Bitcoin has a huge scaling problem—Lightning could be the solution | Ars Technica


25 bookmarks. First posted by emerysnyder 16 days ago.


Three startups are getting ready to launch one of the most ambitious and important cryptocurrency experiments since the creation of bitcoin itself. via Pocket
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10 days ago by driptray
The Lightning network could enable much cheaper and faster bitcoin payments.
Three startups are getting ready to launch one of the most ambitious and important cryptocurrency experiments since the creation of bitcoin itself. Called Lightning, the project aims to build a fast, scalable, and cryptographically secure payment network layered on top of the existing bitcoin network.
Essentially, Lightning aims to solve the big problem that has loomed over bitcoin in recent years: Satoshi Nakamoto's design for bitcoin is comically unscalable. It requires every full node in bitcoin's peer-to-peer network to receive and store a copy of every transaction ever made on the network.
Initially, that design was vital to achieving Nakamoto's vision of a fully decentralized payment network. But as Purdue computer scientist Pedro Moreno-Sanchez told Ars, it creates a big challenge as the network becomes more popular. "We have reached a point where it's not suitable any more to keep growing," he said.
Lightning could offer a way out of this bind. It shifts routine payments outside of the blockchain, clearing away the most significant obstacle to bitcoin's continued growth.
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11 days ago by rgl7194
Bitcoin’s Lightning network, a deep dive via Instapaper http://ift.tt/2E19nYW
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13 days ago by jonathan
Bitcoin payments are asynchronous—Lightning isn't Enlarge skyseeker All you need to make a conventional bitcoin payment is the recipient's address. The sender…
from instapaper
13 days ago by cspathis
Bitcoin payments are asynchronous—Lightning isn't Enlarge skyseeker All you need to make a conventional bitcoin payment is the recipient's address. The sender…
from instapaper
14 days ago by wtd
This lightning network / payment channel explainer by is really excellent. ht
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14 days ago by fkbarrett
A deep look at Lightning and how it may mitigate Bitcoin's scaling problem by creating a new protocol level on top of Bitcoin to make payments faster, cheaper
14 days ago by joeo10
<<A growing number of bitcoin enthusiasts believe that Lightning is the future of the network.>> http://ift.tt/2E19nYW #btc
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14 days ago by jikatu
Bitcoin payments are asynchronous—Lightning isn't Enlarge skyseeker All you need to make a conventional bitcoin payment is the recipient's address. The sender…
from instapaper
14 days ago by nzeribe
Three startups are getting ready to launch one of the most ambitious and important cryptocurrency experiments since the creation of bitcoin itself. via Pocket
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14 days ago by schmitz
Bitcoin payments are asynchronous—Lightning isn't Enlarge skyseeker All you need to make a conventional bitcoin payment is the recipient's address. The sender…
from instapaper
15 days ago by toph
Three startups are getting ready to launch one of the most ambitious and important cryptocurrency experiments since the creation of bitcoin itself.
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15 days ago by brokenrhino
Bitcoin payments are asynchronous—Lightning isn't Enlarge skyseeker All you need to make a conventional bitcoin payment is the recipient's address. The sender…
from instapaper
16 days ago by sgerhard
via Starred items from BazQux Reader http://ift.tt/1cAKc9M and IFTTT
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16 days ago by stinkingpig