Lightning Network might be one of the most anticipated technologies in the space of Bitcoin, blockchain and cryptocurrencies. The good news is that it's live on the main net. However still not fully tested, let's talk about it! Hope you enjoy guys!
lightning wallet: https://zap.jackmallers.com
chart: https://lnmainnet.gaben.win
stats: http://lnstat.ideoflux.com:3000/dashb...
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Ivan on Tech by Ivan Liljeqvist
I've never fully understood lightning network until now. Thank you for this!
Saw your video on youtube and had to look you up on Steemit. Excellent work. I'm an American living in Israel. Looking forward to return to the states in a few months. I'm only into Litecoin right now. Looking forward to what Litecoin has in store for 2018. The lightning network looks fantastic. Cheers. I am subscribed. RESTEEMED. I
glad to hear my friend! :)
Glad I found your channel. I've been excited to see the Lightning Network up and running. Charlie Lee was really pumping it. Looks to be the future. Thanks again for the video @ivanli .
Ivan. I've been watching you since you had less than 20K subs. Glad to see how far you have come. I will always value your channel for the in depth and analytical information you put forth. By far one of the best crypto channels on YouTube. Cheers
You better look at a lot more than just Litecoin! If you focus too much energy on just one coin, you are bound to miss a lot. Not only knowledge, but opportunities as well.
Just finished watching your stream on youtube ! Your videos are super helpful and with so much information, thank you buddy ! :)
awesome vasil! :)
Hi Ivan, love your program but this LN is not a good thing. I am a programmer too, and have just recently been through the Bitcoin code base, read the whole thing. Segwit has a number of flaws and problems with it. You say layer 1 will be untouched if a problem with layer 2, but that is not true. Segwit is being pushed/invented by Pieter Wuille, the cofounder of Blockstream; Blockstream is owned by insurance giant AXA, whose CEO and Chairman is also the current Bilderberg chairmam. They are pushing for Bitcoin to become too expensive to be useful as currency; with fees of even $5 or $6 that renders it useless as a cryptocurrency; Crypto currency needs to be almost free to send (fractions of a cent). Without this it is no longer currency, it is like a Federal Reserve fiat USD toilet paper, with all kinds of fees attached. One of the supposed reasons for Bitcoin Core (Blockstream) adopting segwit, is they say it helps implement the off chain lightening network. The lightening network has been proven though, not to work, except with large centralized nodes; these nodes could be tracked and regulated and stolen from (taxed). Not only that, since they are off-chain they are open to being hacked, so it lets Bilderberg take down the whole show, if for some reason it gets away from them.
Segwit claims to solve the transaction malleability problem and lies saying this is necessary for the lightening network; it is not! Transaction malleability is only a problem when you try and spend Bitcoin that someone else sent you and it has zero confirmations (i.e. has not been included in at least one block). And the worst thing that can happen is that the transaction doesn't go through and you keep your money; the person you sent the Bitcoin to, would not get it, but it would be like you earning some money, and then spending it before you get it. The solution is to just wait 10 minutes for it to be included in 1 block, and that eliminates transaction malleability.
The real serious problem that segwit introduces is that it removes the signature data (segregated witness), to a new hacky section after the main transaction data... it really isn't Bitcoin, it is a new type of coin on the same block chain. And miners can signal for segwit and not implement it, and it is actually more profitable for them to do that; so the block sizes will remain small. The whole thing is a big mess, most likely on purpose. Because Bilderbergers can't just shutdown Bitcoin. They can however pour sugar in its gas tank, all while pretending that is going to make it run faster. After all, most people have to rely on experts that can read the code, they can't read it themselves; and these "experts", guess which "experts" get the most press, who owns the media?
There will be no cryptocurrency future if it is tracked by government gangs; Bitcoin was invented to be used as currency to trade with each other without being robbed by government gangs (taxes)
There is a Mathematical Proof That the Lightning Network Cannot Be a Decentralized Bitcoin Scaling Solution. https://medium.com/@jonaldfyookball/mathematical-proof-that-the-lightning-network-cannot-be-a-decentralized-bitcoin-scaling-solution-1b8147650800
Yes, physically layer 1 may not be affected by layer 2, but once transactions are on layer 2 and completely tracked, any layer 1 transactions will also be completely tracked. Not only that if the reputation of layer 2 gets really bad, that will ruin the reputation of layer 1 and no one will want to use it.
