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This episode is organized by Nexo.io, Kucoin with .
The Lightning Network is arguably the most anticipated scaling solution for Bitcoin so far. Why doesn’t everyone use it?
“Talking about Bitcoin” hosts Adam B. Levine, Andreas M. Antonopoulos and Stephanie Murphy joined Rene Pickhart, Bitcoin and Lightning Network developer. The four had a conversation about the still-developing but rapidly growing Lightning Network. It is a second layer network that can realize fast, secure, private and cheap payments, and these payments are meaningless for storing in the base layer of Bitcoin. Although this sounds ideal, it is not simple in practice. An aggressive community of companies and developers has been pushing the technology forward, because the number of problems still to be solved is declining.
Long before us, Lightning has proven to be a fundamental improvement to the Bitcoin user experience. On the Bitcoin network, the fees vary, but are usually between 1 and 5 dollars, and the confirmation is completed in an average of 10 minutes. With the Lightning Network, fees and transaction time drop drastically: transaction fees are usually 1/100 or 1/10 of a penny, which only takes a few seconds.
If Lightning’s improvements are obvious, why isn’t everyone using it today? Hear more about the challenges and solutions faced by this rapidly evolving aspect of Bitcoin.
Supplementary reading:
- Master the Lightning Network
- Security and privacy of Lightning Network payments with uncertain channel balances
- The most reliable and cheap payment process on the Lightning Network
- Include the uncertainty network into the payment session, and may span the payment session
- Rene’s Lightning Test Tweet
- Zero base fee chart
- Support Rene’s work
Album art created by Adam Levine using AI/Pixel thinking
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