ā” Ever wondered why the Lightning Network is the buzz? š
The Lightning Network is revolutionizing Bitcoin by enabling instant, low-cost transactions through off-chain solutions. Here's how it works:
Channel Creation: Two parties create a multi-signature address and fund it with Bitcoin, locking it in a 2-of-2 multi-signature transaction.
Conducting Transactions: Within this channel, parties exchange signed transactions that update their balances but are not broadcasted to the blockchain, ensuring rapid, low-fee exchanges.
Routing Payments: Payments can route through multiple channels, utilizing a network of interconnected channels, ensuring scalability and liquidity.
Channel Closure: When parties decide to close the channel, the latest signed balance is broadcasted to the blockchain, updating their final balances.
#Bitcoin #LightningNetwork
hello / LifPay
npub1pzā¦0x463
2024-07-11 08:05:50
Author Public Key
npub1pzerv8rqqvhk82y85axa3t3yxr8rdqnea03zlmk5crsne509esqqw0x463Published at
2024-07-11 08:05:50Event JSON
{
"id": "ddb6737835513e600f0b75a1b64b66e5d7d03decbdf78d21f9984da39974b877",
"pubkey": "08b2361c60032f63a887a74dd8ae2430ce368279ebe22feed4c0e13cd1e5cc00",
"created_at": 1720685150,
"kind": 1,
"tags": [
[
"t",
"Bitcoin"
],
[
"t",
"LightningNetwork"
]
],
"content": "ā” Ever wondered why the Lightning Network is the buzz? š\n\nThe Lightning Network is revolutionizing Bitcoin by enabling instant, low-cost transactions through off-chain solutions. Here's how it works:\n\nChannel Creation: Two parties create a multi-signature address and fund it with Bitcoin, locking it in a 2-of-2 multi-signature transaction.\n\nConducting Transactions: Within this channel, parties exchange signed transactions that update their balances but are not broadcasted to the blockchain, ensuring rapid, low-fee exchanges.\n\nRouting Payments: Payments can route through multiple channels, utilizing a network of interconnected channels, ensuring scalability and liquidity.\n\nChannel Closure: When parties decide to close the channel, the latest signed balance is broadcasted to the blockchain, updating their final balances.\n\n#Bitcoin #LightningNetwork\n\n",
"sig": "b698a2fc3fba033f234c9b9e9a1d87ed3baaf67ce71e1e519a59c4d810dfcbde1bd46b680d962f331adbbf51e18372f9618a390a8008160a8c6fb3cecbe82ecd"
}