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NewbieActivity: 1Merit: 0 [ANN][BLG] Bitcoin Lightning ⚡ On Chain Lightning Transactions 🔴100% Airdropped December 10, 2017, 11:01:39 AM

Last edit: December 12, 2017, 12:05:39 PM by BitcoinLightningDev #1 http://www.altcointoday.com/wp-content/uploads/2016/10/Bitcoin-lightning-network-coordination.png

Bitcoin Lightning 1:1 Fork of Bitcoin with Base Layer Lightning



Bitcoin Lightning 1:1 is a fork of Bitcoin from block height 498553. It implements Lightning on the base layer, so that all users are forced to use the Lightning Network as shown by the testnet. Bitcoin Lightning is faster and more secure, and makes Bitcoin as peer to peer cash for use for freedom. Bitcoin Lightning is immutable at base layer, and faster with Lightning Network pre-installed on the layer.



Redeeming your Bitcoin Lightning

If you had Bitcoin before block height 498553, you automatically own Bitcoin Lightning. Bitcoin Lightning can be redeemed through our claiming tool:



CLAIMING TOOL



Please send out all Bitcoin to another wallet before putting your private key in the claim tool.





Step 1. Identify a wallet with funds from block height 498553







Step 2. Send the wallet funds to another wallet





Step 3. Input the private key of the EMPTY bitcoin wallet in the claiming tool







New Features



On Chain Scalability - BitcoinLightning has new on chain scalability with Lightning Network



New Transaction Signatures - Improved signatures allow Lightning Network to scale



Segregated Witness x8- Increasing the Blocksize to 8 megabytes to allow mass adoption of Bitcoin Base Layer lightning solutions



Decentralized Nodes - Decentralized nodes act as lightning nodes to allow on chain scalability





The Lightning Network is a decentralized system for instant, high-volume micropayments that removes the risk of delegating custody of funds to trusted third parties. Bitcoin, the world's most widely used and valuable digital currency, allows anyone to send value without a trusted intermediary or depository. Bitcoin contains an advanced scripting system allowing users to program instructions for funds. There are, however, some drawbacks to bitcoin's decentralized design. Transactions confirmed on the bitcoin blockchain take up to one hour before they are irrevesible. Micropayments, or payments less than a few cents, are inconsistently confirmed, and fees render such transactions unviable on the network today. The Lightning Network solves these problems. It is one of the first implementations of a multi-party Smart Contract (programmable money) using bitcoin's built-in scripting.







The Lightning Network is leading technological development in multiparty financial computations with bitcoin. Instant Payments. Bitcoin aggregates transactions into blocks spaced ten minutes apart. Payments are widely regarded as secure on bitcoin after confirmation of six blocks, or about one hour. On the Lightning Network, payments don't need block confirmations, and are instant and atomic. Lightning can be used at retail point-of-sale terminals, with user device-to-device transactions, or anywhere instant payments are needed. Micropayments. New markets can be opened with the possibility of micropayments. Lightning enables one to send funds down to 0.00000001 bitcoin without custodial risk. The bitcoin blockchain currently enforces a minimum output size many hundreds of times higher, and a fixed per-transaction fee which makes micropayments impractical. Lightning allows minimal payments denominated in bitcoin, using actual bitcoin transactions. Scalability. The bitcoin network will need to support orders of magnitude higher transaction volume to meet demand from automated payments. The coming increase in internet-connected devices needs a platform for machine-to-machine payments and automated micropayment services. Lightning Network transactions are conducted o the blockchain without delegation of trust and ownership, allowing users to conduct nearly unlimited transactions between other devices. How it Works. Funds are placed into a two-party, multisignature "channel" bitcoin address. This channel is represented as an entry on the bitcoin public ledger. In order to spend funds from the channel, both parties must agree on the new balance. The current balance is stored as the most recent transaction signed by both parties, spending from the channel address. To make a payment, both parties sign a new exit transaction spending from the channel address. All old exit transactions are invalidated by doing so. The Lightning Network does not require cooperation from the counterparty to exit the channel. Both parties have the option to unilaterally close the channel, ending their relationship. Since all parties have multiple multisignature channels with many different users on this network, one can send a payment to any other party across this network. By embedding the payment conditional upon knowledge of a secure cryptographic hash, payments can be made across a network of channels without the need for any party to have unilateral custodial ownership of funds. The Lightning Network enables what was previously not possible with trusted financial systems vulnerable to monopolieswithout the need for custodial trust and ownership, participation on the network can be dynamic and open for all.



Transactions for the Future

Instant Payments. Lightning-fast blockchain payments without worrying about block confirmation times. Security is enforced by blockchain smart-contracts without creating a on-blockchain transaction for individual payments. Payment speed measured in milliseconds to seconds.







Scalability. Capable of millions to billions of transactions per second across the network. Capacity blows away legacy payment rails by many orders of magnitude. Attaching payment per action/click is now possible without custodians.





Low Cost. By transacting and settling off-blockchain, the Lightning Network allows for exceptionally low fees, which allows for emerging use cases such as instant micropayments.

Cross Blockchains. Cross-chain atomic swaps can occur off-chain instantly with heterogeneous blockchain consensus rules. So long as the chains can support the same cryptographic hash function, it is possible to make transactions across blockchains without trust in 3rd party custodians.



Powered by Blockchain Smart Contracts

Lightning is a decentralized network using smart contract functionality in the blockchain to enable instant payments across a network of participants.





How it Works

The Lightning Network is dependent upon the underlying technology of the blockchain. By using real Bitcoin/blockchain transactions and using its native smart-contract scripting language, it is possible to create a secure network of participants which are able to transact at high volume and high speed.



Bidirectional Payment Channels. Two participants create a ledger entry on the blockchain which requires both participants to sign off on any spending of funds. Both parties create transactions which refund the ledger entry to their individual allocation, but do not broadcast them to the blockchain. They can update their individual allocations for the ledger entry by creating many transactions spending from the current ledger entry output. Only the most recent version is valid, which is enforced by blockchain-parsable smart-contract scripting. This entry can be closed out at any time by either party without any trust or custodianship by broadcasting the most recent version to the blockchain.

Lightning Network.



By creating a network of these two-party ledger entries, it is possible to find a path across the network similar to routing packets on the internet. The nodes along the path are not trusted, as the payment is enforced using a script which enforces the atomicity (either the entire payment succeeds or fails) via decrementing time-locks.

Blockchain as Arbiter. As a result, it is possible to conduct transactions off-blockchain without limitations. Transactions can be made off-chain with confidence of on-blockchain enforceability. This is similar to how one makes many legal contracts with others, but one does not go to court every time a contract is made. By making the transactions and scripts parsable, the smart-contract can be enforced on-blockchain. Only in the event of non-cooperation is the court involved  but with the blockchain, the result is deterministic.







Watch Lightning Network video



Bitcoin Lightning 1:1 is a fork of Bitcoin from block height 498553. It implements Lightning on the base layer, so that all users are forced to use the Lightning Network as shown by the testnet. Bitcoin Lightning is faster and more secure, and makes Bitcoin as peer to peer cash for use for freedom. Bitcoin Lightning is immutable at base layer, and faster with Lightning Network pre-installed on the layer.If you had Bitcoin before block height 498553, you automatically own Bitcoin Lightning. Bitcoin Lightning can be redeemed through our claiming tool:Step 2. Send the wallet funds to another wallet