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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. What is Bitcoin? - Peer to Peer payment network -

    Decentralized currency - Digital gold - Money of internet - Internet of money
  2. 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
  3. 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
  4. 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
  5. 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)
  6. Summary - LN is still in early stage - Many

    people working on - Concept seems to be working - Have a fun with LN
  7. Thank you & Questions Ondrej Sika email: [email protected] web: ondrej-sika.cz

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