Hi there Steemers, hope you're having a great weekend and celebrating the BIP-91 lock in! :)
I've gotten a lot of questions from people as we head towards segwit being activated on Bitcoin as to what a payment channel actually is, and how the "Lightning Network" will magically solve all of the network's problems. In my latest video I try to break down the concepts and also explain some of the challenges this technology may face in the future.
Hope some people find this video useful - if you have any questions, just ask below in the comments.
Nice, i was wondering if alt channels for BTC payments would eventually cripple mining as the block reward are supposed to be replaced by fees. I think their must always be a small fee or no-one will want to mine.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Good point! I think a fee market will actually prop up around Lightning Node hubs so it'll be interesting to see how that competes with regular Bitcoin mining transaction fees.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
that post was lightning! keep it up!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Appreciate the support, thanks!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
hey jack,well explained,btw just realized your 1st post garnered 10k, then you left only to return last month , what happened if you don't mind me asking?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I got out of crypto for a while there because the community was getting me down and I got super busy IRL with my day job etc. All got a little too stressful! But now there seems to be a lot of smart, inquisitive minds looking at this stuff and my passion is helping educate people - so I thought I'm come back and try to help out. :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I see, glad your back :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
One thing I always wondered about was sending along metadata with the payment. For example, if a platform wants to accept payment in Bitcoin, but needs metadata sent along to format the billing properly. Sounds like lightning network might be able to provide some options.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Good questions! You can embed metadata in Bitcoin transactions today using OP_RETURN. There's even a website dedicated to it: http://coinsecrets.org/
With Lightning it's still a Bitcoin transaction so you could do something similar, or there's potential for adding an additional "off-chain" metadata layer on top of the signed transactions as well... definitely an interesting use case that would help avoid blockchain bloat too :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Wow this is like ELI5, thank you.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit