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Lightning Network


Kaizen. The Japanese word for “improvement,” and as it relates to business, it’s the philosophy of continuous improvement on working practices. And with that as the tagline for the fifth edition of bitcoin engineering conference Scaling Bitcoin, it became a perfect way to summarize what’s happening today among the cryptocurrency’s developer ecosystem. With the scaling debate …

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On September 9th, Charlie Lee and Roger Ver sat down to have a conversation about Bitcoin, Litecoin, and Bitcoin Cash. It all happened during the Blockchain Cruise, an event where these encounters are both common and inevitable. However, this particular clash made sparks fly in a rather unexpected way, and an important bet has been …

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Lightning isn’t just a big hit with developers, the promising bitcoin technology is now attracting a little attention from investors. Acinq, one of the leading startups working on the lightning network, a top-level layer aiming to boost the number of transactions bitcoin can support, has closed a $1.7 million funding round led by Serena Capital, with …

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Blockchain firm Bitfury has come up with a novel product aimed to make it easier to pay for products with bitcoin. To that end, a specialized engineering team within the company has developed a coffee vending machine capable of connecting to the Lightning Network, a second-layer transaction protocol designed to make bitcoin more scalable by …

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Did you know? Lightning addresses and bitcoin addresses are not compatible. What that means is that a user can’t send money from their lightning address directly to a recipient bitcoin address, or vice versa, without going through an additional step to transferring their lightning funds into a bitcoin account of their own. Seems counterintuitive, especially since …

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You’re scrolling through an online electronic store, when a new drone catches your eye. Eager to fly it for real, you enter a string of numbers to submit your payment. You’re not thinking at all about how, behind the scenes, it’s bitcoin that makes the impulse purchase possible. Far-fetched today? Maybe, but that’s the sort …

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The lightning network is due for a privacy boost. That’s according to Dr. Ayo Akinyele, a computer scientist who has focused his efforts on building a zcash implementation of anonymous off-chain payment architecture called BOLT. And today that work was published on Github. First conceived by zcash founders Matthew Green and Ian Miers in 2016, the …

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Those running lightning nodes are earning a little extra bitcoin. Trumpeted as a way to scale bitcoin to handle mainstream adoption, there’s a lesser-known perk to spinning up a lightning node to allow users to send cheap, instant payments – you can make money. To be clear, we’re not talking very much. Today’s average fee …

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PayPal 2.0? That may have been a rallying cry for early bitcoin believers who saw the cryptocurrency as a superior form of payment, but excitement tapered off as bitcoin ran up against technical limitations. Yet, the idea may now be coming back in vogue – apps being built on the layer-two technology lightning network, which this …

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A few lucky merchants now have one less obstacle to accepting bitcoin payments via the Lightning Network. Revealed exclusively to CoinDesk, payment processing startup CoinGate is opening up a pilot program that will allow 100 merchants to trial a Lightning-enabled version of its service, one which taps into the open-source tech meant to make bitcoin …

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Developer Jonathan Wheeler is at an impasse of sorts. The former bank employee turned developer doesn’t want to say too much about his newest project, an effort he believes could soon help people living under one of the world’s most oppressive monetary regimes. That’s because he needs others to help him with his mission – getting bitcoin …

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A bird? A plane? No, that’s just a giant penis spouting flaming bitcoin. Such is the canvas at Satoshi’s Place, a web app that allows savvy users to create digital pictures by sending small amounts of bitcoin. In the weeks since its release, the graffiti tool has become the site of territorial battles of pixel-space, …

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Michael J. Casey is chairman of CoinDesk’s advisory board and a senior advisor of blockchain research at MIT’s Digital Currency Initiative. The following article originally appeared in CoinDesk Weekly, a custom-curated newsletter delivered every Sunday exclusively to our subscribers. Welcome to the “Layer 2” era. We are now entering an exciting new phase of blockchain development …

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You’re running a full bitcoin node, know Linux and have decent command line skills. Okay? Cool, go ahead and spin up a Docker instance. If that sounds intimidating, you’re not alone. But as recently as January, using the lightning network, a layer-two technology for scaling bitcoin, on “mainnet” – ie, with real money – called for these …

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Imagine a way to expand bitcoin payments to millions per second. Now, imagine a clunky, command-line interface. That’s the extent of the divide between the vision enabled by bitcoin’s best-yet scaling solution, the lightning network, and the current state of its design. But while that’s daunting, developers are moving ahead on designs to make the …

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There’s more to bitcoin’s lightning network than meets the eye. That said, data visualizations have become a favorite tool for bitcoin users eager to tell the story of the steady adoption of the in-development payments technology. Already, a ton of visualizers have been launched to depict the network in novel ways – from 3D renderings and …

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“Yes, we have created an attack framework for the lightning network.” The message from “bitPico” to CoinDesk confirmed what many had read in a popular chat group, that the pseudonymous user was flooding nodes running the software with traffic with an automated “attack toolkit.” Around the same time, a handful of developers reported lightning nodes …

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Not yet out of beta, hundreds of developers around the world are already experimenting with bitcoin’s newest technology – the Lightning Network – donating time and resources to help lay the groundwork for a more scalable version of the oldest and largest cryptocurrency yet created. So great has been the effort that there are now …

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Joe Ciccolo is the president of BitAML, Inc., a compliance service provider. Andrew Hinkes is an adjunct professor at the NYU Stern School of Business and NYU School of Law. This article is not intended to provide, and should not be taken as, legal advice. With just one paragraph, an agency of the U.S. government may …

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In our Expert Takes, opinion leaders from inside and outside the crypto industry express their views, share their experience and give professional advice. Expert Takes cover everything from Blockchain technology and ICO funding to taxation, regulation and cryptocurrency adoption by different sectors of the economy. If you would like to contribute an Expert Take, please …

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