Lightning network and lightweight clients

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How will the lightning network handle lightweight clients?

Most steps during the payment process in an LN channel don't actually require full knowledge of the blockchain or even the unconfirmed (mempool) transactions. This is because the transactions involved deal with 2-of-2 multisig scripts, where both parties have to sign off on each transaction to make it valid, so they both can stay aware of all transactions made relevant to the channel they share without monitoring the blockchain.

The exception is for dispute mediation. If Alice tries to broadcast an older version of a commitment transaction, someone needs to see that transaction to take Alice's portion of the funds from it. This is an aspect that can be trustless-ly outsourced, though. It can even be incentivized with a small fee.

Do I understand it correctly that opening a payment channel require writing on the blockchain to protect against double-spend?

First you establish a refund from the...

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The Digital Currency Initiative (DCI) at the MIT Media Lab on Wednesday unveiled a lightweight Lightning Network software called “Lit”. This new client does not require its own full Bitcoin node to run like other Lightning clients do and it even has a handy wallet built in.

Also read: Lightning Network Used to Sell Beer at Room77

Introducing Lit

“This is the first alpha v0.1 release of lit,” its Github page states, describing the software as “a Lightning node you can run on your own.” The project started in November last year and currently has 12 developers contributing to it.

In a blog post, MIT DCI open-source developer and research scientist Tadge Dryja introduced Lit and urged everyone to test the software. The co-author of the original Lightning Network paper and former CEO of Lightning Labs wrote:

We encourage people to try out lit, make channels, and see how it works.

While admitting that Lit is not yet reliable enough to move...

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Source:Source: news.bitcoin.com

The Digital Currency Initiative (DCI) at the MIT Media Lab on Wednesday unveiled a lightweight Lightning Network software called “Lit”. This new client does not require its own full Bitcoin node to run like other Lightning clients do and it even has a handy wallet built in.

Also read: Lightning Network Used to Sell Beer at Room77

Introducing Lit

“This is the first alpha v0.1 release of lit,” its Github page

Read More https://news.bitcoin.com/lightweight-lightning-network-client-lit-ready-testing/

The post "Lightweight Lightning Network Client Lit Ready for Testing" appeared first here news.bitcoin.com

Source:...

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On May 10, Segregated Witness (Segwit) was activated on Litecoin, allowing Lightning Network (Lightning) transactions from various software clients to settle on the cryptocurrency's network.

The creator of Litecoin, Charlie Lee, started advocating for SegWit activation on Litecoin and Bitcoin at the start of the year. Lee described the two competing networks as two highways: “Today, Bitcoin is packed full of cars and Litecoin is empty. Even with Bitcoin packed, the cars are not coming to use the Litecoin highway today because it’s not connected and it’s inconvenient (centralized exchanges and slow on-chain transfers) to go across.”

- Charlie Lee, Litecoin Creator

One major benefit of Lightning is a feature called Cross-Chain Transactions (XCTx), otherwise known as atomic cross-chain transactions or atomic swaps, where users can trade different cryptocurrencies instantaneously and without risk. XCTx allows a user to pay a merchant in Bitcoin (BTC), for example,...

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Blockstream has announced the first ever non-experimental payment made on the lightning network with Litecoin. This follows soon after the cryptocurrency activated segregated witness (SegWit).

Also read: Litecoin Now Has SegWit. What Next for Bitcoin?

First Ever Lightning Payment on a Non-test Network

Blockstream posted the announcement on its official blog on 11th May. Christian Decker, who recently joined the Blockstream team specifically to work on L2 protocols, was tasked with patching the company’s implementation of the lightning network to better work with Litecoin.

About two hours after SegWit officially activated on Litecoin, Decker opened a lightning channel between two clients — one located in Zurch and the other in San Francisco — and executed a litecoin transaction worth approximately USD 1.3 cents.

The transfer of 0.00000001 LTC (1 litecoin-satoshi) was completed in under a second. Additionally, another transaction was executed...

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Lightning Networks Limited provides multiple support services to Telecommunications operators and other Industry players within the Information Communication Technology (ICT) sector in Nigeria. The company has all necessary technical competence to build, upgrade and maintain Telecommunications Infrastructure, thus enabling the operators to concentrate on their primary bussiness.

Lightning Networks Limited is positioned to providing a broad spectrum of Telecommunication andAllied Services ranging from Hardware Installations and maintenance from the needs of Base Transceivers Stations (BTS), Base Station Controllers (BSC), Main Switching Centers (MSC) and software related services, such as Quality Of Service (QoS) surveys/networks optimization or network quality assurance. Our engineering Support Services are designed systematically to cater for specific needs of clients. We maintain a strong point in quality service through research and development (R&D) in current...

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Andrew Halonen was one of the best business development people in the Department of Energy ARPA-E MOVE Program – I was very impressed.

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Advanced Research Project Agency (ARPA-E) MOVE Program Director

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Director of Sales | Century Inc.

Andrew helped identify projects that would be of...

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Free, light-weight, and easily installed Oracle Database tools, libraries and SDKs for building and connecting applications to an Oracle Database instance

Oracle Instant Client enables applications to connect to a local or remote Oracle Database for development and production deployment. The Instant Client libraries provide the necessary network connectivity, as well as basic and high end data features, to make full use of Oracle Database. It underlies the Oracle APIs of popular languages and environments including Node.js, Python and PHP, as well as providing access for OCI, OCCI, JDBC, ODBC and Pro*C applications. Tools included in Instant Client, such as SQL*Plus and Oracle Data Pump, provide quick and convenient data access.

Partners can benefit greatly from being able to bundle Instant Client in their applications.

Oracle Instant Client 12.2 is available on many platforms. This brings the latest and greatest Oracle functionality to applications.

A...

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