☁️ A node is just a computer on which a program is running (for example, a Bitcoin wallet). The nodes are connected to other computers (with the same installed program) to create a cryptocurrency network. Usually, a node has three purposes: ➖ Follow the rules (consensus online). ➖Share information (about transactions and the amount of funds). ➖Keep a copy of confirmed transactions. 🔗 The blockchain is based on P2P principles (Peer to Peer, or Person to Person). Most networks do not have dedicated servers, there is not a single centralized governing body, but there is consensus among users. Since they are all crucial to the security and integrity of the network, membership in a particular cryptocurrency community is not only exciting but also an obligation. 📝 Regardless of which algorithm is selected for the coin, they all have a decisive common factor — the use of complete nodes to enforce rules and verify transactions. 📍 PZM Cash uses a two-level node structure:
Full node. A full node is a device with installed PZM Cash software, which stores the full current version of the blockchain. A full node can act as a consensus node (to participate in the creation of new blocks — to perform forging). The holder of a full node can actively participate in the formation of the blockchain, constantly grouping incoming transactions into blocks and distributing them over the network. A full node also acts as an audit node. In this context, a node regularly checks (and confirms) the forging results of other nodes and distributes the load across the network, acting as a kind of content delivery network (CDN) for blockchain data.
Light clients. The second type of nodes is light clients. They are called light because they do not have a full version of the blockchain and contain only the data that is important for the node, which allows you to limit the required amount of allocated memory on the HDD and processing power. For this reason, they are a good option to organize a dedicated cryptocurrency wallet. The light client stores only the data that is required to implement custom use cases
Adding Monero support to a P2P game, need some advice
Hello everyone, I'm currently in the process of adding Monero support to a peer-to-peer game I've been working on and would like to ask this community for some advice. The application has a few hard requirements that must be met:
The application must be able to create addresses and accompanying private keys internally (no CLI or external API). Preferably, these should be derived addresses using a master or main one (like HD wallets in Bitcoin).
The application must be able to generate raw transactions internally -- no CLI or or external API. For this part let's assume that the input UTXOs are going to be available somehow (from a database, for example).
The application must be able to sign raw transactions internally -- no CLI or or external API.
Monthly Nano News: December 2019 + Year Recap Special
This is what NANO has been up to lately. I don't think I lie if I say it has been quite an amazing year! See you soon and happy new year! Something nice is coming soon that I have been working on for a while, stay tuned..
PHP Script Casino Management System Online Casino Full Feature
The online casino software that we have created (also known as the Casino Management Platform) was built to provide all the required tools for any person that wants to create and manage an online casino. The first thing we had in mind when developing our product was security and scalability (we wanted our casino software to handle the growing amount of users and gameplays at any online casino that uses our platform). By doing a fast search on Google, you will find that PHP is used by more than 80% of the online websites today (including FaceBook, WikiPedia and Yahoo), a very important detail which convinced us to use it for our platform. Along with MySQL, one of the best database scripting languages, we managed to put together a system which is not only secure and scalable, but it is also very easy to use and offers many features for managing an online casino. We are working on our online casino software ever since Casinowebscripts.com was launched, in 2009. We have made many improvements to the platform by periodically optimizing its source code, implementing new features and making sure its functionality and security are flawless, so that today we can call it a complete casino software solution. Even so, the platform is still improved and monitored daily, in order to compete with the best casinos. Our online casino software comes with a fully detailed documentation file, which will guide the casino owner to install the platform, configure it and easily manage it. The documentation also offers details for further development using the source code which will be provided upon purchase. You will find out that our platform is not just a complete casino software solution, but it is also a very profitable management option. It can be used to track the payout of the games in real-time, the revenue of agents and to monitor all the profit generated by the casino. We do not ask for any monthly shares from the profit you will gain by using our management platform. If you buy our casino software, you will have full control over your casino (control your profit by adjusting the symbol distribution and paytable values and the payout percentage), as well as full privacy. All our products come with lifetime support included for free.
You will pay no monthly fees and no royalties for using our online casino software for casino management and website frontend;
The casino software and RNG have been certified by iTech Labs and BMM TestLabs. The delivered source code is GLI-19 certified code. This way, our products are compatible with any jurisdiction requirements;
Before launching your casino, we can reconfigure the payout(RTP) percentage of some of our games, to fit your requirements much better, if your jurisdiction allows these changes. Contact us for more details!