Thank you for taking the time to write this so I didn't have to. I really don't understand why more people aren't seeing this sham for what it is. Replace "node" with "bank" and "channel" with "chequing account" with the whole game being played off chain... what else am I missing here??
What solutions are you proposing to segwit and LN....? Are there better solutions to scaling the blockchain?
Good question. For now I suggest increasing the maximum block size just like Bitcoin Cash did, it is one variable, and it doesn't make all blocks that size it just is the maximum size. I have heard of a few other solutions coming out that are more peer to peer that don't require large centralized hubs, I'll have to look them up, as I don't recall the names. Although Hash Graph comes to mind, that looks like a new better way of doing a block chain. Also, Peter Rizon and Andrew Stone of Bitcoin Unlimited completed 1GB scaling block tests back in November. This could be one short term solution:
I too am a coder with over 20 years experience. Since LN is open source, could you point out the lines that request KYC? I have not seen any code that asks for this in the bitcoin core source and at present, the only way an address can be tracked is if it starts out on an exchange. But if you're never reusing addresses in your hardware wallet and you don't use wallet aggregation that combines funds to make a payment large enough, association of addresses becomes very tricky to establish.
I have over 35 years experience; but even if I only had a few months experience, you don't need to read the code on the LN, you only need read the proof above, and then realize that all the big centralized crypto exchanges are being locked down and tracked where you now have to get a proctology exam to exchange their fiat currency for crypto , and then also realize that the push for segwit is run by the most nefarious psychopathic group on the planet, that have the most to lose, and in fact it is very likely they may actually run the governments. They will try and get the masses on to the LN, because that isn't Bitcoin. Once you are making purchases in the LN, they will keep you off the Bitcoin blockchain, you will not have more addresses on Bitcoin like Satoshi recommended because it is $20 every time you move Bitcoin between those addresses, so NO ONE is going to want to do that EVER. If anything people will do a one time buy, and pay the $20 or $40 because probably 2 transfers, at their exchange that tracked their buy and then stay on the LN from there, with everything being tracked from that point.... address resuse will be the norm because of the high fees. You can't just move coins from one of your wallet addresses to another without paying the fees, and the fees are only going to go up.
Some other little known facts about Segwit, are that it is really a hard fork. Segwit nodes do not connect to non-segwit nodes, instead of connecting to the first available nodes they will go through all the nodes tens of times, and if no segwit nodes are available, it will finally relunctantly connect to only one non-segwit node, to make the user experience extremely slow. If you check out line 1829 in pink on this link you can see the current code that does that. The green code that replaces it (which is not actually implemented in v0.15.1 yet) will actually not connect to non-segwit nodes at all, except to ask them for segwit node addresses, but won't download any data from non-segwit nodes: https://github.com/bitcoin/bitcoin/commit/44407100ff9b478d6131a1c38ee993b50b1830df (here one of the REQUIRED_SERVICES is WITNESS which is segwit, and non-segwit nodes don't have this; on line 1831 you can see how after 40 retries, it will finally give up and then fake it that one non-segwit node will have WITNESS,
nRequiredServices = REQUIRED_SERVICES;)Segwit also punishes non-segwit node transaction bytes by multiplying their "weight" by 4 times. And the final nail in the coffin is that Segwit transactions are invisible to non-segwit nodes; it really is an entirely different coin on the same block chain; non-segwit nodes view a segwit transaction as having 0 inputs, so it just ignores them completely because they are not valid according to non-segwit nodes. So the more segwit transactions that take place, the more "segwit" coins are created on the same Bitcoin core block chain; Segwit nodes can see both types of transactions but non-segwit nodes can only see non-segwit transactions. All of this is to hijack Bitcoin and make it unusable as currency, uneasy to use... WHY? Because the powers that be, don't want you using it!
And the Segwit block sizes have been increased to 4MB, so to claim that they didn't want to increase the block size is another lie, the Segwit block being 4MB max; it is actually still a 1MB block with a 3MB extension block, that only segwit nodes can utilize and see.
