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The Lightning Community Fundamentals

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On this episode of “The Van Wirdum Sjorsnado,” hosts Aaron van Wirdum and Sjors Provoost talk about the fundamentals of the Lightning Community, Bitcoin’s Layer 2 protocol for cheaper, sooner and doubtlessly extra non-public transactions.

Beginning firstly, van Wirdum and Provoost defined that the Lightning Community works as a scaling layer as a result of it lets customers make off-chain transactions by means of bi-directional fee channels: two customers pays each other an arbitrary variety of occasions with out these transactions being recorded on the blockchain. They went on to clarify how, within the Lightning protocol, these off-chain transactions are safe, that’s, how every of the contributors is at any level assured to assert their respective funds from the fee channel.

Then, van Wirdum and Provoost defined how bi-directional fee channels could be linked throughout a community of customers, to increase the potential of off-chain transactions so any Lightning consumer pays some other Lightning consumer, even when they haven’t arrange a fee channel between the 2 of them particularly.

Lastly, the hosts briefly touched on among the challenges introduced by the Lightning Community, most notably the requirement of fee channels to have adequate liquidity locked into them.

The put up The Lightning Community Fundamentals appeared first on Bitcoin Journal.