For an extra cost, you can use our RTP API to edit and recalculate the payout(RTP) of some of the slot games;
You will have full access to edit the graphics and HTML/CSS code of the casino software;
4 hours of free customizations are provided by our team; (this represents enough time for us to modify the casino to make it look unique)
Possibility of integration with BitCoin or any other online automated payment method (Skrill/ iPayDna/ NETELLE ClickAndBuy/ CoinBase).
Developer documentation, usage manual and lifetime technical support are included;
Scalable software to handle over 5000 (five thousand) gameplays per second, which equals to more than 1 million active users per month.
The casino software source code files and MYSQL database will be privately hosted on your server, with no dependency on our servers;
You can start bitcoin or real money casino with our products and change the currency in the future, from the backend administrator panel.
We offer you full privacy with your purchase and we will never mention your casino URL in our portfolios;
24 hour delivery — the casino software will be delivered in less than a day;
Over 190 areas in the backoffice administrator panel for detailed activity tracking and casino management;
Advanced search filters for generating reports in the administrator panel;
Transfer credit to players from backoffice administrator panel using the “Transfer Funds to User” feature;
Convert to PDF entire transaction pages or generate individual PDF invoices for each transaction;
Create operators/agents from the backoffice administrator panel and give them access rights to administrate your casino and to create players or subordinated staff to help them;
Free mobile responsive template included similar to the one from our demo site ;
Live administrator panel backend demo available on request (contact us for access);
Over 190 areas in the backoffice administrator panel for detailed activity tracking and casino management;
Advanced search filters for generating reports in the administrator panel;
Multi-language backend administrator panel (english ONLY by default. Over 24 other languages available for extra costs. You can see our rates lower on this page.);
Access to PHP source code related to layout/theme editing of the administrator panel;
Deny access to any IP or IP range, from accessing the casino website or the backoffice administrator panel (this feature can be managed from the backend backoffice administrator panel of the casino software);
Possibility to blacklist any IP, Credit Card, Email or Email domain. The blacklisted entries will show a warning to remember you that the user broke the casino terms and take measures in the future like banning the user from using bonus codes or banning his account for a limited time or not allowing him to make deposits through the blacklisted Credit Cards;
Possibility to set system limits like user daily deposits, user daily withdrawals, user session duration limit and more;
Possibility to backup the database of the casino software from the backoffice administrator panel;
Choose the desired currency for your casino, from the backoffice administrator panel. Add any currency that you wish (R$, JPY, CAD, BTC, LTC, RON,etc). Switch from USD to EURO or POINTS system (this is suggested for websites that do not own casino license);
The casino software can flag withdrawals that exceed large amounts (EG: flag withdrawals Over 1900 EUR), so that your staff can verify the user account for any suspicious activity;
Transfer credit to players from backoffice administrator panel using the “Transfer Funds to User” feature;
Transfer credit to agents/operators from backoffice administrator panel using “Transfer Funds to Agent” feature. Agents/Operators can login to their account after and transfer money to sub-agents or to players;
Detailed tracking reports with date filtering, generated by the casino software, based on GLI-19 requirements;
Convert to PDF entire transaction pages or generate individual PDF invoices for each transaction;
View a list containing all the events from your casino, in a single page, organised by date: big wins, deposits, withdrawals, jackpot wins, etc.;
View all the users that are currently logged in;
View all the staffs(agents or operators) that are currently logged in;
Log-out any online user (this can be done from the backoffice administrator panel), for avoiding unauthorised player account access;
Give a free ‘login bonus’, with rollover, to players that are loyal and enter their account daily. The bonus is given only once per 24hours. The bonus can be given through a wheel of fortune feature or it can be a fixed amount; The bonus amount is configurable from the administrator panel;
Give a free ‘registration bonus’, with rollover, to new players. The bonus is added automatically to each new player, upon registration. The bonus amount is configurable from the administrator panel. To prevent abuse, our multi-account detection tool will automatically disable the bonus status of any users that do not follow the rules of the casino;
Give free credit bonus to new players and set rollover limit needed to wager, in order to withdraw their credit;
Receive sound and visual notifications for new deposits/withdrawals/etc., while you are logged into the administrator panel;
View IP login history for each player;
View large set of statistics for each player (largest bet, total deposits, largest win, etc.);
View for how long each player played at your casino;