Right now, I think that only 11% of Bitcoin core nodes have actually implemented Segwit nodes, hence the reason most blocks are still a max of 1MB in size; this keeps the blocks full and the fees to the point where it isn't usable as currency anymore. $5 or $6 is low ball, the fee is now around $20 average. This is $20 to send from an exchange to your address, then if you need to send it somewhere else, another $20. Sure you can send less of a fee, but that means it may never go through, and with over 150,0000 backlogged transactions, if you want it to go through quickly, forget about it.
But to answer your question "could you point out the lines that request KYC?" First off Know Your Customer should just be KYS, know your slave, because it isn't to track "criminal" activity. A criminal is someone who uses force to steal value or to control someone. People trading with each other in any currency are not doing this... the criminals are the ones demanding a percentage of each trade, the criminals are the government gangs. They didn't implement KYS to help anyone, they did it so they can continue to rob everyone blind. And no, there is nothing in the code that tracks bitcoin addresses for the masters, there is no need, as the coins have addresses, they just need to know who owns them. The FBI has actually hired BitFury to help track down people trying to trade freely "97 sources were used including Twitter, etc" https://www.trustnodes.com/2018/01/09/bitfury-de-anonymises-millions-bitcoin-transactions-addresses
Looking as line 1831, what variables does the Witness var encapsulate? From what I understand of SegWit, that is the segregation of certain header info into a separate database off chain.
The witness data is still kept in the blocks right on the chain, only like I explained it is kept in an extended part of the transaction that non-segwit can't see because the number of transaction inputs is zero according to non-segwit nodes. If you look at the current segwit protocol, you can see they added a "flag" field to the transaction. It says "If present, always 0001, and indicates the presence of witness data". To non-segwit nodes this byte is the tx_in count var_int... when it sees the first byte 00, it thinks there are no transaction inputs and rejects the transaction. What blows my mind is the complete lack of response from Ivan on these issues that I have presented.. the silence is deafening! Unless you are Ivan using a different account?
You do need to look at the code because it will tell you how KYC info is being passed. LN is online now and transaction fees are now almost zero, not the $20 that you suggest.
The exchanges are of course centralized but you don't have to use exchanges at all. You can just use a hardware wallet and accept payment for services. You can also run your own lightning node now and be one of the pioneers in decentralized trading. Coinbase and others like it have always been banks and Andreas Antonopoulos explains you should steer clear of holding coins on an exchange.
If you have your own hardware wallet, you've become your own bank.
Do you need Bitcoin to get on the LN? When you transfer Bitcoin to your address, how much does it cost? $20. Yes, once on the LN you can trade without fees, but ultimately for anyone to cash out they have to go back to Bitcoin, and get zapped with another $20 charge as a fee to send to your address, as sending just means putting your transaction in the blockchain, and that is not free.
The other question I have is how does SegWit help authority track transactions?
By keeping blocks small, making transactions cost more, making people do less transactions on the actual blockchain; the less transactions that occur on the blockchain, the less difficult it is to keep track of who is doing the transaction... sheer quantity goes down. If you only have one receiving Bitcoin address, and you get that at Coinbase, that address is tracked. Anything you do on the LN from that point on can also be tracked, as LN keeps track of your original payment address.
Lastly, as an engineer, there still is the legitimate problem of block size increases introducing latency. How can this be solved without centralizing mining?
That's cute how people call themselves an "engineer" or a "doctor" or a "programmer". It really doesn't mean anything, just ask the question... would the question be any different if you were a plumber?
As I posted above, Peter Rizon and Andrew Stone of Bitcoin Unlimited completed 1GB scaling block tests back in November. This could be one short term solution, and it doesn't result in centralized mining, that is a myth:
This is obvious dishonest propaganda against Bitcoin, I'm only biting because I was asked to by an acquaintance.
Can you point out what are the flaws you found in SegWit after going through the code?
Pieter Wuille is a brilliant developer, and you can only dream to ever contribute to Bitcoin as much as he did.
I'll simply ignore the conspiracy theories regarding Bilderberg etc.
Lightning is spelled thus, without an e.
It has never been claimed that SegWit is necessary for Lightning Network, only that it makes it much easier and simpler. It is unlikely to see LN deployed without a malleability fix.
