LN channels don't have to be closed when all funds are spent
So you know how you would have to refill you LN wallet with on chain bitcoins when you run out of bitcoins? Well not anymore :)
You can re-balance those via LN and keep your LN hot wallet open (almost) forever. This is a short animation how funds flow in LN.
Created by Irek Zielinski
https://mobile.twitter.com/irekz/status/990224638230790144
If you don't know what the LN is-no worry!
https://steemit.com/bitcoin/@sames/bitcoin-s-lightning-network-simply-explained
FYI the LN is not banks:
https://steemit.com/bitcoin/@sames/how-the-banks-did-not-buy-bitcoin
Lapps:
https://steemit.com/bitcoin/@sames/lapps-what-they-are-and-how-many-are-there-now
LN is improving faster than many people think...
This will be a game changer for the whole Bitcoin ecosystem.
I agree- did you read about the new watchtower-it became more decentralized and easier to run
Can you point out to this article?
here it is: https://blockstream.com/2018/04/30/eltoo-next-lightning.html
Thank you, I have not completely understood the Eltoo proposal. Is it like a fast track update for updating the balance on the Lightning Network?
It continually updates payment channel balances by recording all the transactions, and then, at the time of settlement, allowing the intermediate states to be skipped so that only the last settlement transaction is confirmed to the blockchain. If one party tries to cheat by presenting an outdated transaction during settlement, the other side is given some time to transmit the latest transactions and thus ensure the accuracy of the channel balance.
However, in order for eltoo to work on the Bitcoin network, a change to the Bitcoin protocol itself is necessary: the introduction of the SIGHASH_NOINPUT flag to signatures. This could be done via a soft fork
It basically makes the "worst part" of LN no bad anymore aka watch tower.
I shall make a post on it to make it make more sense this week :)
Thank you for this nice explanation, so a soft fork is needed to activate the parameter for Eltoo.
yep
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