Eltoo relies on a primitive SIGHASH_ANYPREVOUT or SIGHASH_NOINPUT (hereafter referred as APO) BPI118, constructing Eltoo from APO would be replacing the CHECKSIG figure 4 of Eltoo paper with a modified script.
Most of this answer is based on a blog post by Russell O'Connor from this link(which goes into other covenant constructions too). For completeness, ...
A SSD is not required for running Bitcoin, but it certainly helps. You would definitely want one if you were running a production service using Bitcoin, but for something you're using personally it will just make synchronization substantially slower to use a hard drive. For a Raspberry Pi you absolutely do not want to be storing any data on the Micro SD card ...
I started out writing this answer while trying to do it myself, but then found out that we don't yet have tools to manually edit partially signed Bitcoin transactions (PSBTs) which is the very last step before we finalize the double-spend. So this answer is currently incomplete, but I'm planning on building out that tooling and write a plugin that automates ...
If you recommend "Mastering the Lightning Network" in chapter 2 you find a table of possible Lightning Network implementations:
With respect to the original wording of the question I believe Taproot will actually make the Lightning Network pointfull instead of pointless.
While Taproot allows us to save some space on the bitcoin base layer, it will not make the Lightning Network obsolete. Remember, the main issue with respect to on-chain scaling is that a protocol in which every ...
Will Taproot allow me to skip Lightning Network and simply use pure Bitcoin Core?
Well, Bitcoin Core doesn't support Lightning for now, and probably won't for the foreseeable future, but there is no reason why that can't change over time. I'm going to assume your question is:
Will Taproot allow getting all the benefits the Lightning Network provides with ...
Bitcoin transactions require a certain size and with taproot and tapscript we can decrease that size.
This means that effectively we will be able to store more transactions in one block allowing overall a slightly higher throughput of bitcoin transactions in the network.
So even if you continue to use legacy transaction formats you might still benefit from ...
The lightning-network (LN) is an instant payment system built on top of Bitcoin. Its relationship to Bitcoin is akin to that of Visa card payments and the US banking system. The LN is a convenient and efficient way to pay directly from one user to another, especially for smaller amounts. Under the hood, the Lightning Network works by spanning payment ...
Technically you can double spend the output that was used for the funding TX with a higher fee. Then the channel will never be opened. Practically I don't think any of the lightning network implementations offer an api to do so.
I'm the CEO at Muun wallet.
Muun does rely on backups since the Emergency Kit is a backup, just not using mnemonics. The problem with mnemonics is that they don't contain a lot of stuff needed for the recovery of a multisig / lightning wallet, like the derivation paths, scripts, etc.
When using Muun, you will back up two pieces of data: the Recovery Code and ...
A sketch of Lightning Network support was previously proposed to Bitcoin Core.
Conceptually, most contributors think it is outside of the scope of the Bitcoin Core project which should be limited to be a robust backbone for the Bitcoin network.
Lightning Network implementations "on top" of Bitcoin Core already exist, the three most mature ones ...
Think of the blockchain as a court of law. A perfectly fair and incorruptible court which - if presented with a dispute - always rules justly.
However, like real-world courts, it has high operational costs. Those do not have enough judges and juries to adjudicate every dispute anyone could ever encounter. Thankfully, it doesn't need to. The fact that anyone ...
In addition to what Rene wrote, the adoption of Taproot will provide many bitcoin user's with a higher degree of privacy.
The structure of a bitcoin transaction can contain clues about the nature of that transaction. By using certain heuristics, anyone watching the blockchain record can group together certain transactions and addresses, to attempt to ...
It was added as a compromise against more complicated ideas, actually. Base plus percentage is a pretty standard fee structure, so I went with it.
If I'd been more familiar with the finance world, it would have been expressed in basis points, though, not ppm.
You can trigger a shell script with them, and more.
This is related to the plugin functionalities provided by lightningd and not bitcoind.
lightningd allows you to run plugins to deeply modify its behaviour, or extend its possibilities. It idiomatically (small and robust core, customizable functionalities) relies a lot on them and therefore directed the ...