The problem with malleability is that you can be confused about whether a transaction went through or not. This makes advanced applications like LN harder.
SegWit moves the signature data, not removes it. It might be arguable that the exact details are somewhat hacky, due to the desire to implement it as a soft fork. But it is still Bitcoin, just with a protocol upgrade.
Miners must conform to the new protocol rules including SegWit, otherwise their blocks will be invalid and they will not get any revenue. They can of course choose to handicap themselves and choose to exclude SegWit transactions, but they will just give up on their fees - other miners will happily pick that up.
The Lightning Network can work as a p2p mesh, just like ordinary Bitcoin can. It can also work with hubs, but since it is trustless and starting a hub is easy, that is also fine. Unlike traditional banks and hosted wallets, funds locked in a channel are still under your control.
The bogus article with a mathematical "proof" against LN has been debunked, see https://medium.com/@murchandamus/i-have-just-read-jonald-fyookballs-article-https-medium-com-jonaldfyookball-mathematical-fd112d13737a.
Your best video yet Ivan! Glad you are getting the word out that Bitcoin is a multi-layer story.
wow glad to know Bitcoin Lightning Network Launched!
thats great news !
thanks for sharing with us!
thank you for the breakdown of cryptocurrency. Nice post
This could be the saviour of bitcoin! We have to hope the release goes well!
I didn't realize you were on steemit... here i was following you on youtube like a sucker lol. thanks for the post
It is awesome to see a technology so long talked about finally be implemented.
Thank you for a good article. Have a good day :)
This looks promising.. I've very excited to see how this project would pan out..
ivan am so exited by the lightening network it may ease congestion in the network but at the same time it has a risk of being centralized which may take us back to the drawing board .
If you think it has a risk of being centralised then you don't really understand how it will work.
:-) okey I have
Whoa, that's very creative! Such commitment.
Let's hope that Ethereum doesn't take over the whole space.
I hope that is just magic marker and washes off
nice socks too :-)
from Belgium, great work Ivan!!
Great nice project and your youtube videos also good and i join you but let me some time
That was helpfull!!
Could the Lightning network lead to universal wallets? Like you could put any coin in there?
Thanks for explaining this.I follow you .. you are inspiration for many ^^ ❤️✊👍🏼
Mathematical Proof That the Lightning Network Cannot Be a Decentralized Bitcoin Scaling Solution - https://medium.com/@jonaldfyookball/mathematical-proof-that-the-lightning-network-cannot-be-a-decentralized-bitcoin-scaling-solution-1b8147650800
Nice post,,
This came through my Youtube feed the other day, glad to see you on Steemit!
What is Lightening Network all about? Anything to do with speeding up transaction confirmation time?
Watch the video
You Got an upvote because this content is good and must be upvoted .
(This reply for the good contents only ) Keep going .
We all working for the good content any good content will be upvoted :)
Helpful post ... I was watch the clip and I learned me something about crypto... I’m new in this space and I like to be more informated .
I'll definitely be reading more into this. This is fantastic, thanks for posting! Ill be following your posts in the future!
Thank you for the video!
I am a follower of yours on facebook and I am very new into the crypto world. I am thankful to your videos that are really helpful to educate in terms of crytocurrencies or hastag.
So based on your video the way I understand it is that lightning network can help a lot of industries.
The recurrent transaction can be very beneficial for many people. For instance it can revolutionize freelancework, truckdriving industry for instance. Am I correct?
Which solution do you yourself suggests for the lightning network to not become a giant HUB and remain decentralized?
3)Lightning Network can help increase the velocity of the Bitcoin currency (which was becoming a problem) am I correct?
Great Article, you have earned a follow, upvote & a resteem :) have a great day and Im looking forward to you next post here :)
The video was interesting. I really appreciate the information given, it was really helpful to me personally . I hope if I subscribe I will be receiving useful information like this? Especially bitcoin related opinions.
That was great video,thanks for the clever one. Now i know about bitcoin lighting network now with it bitcoin is gonna be as fast as light.That was a clever job well done.
A much needed improvement. Bottom line.
Thanks for sharing this useful information consistently!
