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@ -975,7 +975,7 @@ know the((("Bitcoin", "as application platform", "payment channels", secondary-s
[[lightning_network]]
=== Routed Payment Channels (Lightning Network)
The((("Bitcoin", "as application platform", "routed payment channels (Lightning Network)", secondary-sortas="application platform", id="bitcoin-app-platform-ln")))((("application platform, Bitcoin as", "routed payment channels (Lightning Network)", id="app-platform-ln")))((("payment channels", "Lightning Network", id="payment-channel-ln")))((("Lightning Network", id="lightning")))((("routed payment channels", see="Lightning Network"))) Lightning Network (LN) is a proposed routed network of
The((("Bitcoin", "as application platform", "routed payment channels (Lightning Network)", secondary-sortas="application platform", id="bitcoin-app-platform-ln")))((("application platform, Bitcoin as", "routed payment channels (Lightning Network)", id="app-platform-ln")))((("payment channels", "Lightning Network", id="payment-channel-ln")))((("Lightning Network (LN)", id="lightning")))((("routed payment channels", see="Lightning Network"))) Lightning Network (LN) is a proposed routed network of
bidirectional payment channels connected end-to-end. A network like this
can allow any participant to route a payment from channel to channel
without trusting any of the intermediaries. The LN was
@ -992,7 +992,7 @@ https://oreil.ly/lIGIA[_Basics of Lightning Technology (BOLT)_ repository].
[role="less_space pagebreak-before"]
==== Basic Lightning Network Example
Let's ((("payment channels", "Lightning Network", "example of", id="payment-channel-ln-example")))((("Lightning Network", "example of", id="lightning-example")))see how this works.
Let's ((("payment channels", "Lightning Network", "example of", id="payment-channel-ln-example")))((("Lightning Network (LN)", "example of", id="lightning-example")))see how this works.
In this example, we have five participants: Alice, Bob, Carol, Diana,
and Eric. These five participants have opened payment channels with each
@ -1103,11 +1103,11 @@ Alice has paid Eric 1 bitcoin without opening a channel to Eric. None of
the intermediate parties in the payment route had to trust each other.
For the short-term commitment of their funds in the channel they are
able to earn a small fee, with the only risk being a small delay in
refund if the channel was closed or the routed payment((("payment channels", "Lightning Network", "example of", startref="payment-channel-ln-example")))((("Lightning Network", "example of", startref="lightning-example"))) failed.
refund if the channel was closed or the routed payment((("payment channels", "Lightning Network", "example of", startref="payment-channel-ln-example")))((("Lightning Network (LN)", "example of", startref="lightning-example"))) failed.
==== Lightning Network Transport and Pathfinding
All ((("payment channels", "Lightning Network", "pathfinding", id="payment-channel-ln-path")))((("Lightning Network", "pathfinding", id="lightning-path")))((("pathfinding in Lightning Network", id="path-lightning")))communications
All ((("payment channels", "Lightning Network", "pathfinding", id="payment-channel-ln-path")))((("Lightning Network (LN)", "pathfinding", id="lightning-path")))((("pathfinding in Lightning Network", id="path-lightning")))communications
between LN nodes are encrypted point-to-point. In addition, nodes have a
long-term public key that they use as an
identifier and to authenticate each other.
@ -1202,12 +1202,12 @@ Doesn't it get shorter, allowing them to deduce the path size and their
position? To prevent this, the packet size is fixed and
padded with random data. Each node sees the next hop and a fixed-length
encrypted message to forward. Only the final recipient sees that there
is no next hop. To everyone else it seems as if there are always ((("payment channels", "Lightning Network", "pathfinding", startref="payment-channel-ln-path")))((("Lightning Network", "pathfinding", startref="lightning-path")))((("pathfinding in Lightning Network", startref="path-lightning")))more
is no next hop. To everyone else it seems as if there are always ((("payment channels", "Lightning Network", "pathfinding", startref="payment-channel-ln-path")))((("Lightning Network (LN)", "pathfinding", startref="lightning-path")))((("pathfinding in Lightning Network", startref="path-lightning")))more
hops to go.
==== Lightning Network Benefits
An((("payment channels", "Lightning Network", "benefits of", id="payment-channel-ln-benefits")))((("Lightning Network", "benefits of", id="lightning-benefits"))) LN is a
An((("payment channels", "Lightning Network", "benefits of", id="payment-channel-ln-benefits")))((("Lightning Network (LN)", "benefits of", id="lightning-benefits"))) LN is a
second-layer routing technology. It can be applied to any blockchain
that supports some basic capabilities, such as multisignature
transactions, timelocks, and basic smart contracts.
@ -1240,7 +1240,7 @@ Network depends only on the capacity and speed of each node.
Trustless Operation:: An LN uses Bitcoin transactions
between nodes that operate as peers without trusting each other. Thus, an LN preserves the principles of the Bitcoin system, while
expanding its operating parameters ((("Bitcoin", "as application platform", "routed payment channels (Lightning Network)", secondary-sortas="application platform", startref="bitcoin-app-platform-ln")))((("application platform, Bitcoin as", "routed payment channels (Lightning Network)", startref="app-platform-ln")))((("payment channels", "Lightning Network", startref="payment-channel-ln")))((("Lightning Network", startref="lightning")))((("payment channels", "Lightning Network", "benefits of", startref="payment-channel-ln-benefits")))((("Lightning Network", "benefits of", startref="lightning-benefits")))significantly.
expanding its operating parameters ((("Bitcoin", "as application platform", "routed payment channels (Lightning Network)", secondary-sortas="application platform", startref="bitcoin-app-platform-ln")))((("application platform, Bitcoin as", "routed payment channels (Lightning Network)", startref="app-platform-ln")))((("payment channels", "Lightning Network", startref="payment-channel-ln")))((("Lightning Network (LN)", startref="lightning")))((("payment channels", "Lightning Network", "benefits of", startref="payment-channel-ln-benefits")))((("Lightning Network (LN)", "benefits of", startref="lightning-benefits")))significantly.
We have examined just a few of the emerging applications that can be
built using the Bitcoin blockchain as a trust platform. These