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
bitcoin network to know about that transaction. It is instead preferable to only have the bare minimum of information on the blockchain. By defer-
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