓️
► History Of The Lightning Network:
► Lightning Network Whitepaper:
► Lightning Network Explorer:
► Lightning Network TVL:
► Lightning Network Vulnerability:
► IRS Wants To Crack Monero And Lightning:
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👨🏫Bitcoin Basics👨🏫
The Bitcoin network can only handle around 7 transactions per second or TPS for short. By contrast, Visa handles around 1700 TPS on any given day, and it can scale up to 65 thousand TPS if need be
Since block speed and block size cannot be changed without compromising speed, the only solution is to, and that’s to somehow process BTC transactions outside of the Bitcoin network or ‘off-chain’
⌛Lightning Network History⌛
The Lightning Network has its roots in Bitcoin creator Satoshi Nakamoto’s earliest writings, but its creation is credited to two brilliant developers: Thaddeus Dryja and Joseph Poon
After more than two years of hard work and help from Bitcoin developers like Blockstream, the Lightning Network was completed in February 2018
👨💻How The Lightning Network Works Part 1👨💻
Unlike most layer 2 networks for cryptocurrency, the Lightning Network is not a blockchain. It consists of a series of interconnected payment channels created by two parties on the Bitcoin network
Payment channels are created between two parties when each deposits BTC into a multi-sig wallet. This creates an off-chain protocol that allows them to exchange IOUs of the BTC in the wallet
⛓How The Lightning Network Works Part 2⛓
The Lightning Network can scale because it makes it possible to connect multiple payment channels together. Transactions are automatically routed between connected payment channels using hashed time locks which prevent intermediaries from intercepting the payment
👨👩👧👦Lightning Network Adoption👨👩👧👦
At the time of shooting, there are over 60 thousand Lightning Network payment channels around the world with over 100 million dollars in BTC locked in its multi-sigs
While actual user adoption of the Lightning Network had a slow start, the pace picked up at the start of 2020 when Bitcoin Lightning wallet developer Zap released the now famous Strike app
🔎Lightning Network Issues🔎
Dozens of code vulnerabilities have been found since the Lightning Network launched in 2018, so much so that many still consider it to be in its testing stages even though it’s technically fully operational
That said, the Lightning Network’s biggest problems are not technical, they’re structural. These relate to the opportunity cost of keeping a payment channel open, something which is slowly being resolved
🔏Lightning Network Privacy🔏
Government authorities in the US have been trying to crack the lightning network because its protocol is designed such that intermediaries cannot see where the transactions they are routing came from nor where they’re going. This theoretically gives the lightning network Monero-like privacy features.
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📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
#bitcoin #scaling #lightning #payments #blockchain
Source: Coin Bureau
38 Responses
Have any of you used the Lightning network? Do you think it could help Bitcoin scale? Let me know! Don't forget that you can follow me on my socials for the content that I don't put on YouTube 👉 https://guy.coinbureau.com/socials/
I don't understand : 21:30 the lightning network offers the same level of privacy than Monero, on the other hand : 20:19 there are watchtower-nodes that track users operations … perhaps I'm mixing things, but to me this level of privacy means nothing if companies continue to exploit our data (fantastic video as usual btw !!)
i guess I need "Lightning Network" for Dummies" I still have no idea how I could use it after watching this, but I assume it will probably get more user friendly as adoption grows. I am positively rabid about individual privacy and I make regular purchase from a company that offers Lighting as one of its options, but don't know how to use it. Looking forward to this in future.
Does anyone know if the lightning network's code is open-source?
The lightening network sucks.
very interesting, understandable even for newbies, yet still cutting deep!
just an example, if I have no BTC but someone wants to send me 1 BTC. That means I need to buy 1 BTC to open a channel, just to receive my 1 BTC?
To me lightning just looks like a complicated solution to a simple issue.
It seems like the whole lightning network just a database of pending transactions. Interested to see how it’s received when it goes live.
You sir, are the Shakespear of Crypto
Can not imagine crypto world without you
Love Eth but gas fee were 2374.00% more last week than POLYGON/MATIC….damn! $$$
Lightning Network is a gamechanger Guy and if it can get even more adoption, it can create further waves in many nations, especially those with truly decimated centralised national Fiat currencies. Excellent content 🙂
Can somone help, im confused……
Is it the lightning network, bitcoin lightning or bitcoin lightning network, can't seen to match one to the logo guy has in the top right hand corner, just the bitcoin with the lightning through it…….or can't you buy it ?
Thanks for the crypto info bro u da man
Thx wor News 👍👍👍💪💪💪
Thank you, lightning deserves more attention
Forget about it…AMP or Alchemy Pay baby!
Just been watching Blockchain Global on Cheek Crypto. They had Harmony, world mobile, SingularityDAO and Evai on their show to talk about crypto and blockchain
Can you do SafeEarn next. I’m invested in it but would like a little more exposure
Bitcoin's speed only allows for one transaction per human in more than 30 years, yet the LN requires regular layer-1 transactions for opening and closing channels. Given those numbers, how does the LN solve Bitcoin's scalability issue?
Where can I buy the Bitcoin Lightning Network Token?
Mass adoption here we come. We are all so lucky to be in this so early
isnt it the same as fiat and credit cards? just instead of cash on the backend, its bitcoin…
Please do a review of VPP Virtue Poker, makes poker scams impossible through cryptographic blockchain tech. Recently launched and you can use Ethereum. Celeb promo mattch coming up with mrBeast n Phil ivey
Sounds like it just centralizes Bitcoin more than it just big blocking the coin.
after the crypto revolution who will my new masters be???
Also, how can the lightening network give you the same amount of privacy as XMR yet there are watchtower nodes monitoring you and your spending habits in order to sell your data to big corporations? That sounds ridiculous.
Fantastic video, Guy. Thank you sincerely.
Love your channel, please take a look at your mic eq, your voice is a little boomy.
Lighting Network functions as a escrow system between you the lighting network and everyone also associated with lighting network
Thankyou so much Guy, very informative as usual. Bless you 🙏
23:37 relevant with the infrastructure bill
Yeah, call me when people stop eating Tide Pods and learn how to make change with Paper money and we can discuss multi-sig wallets and payment channels. Anyone who thinks the knuckle dragging neanderthals that comprise the bulk of the worlds population are ready for this is a crypto-shill at the top of the pyramid.
Stakenet!
Good video
is LBTC the way to invest in Lightning Network?
Amazing job Guy, Bravo. Bitcoin should be private
Good job mate!