Bitcoin History and Lightning Network in Future - ligtning hackday hong kong 2019

Bitcoin History and Lightning Network in Future - ligtning hackday hong kong 2019

lightning hackday hong kong 2019

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Takaya Imai

March 30, 2019
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  1. Bitcoin History and Lightning Network in Future 5BLBZB*NBJ $PGPVOEFSBOE$50!6OJUFE#JUDPJOFST*OD -*()5/*/()"$,%":)0/(,0/(

    .BS
  2. My Profiles United Bitcoiners Inc. Co-founderˍCTO Frontier Partners LLC. CEO

    Mastering Bitcoin In Japanese, Chief Translator and Organizer The First of Detailed Crypto Technology Book in Japanese Contribution: 90% translated 12th Printing Published: 14/Jul/2016 Open Edition is also available. https://www.bitcoinbook.info Number of copies: 13,300
  3. Established: 25/Jan/2017

  4. http://www.unitedbitcoiners.com/blog/lnd

  5. https://www.arwen.io

  6. My Profiles United Bitcoiners Inc. Co-founderˍCTO Frontier Partners LLC. CEO

    Mastering Bitcoin in Japanese, Chief Organizer and Translator The First Japanese Book of Crypto Technology Details Printings: 12th Published: 14/Jul/2016 Number of copies: 13,300 Open Edition is also available. https://www.bitcoinbook.info
  7. My Profiles Back ground Ph. D. Elementary Particle Theoretical Physics

    Chief Organizer of Off-chain Academy the First Lighting Hackathon in Japan, 29-30 Sep 2018 Kakaku com Search Engine Development & Sever Cluster Management, Big Data Processing, Machine Learning, Image Recognition Data Tower Inc. CEO
  8. None
  9. My Profiles Back ground Ph. D. Elementary Particle Theoretical Physics

    Chief Organizer of Off-chain Academy the First Lighting Hackathon in Japan, 29-30 Sep 2018 Kakaku com Search Engine Development & Sever Cluster Management, Big Data Processing, Machine Learning, Image Recognition Data Tower Inc. CEO
  10. It is like lightning loop. If onchain tx is sent,

    lightning btc is charged automatically.
  11. Questions What kind of Lighting Products in Japan? What’s next

    1-2 year about LN wallet? What is needed to increase lightning engineers? What kinds of LApps are killer app? How does we increase nodes and liquidity for long time aspect?
  12. What kind of Lighting Products in Japan?

  13. None
  14. What’s next 1-2 year about LN wallet?

  15. History of Bitcoin and Lightning Aug 2008, bitcoin proposed Jan

    2009, bitcoind 2009, Non-Custodial Wallet(Cold wallet) 2010, Exchange(Mt. Gox etc.) 2011, Custodial Wallet (blockchain.info etc.) 2014, Non-Custodial Wallet(Trezor, bread wallet etc.) Fed 2015 LN proposed Middle 2015, LN node(testnet) 2017-2018, Non-Custodial LN Wallet (eclair wallet, bl wallet etc.) 2018, Exchange(zigzag etc.) Early 2019, Custodial LN Wallet(Blue Wallet etc.)
  16. What’s next 1-2 year about LN wallet? Non-Custodial Wallet for

    general people is important to save money but technologies are not enough for now. Custodial Wallet is dangerous but this is convenient to provide UI for general people to use easily for now. Usability of Non-Custodial Wallet keeps on being improved more and more but it needs more time. Payment Channel is difficult to understand for general people, “why does it need much time to create?”. “Lightning Factories” solves it. AMP solves stability and upper limit amount of payment.
  17. What is needed to increase lightning engineers?

  18. Layer Structure of Lightning and Internet Blockchains Lightning Payment Channel

    Routing Algorithm Atomic Multi-Path Payments(AMP) ??? Physical Layer Data Link Layer Network Layer Transport Layer Application Layer Sphinx Presentation Layer Lightning Network Internet HTLC Session Layer
  19. What is needed to increase lightning engineers? OSI reference model

    is not the same as structure of internet completely but Application Layer is not enough. One of protocols of Application Layer is HTTP. HTTP is very simple and it is not needed to know details of data binary structure and TCP/IP. It needs just IP address, port, HTTP methods. Today, lightning engineer has to know much knowledge about LN. It is big hurdle. Usual engineers should not know details to develop service. Application Layer is like a package of protocols. Selection of L2 penalty and eltoo. Selection of binary data structure(sphinx, invoice based or direct payment). Selection of routing algorithm “Lightning Factories” is good for this package protocol because they have to know payment channel if it takes much time to create payment channel.
  20. What kinds of LApps are killer app?

  21. https://www.youtube.com/watch?v=c8NvwWH40Ys

  22. What kinds of LApps are killer app? Small Payments are

    automatically executed without the user's awareness. Instead of sending to try to remit, it is executed as a result. It is necessary to secure so that it is not executed arbitrarily. Lightning is very familiar with automation. Rule based automation Machine Learning based automation
  23. How does we increase nodes and liquidity for long time

    aspect?
  24. How does we increase nodes and liquidity for long time

    aspect? Liquidity depends on the number of nodes and channels, channel capacity and whether connect with nodes which have many channels. This is the case of the first growing era. For now, it is possible to collect data of nodes and channels and store in one node. This is not a static network so it is difficult to decide best payment routes but it is almost okay for now. Liquidity service such as making inbound channel is also available. After AMP and rebalancing etc. to grow liquidity are released?
  25. https://twitter.com/BrickstringTech/status/1108968419188068352 Rebalancing

  26. None
  27. None
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  29. None
  30. How does we increase nodes and liquidity for long time

    aspect? There is no incentive for general people to join LN. For now, only geeks. Curiosity driven. Fee policy is almost 0 satoshi. base fee is 1 satoshi and fee rate is too low. Fee policy is set by hand. Upper limit of nodes shall be about 10000 nodes as much as bitcoind. Fee policy should be set automatically by investigating P2P network. Rule based approach Machine Learning approach Fee is very big incentive to join. Backup service and watch tower service are also incentive but this is important after nodes are growing.
  31. Recent Research about Fee https://blog.bitmex.com/the-lightning-network-part-2-routing-fee-economics/

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  33. Lightning Network Details https://www.slideshare.net/takayaimai/lightning-network-in-tel-aviv-israel

  34. fin.