30 Mar '17, 5pm

Bitcoin Q&A: The Lightning Network

1. The Lightning Network's trustless anonymity 0:00 Assignment of claims, a series of IOUs / forward-looking promises. You don't have to trust any of the partcipants in between, and if it's implemented properly you have no idea who the other participants are. Onion routing like Tor, i.e. one-hop information, with encrypted connections, with no idea if a person started the transaction or is relaying it from someone else, or if the person you're sending it to is the end or another relay. Increases for privacy and anonymity. 2. Smart contracts using multisignatures, opcodes, hashed timelock contracts (HTLC) 1:58 3. Incentives for intermediaries 2:34 Participating in the network, collecting very small fees. Routing to give the lowest fee or lowest latency. Transaction fees will be on a different scale: close to the marginal cost of delivering that service. Anyone charging high...

Full article: https://www.youtube.com/watch?v=vPnO9ExJ50A&feature=youtu.be

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