Lightning Network aneb Bitcoin 2.0, Plzensky Barcamp, 7.4.2018

Transcript

1. Lightning Network
   aneb Bitcoin 2.0
   Ondrej Sika
   ondrej@ondrejsika.com
   Plzensky Barcamp 2018,
   Pilsen, 7. 4. 2018
   

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2. https://sika.link/ln
   

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3. Ondrej Sika - Software Engineer @ Slush Pool
   - Bitcoiner since 2013
   - Consultant
   

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4. What is Bitcoin?
   - Peer to Peer payment network
   - Decentralized currency
   - Digital gold
   - Money of internet
   - Internet of money
   

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5. Bitcoin
   Advantages
   - Decentralized
   - Distributed
   - Fast
   - Cheap
   

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6. Fast & Cheap!
   

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8. Bitcoin
   Disadvantages
   - Expensive
   - Slow
   - Limited to few txs per second
   (1MB blocks)
   

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9. Scaling!
   

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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
    

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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
    

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12. Lightning Network
    

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

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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
    

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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)
    

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16. Implementation
    of Lightning Network
    - LND (Lightning Labs)
    - C-Lightning (Blockstream)
    

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17. Demo
    

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

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20. Summary
    - LN is still in early stage
    - Many people working on
    - Concept seems to be working
    - Have a fun with LN
    

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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
    

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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
    

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