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Lightning Network aneb Bitcoin 2.0, Plzensky Barcamp, 7.4.2018

Lightning Network aneb Bitcoin 2.0, Plzensky Barcamp, 7.4.2018

Ondrej Sika

April 07, 2018
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  1. Lightning Network aneb Bitcoin 2.0 Ondrej Sika ondrej@ondrejsika.com Plzensky Barcamp

    2018, Pilsen, 7. 4. 2018
  2. https://sika.link/ln

  3. Ondrej Sika - Software Engineer @ Slush Pool - Bitcoiner

    since 2013 - Consultant
  4. What is Bitcoin? - Peer to Peer payment network -

    Decentralized currency - Digital gold - Money of internet - Internet of money
  5. Bitcoin Advantages - Decentralized - Distributed - Fast - Cheap

  6. Fast & Cheap!

  7. None
  8. Bitcoin Disadvantages - Expensive - Slow - Limited to few

    txs per second (1MB blocks)
  9. Scaling!

  10. Onchain Scaling BBigger blocks - Bitcoin Cash Advantages - easy

    to implement - easy to use - cold storage & HW wallets Disadvantages - Network centralization - No instant transactions - Not solving scaling, postpones it - High fees
  11. Sidechains Another blockchain two-way pegged to Bitcoin (eg. rootstock) Advantages

    - Any sidechain functionality with Bitcoin (eg. smart contract) - Cold storage & HW wallets Disadvantages - 2-way peg is not solved yet - No instant transactions - Fees
  12. Lightning Network

  13. Advantages of Lightning Network - Instant transactions - Almost no

    fees
  14. Disadvantages of Lightning Network - Requires running node with money

    (no cold storage) - Requires monitoring network for frauds - Requires invoice to receiving money - Payment routing is not been solved properly yet
  15. How LN works - Two nodes create channel (Bitcoin TX),

    with capacity of x BTC. - Updates channel states many times they want - Close channel (Bitcoin TX)
  16. Implementation of Lightning Network - LND (Lightning Labs) - C-Lightning

    (Blockstream)
  17. Demo

  18. Clients of Lightning Network - Zap (Desktop) - Bitcoin +

    Lightning Wallet (Android)
  19. None
  20. Summary - LN is still in early stage - Many

    people working on - Concept seems to be working - Have a fun with LN
  21. Resources - github.com/bcongdon/awesome-lightning-network - https://ondrej-sika.cz/lightning-network - http://lightning.network/ - https://github.com/lightningnetwork/lnd -

    https://github.com/LN-Zap/zap-desktop
  22. Thank you & Questions Ondrej Sika email: ondrej@ondrejsika.com web: ondrej-sika.cz

    twitter: @ondrejsika linkedin: /in/ondrejsika/ Slides & materialy na https://sika.link/ln.1