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  • Many people believe that Bitcoin is the future for our financial system.

  • But there is a big issue standing in the way of this goal and that is scalability.

  • Let me give an example: the payment provider VISA processes on average around 4000 transactions

  • per second and scale up to a maximum of 65,000.

  • Bitcoin on the other hand can handle up to 7 transactions per second with the current

  • block size of 1MB.

  • Not tens of thousands, but just 7!

  • Clearly the main blockchain isn't very scalable.

  • But it doesn't have to be!

  • The community has come up with a new technique called the Lightning network to solve the

  • scalability issue's.

  • The key idea is that small, everyday transactions don't have to be stored on the main blockchain.

  • This avoids the 7 transactions per second limit and is also called the off-chain approach.

  • So how does it work?

  • Well let's take a look at an example, let's say that every morning Bob buys a cup of coffee

  • on his way to work.

  • Creating a transaction on the blockchain for a simple coffee is really overkill.

  • He might end up paying more fees than the actual price of his coffee.

  • However, with the lightning network Bob can setup a payment channel with the coffee shop.

  • To do that, both the coffee shop and Bob deposit a certain amount of Bitcoin in what is called

  • a multi-signature address.

  • Let's assume that Bob deposits 0.05 BTC and the coffeeshop deposits nothing, because

  • they don't offer refunds.

  • This multi-signature address is basically like a safe that can only be opened when both

  • parties agree.

  • When we open the payment channel we also make a balance sheet that says how the funds in

  • the address should be distributed.

  • So right now it says: “Bob will get 0.05 BTC and the coffee shop will get 0 BTC.”

  • The same as they deposited.

  • Opening the payment channel happens on the main blockchain so that there is full transparency.

  • The coffee shop owner can see that Bob has deposited 0.05 BTC and they can rest assured

  • that they will get their money once the channel closes.

  • Now that the channel is open, Bob can order his morning coffee!

  • Lets say that a coffee costs 0.001 BTC.

  • To pay for it, Bob simply changes the balance sheet.

  • He subtracts the cost of the coffee from his balance, and adds it to the coffeeshop's

  • balance.

  • So now it says thatBob gets 0.045 BTC and the coffee shop gets 0.005BTC”.

  • Bob and the coffeeshop now sign the updated balance sheet with their private keys, they

  • then each keep a copy of it but they don't do anything else with it.

  • Bob can keep ordering coffee's for as long as he has a balance in the payment channel.

  • Both of them can make hundreds of thousands of transactions between them.

  • There is really no limit because this happens away from the main blockchain.

  • But all good stories come to an end.

  • The payment channel can be closed at anytime by either Bob or the Coffee shop.

  • All they have to do is take the latest balance sheet, which was signed by both parties and

  • broadcast it to the Bitcoin network.

  • Miners will then validate the signatures on the balance sheet and - if everything checks

  • out - release the funds according to the balance sheet.

  • This will create a single transaction on the Bitcoin blockchain.

  • So the lightning network can significantly reduce the load on the main blockchain.

  • It only requires two transactions on the blockchain: one to open the payment channel and another

  • one to close it.

  • It's also very safe.

  • The system ensures that only the latest signed balance sheet can be used to unlock the money.

  • And because both parties have a signed copy of the balance sheets, they can release the

  • funds at anytime, even if the other doesn't want to cooperate anymore.

  • So for example: Bob cannot hold the money hostage that belongs to the coffeeshop and

  • vice versa.

  • It doesn't end there.

  • You don't need to open a direct payment channel with everyone you want to send bitcoins

  • to.

  • You can simply use the network to pass your coins around.

  • Here is Alice, she's a friend of Bob.

  • They've exchanged money on the lightning network before, so they have an active payment

  • channel.

  • Now let's say that Alice wants to buy a coffee.

  • Instead of opening a direct channel to the coffeeshop, she can transfer the money to

  • Bob, who will then transfer it to the coffee shop.

  • No need to create a payment channel with everyone!

  • In the lightning network, your payment tries to find a route from person A to person B.

  • It tries to do this with the least amount of intermediates and the least amount of fees.

  • This further reduces the strain on the blockchain but it requires the intermediates to have

  • enough money in the payment channels.

  • So, now you know what the Lightning network is and how it works, but when will it actually

  • go live?

  • Well right now there is a proof-of-concept implementation running on the Bitcoin testnet.

  • We don't know yet when it will go live for everyone, but chances are it happening in

  • 2018!

  • So that was it for this video.

  • If you liked it, hit the thumbs up button and get subscribed.

  • Thank you very much for watching and I'll see you in the next video!

Many people believe that Bitcoin is the future for our financial system.

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ビットコインのライトニングネットワークを簡単に解説! (Bitcoin's Lightning Network, Simply Explained!)

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    Yi-Cheng Guo に公開 2021 年 01 月 14 日
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