Yes. Channels are associated with a node_id, which is just the public key of the node. The association of a node_id to an IP address (or Onion address) is dynamic and is broadcast over the P2P gossip network when your node connects to another. It only takes a few minutes after reconnection for your new IP to propagate through the entire network.
However, you ...
I have read somewhere that every Bitcoin transaction is "equivalent to the power consumption of an average U.S. household over 22.86 days.". Is that true? Isn't that horrible?
tl;dr: Most people don't value Bitcoin as a payment mechanism, and even if they
were, most payments are not recorded on-chain. So calculating the energy cost of
a transaction ...
There is nothing special about those two blocks, aside from containing a funding transaction that c-lightning would like to verify (causing it to look the block up) and it being pruned in your bitcoind.
Restarting indeed results in the lookup, which is kept in memory until it succeeds or fails, is forgotten giving you the temporary result of no longer ...
c-lightning by itself does not expose it's RPC over the network. This is to avoid having to dictate what kind of authorization and authentication to use in order to provide access control.
There are however a couple of options that are easy to implement and will do what you want:
Implement a small proxy plugin that'll export the information you need over ...
The best strategy really depends on the user. You distinguish tradeoffs in all these solutions:
Open a new channel each time
This one does not make sense.
Open 10 channel for 0.01 BTC
More exposure to DOS (and onchain fees), but less exposure to censorship.
Probably the solution which makes the most of sense (or 5 channels for 2mBTC) since MPP.
Open 1 ...
Yes, offers are a carefully constructed rethinking of use cases like donations that used to be serviced by hacks like keysend.
One specific improvement for this use case is that unlike in keysend, you do receive a receipt for the donation you are giving.
But offers are meant to service many more use cases beyond just donations, and do so in a less ad-hoc ...
There are three types of spam problem in the Lightning Network. Let's
call them "local","fast" and "slow".
Local spam is someone sending or requesting too much data: that's a simple batter of code with rate limiting etc.
Fast spam is sending many failed payments. You can't tell what will succeed and you can't blame the sending ...
If you can verify that Phoenix is running the code that you expect - the open source eclair implementation of the Lightning Network and Phoenix wallet - then they will not be able to use their node to "say that you're cheating". This is because they do not have signatures for your unique commitment transaction, so there's no chance that they can ...
Something about this doesn't add up to me. Either this is a revolutionary technology which should indeed be part of Bitcoin itself, or it's some sort of very ambitious and honest-sounding scam or attempt to take over or destroy Bitcoin.
The mentioned book should also say somewhere that the lightning network is a protocol built on top of Bitcoin or a very ...
With lightning network, my understanding is that we would be making a transaction on a "side chain"
The lightning network is not a ‘side chain’, that term is usually used to describe an entirely different piece of technology that can be built to work on top of/alongside bitcoin.
Does the lightning network also solve the problem of giving ...
Without eltoo (ie today) a watchtower needs to store a different justice transaction for every channel update in case the channel counterparty broadcasts (deliberately or accidentally) an expired channel state.
With eltoo (once/if we have SIGHASH_ANYPREVOUT enabled onchain) a watchtower will only need to store a single justice transaction in case the channel ...
From the point of view of an application developer, it is for now much easier to use layer 1 features.
This is due to being able to externalize your burden on the network.
1. Hey nodes, will you do my job?
Blocks are expensive to produce
You don't need to have much DOS concerns in your application if you are only reacting to onchain payments. But what ...
I've clicked every link. There is no download. Not even some beta CLI thing which requires Bitcoin Core to function, or anything whatsoever.
If this is a thing and people are allegedly making "more money running a channel than I do at my day job", why ...
I think one might need to do a bit more research than looking at a single site before declaring a whole ecosystem a fad. If you widen your search a bit, you will find that even the Lightning Network wikipedia page lists implementations, either "lightning network beginner" or "lightning network getting started" finds a list of articles and ...