Connect to Lightning for Free

Mason
Mason
Jan 24, 2018 · 3 min read

The Lightning Network represents the first technological paradigm shift on the Bitcoin network in nearly half a decade. It was at the end of the BIP revolution that network traffic greatly increased and transaction malleability became an issue. Most notably it was the Bitcoin transaction fees that began to exceed a dollar. The Lightning Network represents several years of blood, sweat, and tears that resulted in Segwit and a solution to the high transaction fees.

It’s time for the Lightning revolution.

At TokenSoft, we rely heavily on underlying networks such as Bitcoin, and Ethereum. So it’s imperative for us to give back to the networks and help support them the best we can. At our company offsite this week, we spent some time thinking about how to support the next paradigm shift in Bitcoin.

How We’re Helping

You may connect using the following commands — If you are not set up for Lightning, see the instructions below.

$ ./cli/lightning-cli connect  0235447c7485ff2b945bac5fbc366d54a87389bab8cacf1b64b26ec01e96bd165a 52.90.74.148 9735
$ ./cli/lightning-cli fundchannel 0235447c7485ff2b945bac5fbc366d54a87389bab8cacf1b64b26ec01e96bd165a 50000

Once you’re connected tweet us @tokensoftinc with your lightning node id, IP address, and your invoice and we will send you a refund for your fee. This offer will only be valid between 9AM and 6PM PT and will end on Saturday at 6PM PT.


How to setup a lightning node

  1. Using AWS launch a server using the Ubuntu 16.04 image, for more detailed instructions you may follow the guide here.
  2. Log into your EC2 server and clone install it using the following command: $ sudo apt-get install software-properties-common
    $ sudo add-apt-repository ppa:bitcoin/bitcoin
    $ sudo apt-get update
    $ sudo apt-get install -y bitcoind
  3. Allow the node to fully sync. Use the following command to monitor what block number is currently synced. Once your node is synced with the most recent block, continue.
$ bitcoin-cli getinfo{
"version" : 109900,
"protocolversion" : 70002,
"walletversion" : 60000,
"balance" : 0.00000000,
"blocks" : 359646, <------------
"timeoffset" : 0,
"connections" : 2,
"proxy" : "",
"difficulty" : 47589591153.62500763,
"testnet" : false,
"keypoololdest" : 1425569670,
"keypoolsize" : 101,
"paytxfee" : 0.00000000,
"relayfee" : 0.00001000
}

4. Using the same machine install lightning. Then run Bitcoin and Lightning.

$ git clone https://github.com/ElementsProject/lightning.git
$ cd lightning
$ make
$ bitcoind &
./lightningd/lightningd &
./cli/lightning-cli help

5. Get a lightning deposit address and send funds to it:

$ ./cli/lightning-cli newaddr

6. Fund that address with at least 100,000 Satoshis.

7. Send @TokenSoftInc your node ID and IP on Twitter and we’ll connect:

$ ./cli/lightning-cli connect  0235447c7485ff2b945bac5fbc366d54a87389bab8cacf1b64b26ec01e96bd165a 34.236.113.58 9735
$ ./cli/lightning-cli fundchannel 0235447c7485ff2b945bac5fbc366d54a87389bab8cacf1b64b26ec01e96bd165a 50000

Tokensoft

Tokensoft is a leading platform for asset managers…

Mason

Written by

Mason

CEO @ https://tokensoft.io

Tokensoft

Tokensoft

Tokensoft is a leading platform for issuers and investors in security tokens and other financial assets on blockchains.

Mason

Written by

Mason

CEO @ https://tokensoft.io

Tokensoft

Tokensoft

Tokensoft is a leading platform for issuers and investors in security tokens and other financial assets on blockchains.

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