Ivan det vore intressant, om än väldigt kontroversiellt, om du kunde prata om skillnaden i filosofi mellan Segwit kedjan och Cash kedjan samt deras respektive community.
Det tog mig relativt lång tid att ändra mig från att tidigare vara "pragmatisk" vad gäller lösningar för BTCs scaling problem, men efter att förstått hur jag oavsiktligt användt termer som inte var kompatibla med Satoshis definitioner av nod, P2P nätverk, etc, så har jag långsamt ändrat mitt perspektiv så att jag nu anser att blockstorleken borde ha ökats.
Problemen med nuvarande ticker BTC går mycket djupare än de flesta förstår. Det kan vara lätt att missa iom alla troll på båda sidor som sprider felaktig information och argumenterar primärt om hur bra/dåliga diverse layer two lösningar är. BCH är inte nödvändigtvis anti-LN, utan bara pro-onchain transaktioner för vanliga användare. Det är "tvånget" och beroendet av LN som irriterar och själva problemet är 1MB ish restriktionerna som så, inte LN.
Anledningen till att så många är upprörda på båda sidor är att folk inte förstår varandra. BCH använder (ofta åtmindstone) termerna i Satoshis design PDF, medan nya ticker BTC använder termer som justerats så att "noder" numera inte är "miners". Enligt Satoshi och BCH är de enda riktiga noderna i nätverken idag solo miners och pools. Det kan verka bisarrt för den som inte var med tidigt (2010 eller så) och länge talat i helt andra termer samt kritiserat "centraliseringen" på BTC och nu BCH nätverket. Synen på säkerhet är givetvis också annorlunda, men detta har sin grund i att ticker BTC använder de nya termerna och räknar på risken helt annorlunda än Satoshi gjorde när han konstruerade Bitcoin (vilket vi förkortade BTC även innan tickern skapades för trading).
Om man följt Satoshis plan där 1MB spärren tagits bort (helt, i praktiken) och mores law användes som grund för noder (miners och enskilda vanliga företag som minar med mycket begränsad hash) hade vi aldrig haft den här diskussionen och det finns faktiskt ännu idag så långt jag vet ingenting som tyder på att det inte skulle ha fungerat.
-Jag vill bara understryka här att, ja, jag har gjort research. Det här är ingen typisk spam kommentar. Det finns god grund för det jag skriver.
Om du vill snacka finns jag på steemit.chat. Vore trevligt. =)
Be warned: You may lose funds! Known and unknown bugs to be worked out here. Lightning network is an awesome idea in theory and hopefully they can work out all the bugs and it becomes an effective solution to scalability which seems to be the biggest speed bump towards BTC integration. Interested to see which direction will go towards solutions for scalability. So many different groups and coins working on one. Cheers! Thank you for this in depth explanation of the Lightening network. Lets hope they keep it decentralized.
Tak for the information!
I see your channels have grown ever since you made the ethereum video that took off. I have watched many of your github videos and others. It is good to have a programmers view on all these different technologies.
Thank you for your hard work.
A hint to everyone, watch videos at 1.25 1.5 or 2x speed so you can watch more videos per day
I am from Wisconsin in USA
Thanks for explaining technical stuff so clearly, I'm no programmer, so I really appreciate when I can understand at least at a theoretical level.
good to hear its being used more now just in time for another btc run.
I run an internet software business and am interested in running a lightning node. Where do I find out how to set this up? I have 20+ years experience in app dev in windows and web dev and a few years in cross platform, but am relatively new to coding in Python. Have finished Andreas Antonopoulos Mastering Bitcoin... Will you @ivanli be covering this in your Academy? (I am already signed up).
Duluth Minnesota, thanks for the info. When will this be available on more US exchanges?
Keep up the good work Ivan. Seen your videos for a while and they get better every time. Don't stop and keep us informed!
LET THE ANON BLESS A LIGHT
Been watching your videos for a while on youtube. Im glad you are on this site also. Thank you for your simple videos explaining almost every topic to newcommers. :)
Please upvote, comment resteem and follow @taufik93
Thanks to back in touch for upvote
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what are the requirements to become a node?
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it's great to hear that bitcoin lightning parogerm is lunched.
It's great news and thank u for letting us know.