Transcription of The Bitcoin Lightning Network
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The Bitcoin Lightning Network
The Bitcoin Lightning Network :Scalable Off-Chain Instant PaymentsJoseph 14, 2016 DRAFT Version Bitcoin protocol can encompass the global financial transac-tion volume in all electronic payment systems today, without a singlecustodial third party holding funds or requiring participants to haveanything more than a computer using a broadband connection . Adecentralized system is proposed whereby transactions are sent overa Network of micropayment channels ( payment channels ortransaction channels) whose transfer of value occurs Bitcoin transactions can be signed with a new sighash type thataddresses malleability, these transfers may occur between untrustedparties along the transfer route by contracts which, in the event of un-cooperative or hostile participants, are enforceable via broadcast overthe Bitcoin blockchain in the event of uncooperative or hostile partici-pants, through a series of decrementing The Bitcoin Blockchain Scalability ProblemThe Bitcoin [1] blockchain holds great promise for distributed ledgers, butthe blockchain as a payment platform, by itself, cannot cover the world scommerce anytime in the near future.
consumer-level computer on a home broadband connection. By ensuring that full validation can occur cheaply, Bitcoin nodes and miners will be able
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