Episode #83: Lightning Network Deep Dive
We (up ’til now) haven’t talked to much about the Lightning Network. In order to understand the Lightning Network, one must first have a basic understanding of bitcoin. Duplex micropayment channels solve a multitude of problems. For one they enable near-infinite scalability for digital payments based on Bitcoin. Bitcoin transactions are no longer used directly to transfer bitcoins from a sender to a recipient, instead they are used to setup micropayment channels and handle conflict resolution. The Lightning Network is a network of payment channels. When Alice wants to pay Carol, or Dave, or Susan, she finds the shortest route and makes a payment through the route using smart contracts. If Alice cannot find any route to pay Dave, Alice opens up a channel directly to Dave. Makes sense? No? Well…for starters our guest is Olaoluwa Osuntokun who might know a thing or two about it.
In addition, Steven Mckie (Yours) and Valerian Bennett (PopChest) join us as the Bitcoin Justice League assembles to talk how this network affects their own creations. For instance, Yours uses the Lightning Network to keep transaction fees low so that creators get to keep most of their earnings. This episode sounds pretty technical but we also learn that black
people love putting salt on their Watermelon. Not sure why I capitalized Watermelon. Strap in and press play!