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 platfor
1 The Bitcoin Blockchain Scalability Problem The Bitcoin[1] blockchain holds great promise for distributed ledgers, but the blockchain as a payment platform, by itself, cannot cover the world’s commerce anytime in the near future. The blockchain is a gossip protocol whereby all state modi cations to the ledger are broadcast to all partic-ipants.
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