Explaining Lightning Community specification BOLT 12 and the way it works with the Bitcoin Layer 2 protocol.
Watch This Episode On YouTube
Hear To This Episode:
Sjors is again! On this episode of “The Van Wirdum Sjorsnado,” hosts Aaron van Wirdum and Sjors Provoost mentioned BOLT 12 (Foundation of Lightning Know-how 12), a newly-proposed Lightning Community specification for “presents,” a sort of “meta bill” designed by c-lightning developer Rusty Russell.
The place cash on Bitcoin’s base layer are despatched to addresses, the Lightning Community makes use of invoices. Invoices talk the requested quantity, node vacation spot and the hash of a secret which is used for cost routing. This works, however has quite a few limitations,
Provoost defined the small print, notably that the quantity should be bitcoin-denominated (versus fiat-denominated), and that the bill can solely be used as soon as. BOLT 12, which has been applied in c-lightning, is a technique to basically refer a payer to the node that’s to be paid, as a way to request a brand new bill. Whereas the BOLT 12 supply may be static and reusable — it all the time refers back to the similar node — the payee can generate new invoices on the fly when requested, permitting for far more flexibility, Provoost defined.
Lastly, van Wirdum and Provoost mentioned how the brand new BOLT 12 messages are communicated over the Lightning Community via an replace to the BOLT 7 specification for message relay.