The BDC Revamped The Bitcoin Design Guide With A Focus On The Lightning Network
A new and improved Bitcoin Design Guide! The Bitcoin Design Community can’t stop, won’t stop. The V2 of the already phenomenal “Design Guide covers the Lightning Network. And promises to help “design better Lightning products faster with our free and open-source community-made handbook.” The BDC keeps adding value to the Bitcoin network and making the […]
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The Bitcoin Design Community will discuss the project’s second version in a Twitter space on Wednesday.
The Lightning Network is a design improvement for Bitcoin that could allow users to make micropayments in a decentralized manner and help the entire network scale more efficiently over time. While this proposal has received a large amount of attention in the Bitcoin community, there is another, similar option currently in development by C. J. Plooy. Plooy recently gave a presentation on his alternative implementation, Amiko Pay, at Scaling Bitcoin Montreal. During his talk, Plooy noted:"If you look at the basic design of the Lightning Network -- a network of payment channels. This is....
Perfect timing and place for a Lightning Network Conference. In less than a week, Bitcoin will be legal tender in El Salvador. The Lightning Network was instrumental for this to happen. The real-life case study for the Lightning Network is El Zonte AKA Bitcoin Beach. And in Mid-November, all of those factors will collide in an event aptly titled “Adopting Bitcoin.” Related Reading | How Big Is Bitcoin’s Lightning Network? The Answer Will Surprise You This Lightning Network conference comes with a call-to-action as its unofficial slogan, “Unite, focus, collab!” And, by the looks of....
Roughly two months ago, Lightning Network creators Joseph Poon and Tadge Dryja visited the Coinbase offices to explain how their design works and answer some questions from Coinbase employees and executives. After an explanation of why the duo does not believe centralization via supernodes will be an issue on the network, they went into a related aspect of the system: the extremely low fees. Dryja and Poon claimed that the high level of competition between Lightning Network hubs will drive down fees on the network to practically zero. A Lot of People Think They’ll Make Money Many holders....
For the vast majority of Bitcoin Core contributors, the Lightning Network is viewed as the best option for scaling Bitcoin to many millions of new users. But the system has not yet been implemented on the Bitcoin blockchain, which has left many to wonder whether it is wise to put so much hope and reliance behind an untested solution. At a recent event at the Coinbase offices in San Francisco, Lightning Network creators Joseph Poon and Tadge Dryja gave a presentation on their design for scaling Bitcoin via a generalized network for payment channels. During their talk, Dryja and Poon....