Three minutes to let you know about Lightning Network
【Published by: yamNews|滔新聞 | Editor: Ken | Translator: Statecraft 】
Bitcoin was originally created by Satoshi Nakamoto, but as of today, it has long since deviated from the original vision. At this stage, it is still very difficult for us to use Bitcoin to make payments, but technology starts with humanity, the problem is constantly happening and being Solved, today’s theme is — Lightning Network.
Blockchain trading is slow
The author believes that the blockchain transaction is very slow. Take Bitcoin as an example. When you want to trade Bitcoin with your friends, you not only need to pay a non-cheap fee, but it can take several hours to complete the transaction.
Why?
We all know that traders need miners to help with checking, which is called Pow (work proof), so with the increasing popularity of use and trading, more and more transactions are waiting to be checked, not to mention blockchain. There is a problem with low scalability. Whenever you want to expand a new node, you have to copy the huge data that was in the past and write it into the blockchain to prevent it from being changed.
Optimization
At this time, the lightning network was born! The concept of Lightning Network is to move the original “chain” transaction to the “chain” process. Let’s take the simplest example:
When you want to run the school’s administrative process to rent a performance venue, you must first go through the activation process > get the school’s rental certificate > run the various administrative checkpoint stamps > finally confirm the various projects with the performance venue > finally use the venue, It is such a trouble.
Let’s take another look at another situation. Today I know the person in charge of the performance venue. He directly confirms the project with me, and then he goes up to the administrative unit to register the record. Have you seen how many steps have been saved? The end result is the same, the administrative unit has a record, and I also borrowed the venue.
Let’s go back to the lightning network. It is like A and B are trading Bitcoin with each other today. The two sides open a channel under the chain. The opening time of this channel can be 1 minute or 1 year, and the number of transactions is also Unrestricted, and the fee can be reduced to a minimum because it only represents the “digital change” in the channel. When the transaction is closed and the channel is closed, the result of the final transaction will be permanently recorded in the blockchain.
With this technology, the slow-moving transactions can even be completed in a very short period of time, and because of the transactions in the lightning network channel, it is no longer necessary to record all the blocks in the blockchain, but also the bitcoin blockchain. The scalability becomes bigger and breaks the existing limitations.
The popularity and use of Lightning Networks
In 2019, there were many projects using this technology. The original idea of Bitcoin was to make payments, and the Lightning Network was the technology that enabled this concept to be realized.
We can imagine that each lightning network user is a point. A lightning network payment channel is a connection between two points. If this connection is enough, there is a path between every two points. To achieve high-frequency fast transactions between all users.
So far, the number of lightning network channels has reached 32,500 or so, with about 9,000 nodes. Although there are not many bitcoins on the lightning network, I believe that in the small payment, the lightning network is very There is a future development.
Although the lightning network seems to be very simple and it is very helpful for the blockchain transaction, there are still many technical problems and security concerns that need to be solved. It is not yet popular, and it is in a stage of development. Of course, there are also many wallets that support this technology. I look forward to the day when you go to eat a bowl of beef noodles and only need to take out your mobile phone to scan QR code and pay with cryptocurrency.
■ Source: yamNews|滔新聞
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