I found this cool Web demo for Bitcoin's Lightning network, which demonstrates buying news articles with a Bitcoin Lightning-enabled web wallet on the testnet: Lightning Web Wallet https://htlc.me/ Demo site where you can buy news articles with your Lightning Wallet https://yalls.org/  The idea behind the Lightning Network is to not record every small transaction on the blockchain forever, which is expensive, but to introduce a secure, routeable, trustless, decentralized, cache-like system which allows you to spend a preloaded amount for various small payments like for coffee or news articles, and only record the balance from time to time on the more expensive blockchain. In theory a Lightning channel can also be used to transfer coins instantaneously from one exchange to another with very low fees. A payment channel is if you will like a prepaid credit card, where you put a certain amount of Bitcoin into, and then you can spend that amount for small purchases without paying a large transaction fee every time you make a payment. In the long run, the hope is that such a system will also take some burden off the main blockchain and will make both on-chain and off-chain transactions substantially cheaper and faster. Sounds great at least in theory, what do you think? In my opinion Bitcoin needs both off-chain and on-chain scaling solutions including continuous block size increases ;)
author | vikisecrets |
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permlink | will-the-lightning-network-solve-bitcoin-s-high-fee-situation |
category | bitcoin |
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created | 2018-01-12 17:45:45 |
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Of course, use Bitcoin for payments it's quite impossible at the moment, especially for everyday purpose. I read about the lightning network and I think that it could be a good idea to make Bitcoin useful in everyday life and not only as an investment.
author | foodart |
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permlink | re-vikisecrets-will-the-lightning-network-solve-bitcoin-s-high-fee-situation-20180113t103622775z |
category | bitcoin |
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I still believe that Bitcoin can not only be a store of value but also a payment system for everyday use. Lightning could be that solution combined with massive future on-chain upgrades (SegWit, Schnorr, Block Size increases).
author | vikisecrets |
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permlink | re-foodart-re-vikisecrets-will-the-lightning-network-solve-bitcoin-s-high-fee-situation-20180113t122341806z |
category | bitcoin |
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