Operators can send in-game messages to a certain player or subagent, using the backoffice administrator panel;
Admin can send a mass-message to all the players of the casino, to inform them about promotions or other special deals. The players will see the message when opening any game or when accessing the lobby;
Admin can send a mass-message to all his subagents/staff, informing them about important actions;
All the actions of all the operators and agents are logged by the casino software, for security purposes;
You can see the legacy tree (also known as family tree) of all the agents/operators, to understand which agent created which subagent or player;
Add tags to the users based on their activity and actions at the casino. You can take advantage of the tag system to mark the high-roller users, new users, veterans, suspicious users for further usage;
Multiple game statistics and game customizations available from admin panel (see the profit of each game, payout statistics, set jackpot limit, change duration of a spin, and more);
Monitor which casino games were played for the longest time;
RNG functions implemented in the administrator panel of the casino software, allowing you to grant weekly/monthly jackpot prizes;
Agent/subagents pyramid affiliate system. The casino owner or master agent creates agents/subagents and sets share percentage for the agent created. Then each subagent can have subagents and sets the share percentage of the subagents, and so on. The parent agent can control only his subagents and his players and players/subagents of his subagents).
Create agents from the backoffice administrator panel that will bring revenue to your casino and they will keep their share of profit;
Create operators from the backoffice administrator panel and give them permissions (from the PERMISSIONS PAGE) to administrate your casino and to create agents and players;
Visual interface editor for the HTML email templates, allowing you to customize the structure and design of every email notification. This can be done from the backoffice administrator panel;
Detailed tracking statistics for signups, to determine the conversion rates of your campaigns and to see when players signed up more;
Detailed ranking statistics in the administrator panel to show which games were the most played and the most profitable ones;
Pie charts, column charts and line charts used for representations of the profit, withdrawals, deposits, transfers and many others, for a better visual overall of the casino activity;
Live profit evolution chart for the casino and for each player;
Geolocation map representations of signups, to see which country brought the most players;
Geolocation map representations of each deposit and withdrawal, to see which country brought the most money and profits to your casino;
Geolocation map representations of the login locations of each user;
Content Management System (CMS) with visual editor, to edit the content of any HTML page and the menu links of your casino website;
Advanced player retention including option to grant freespins (or bonus with wagering requirement) to a group of players (which can be filtered based on age, spending level, returning/loyal players), etc. More details can be viewed in our backend panel, by requesting demo access. It includes behaviour analysis and advanced reports for several segments of players.
UNIQUE Achievements feature (available as optional feature) which rewards each player for reaching certain milestones in each game.
UNIQUE Returning player rewards, granting credit with rollover requirement or freespins to returning players, for each day that they login (up to 31 days) after being absent from the casino for at least 30 days. The rewards are editable from the backend CMS;
Amazing news you might have missed (partnerships, new tools, new relationships)
I wanted to make this post right now when moral is (once again) at a low point. NANO is such a coin that is amazing and has an amazing community, yet it has to pass through many trials and tribulations to prove its own worth. Still NANO and the NANO FOUNDATION keeps on chugging, overcome each obstacle while only getting better. Yet the battle hasnt been won yet and we might face yet another dry season before rain season starts to happen. A lot of you are well aware of the upcoming technical updates (V19 and V20) as this usually is the main focus of both the foundation and this sub. Because of that and the whole LIBRA annoucement overwelming the community at large, the latest news on business opportunities, new relationships and even partherships that brings direct exposure to the (targeted) public have been overlooked. All of this has been talked about in the weekly update (this medium post). Now a quick note here (and a small jab to the community manager too) is that almost zero hype has been created from all of these GREAT news. If it was any other coin, even 1/10 of all these great changes would have been enough to cover the frontpage of CC and talked about in various blogposts/vlogs etc. We are talking about several Universities here that can have the option to use nano to pay for their lunch/coffee. That alone is HUGE and can be a great real life adoption as universities are places that usually are more friendlier towards innovation. Lets dissect the weekly post a bit more and follow the links up to see what the announcements really mean. In the light of focussing mainly on business orientated news (partnerships, exposure, new relationships etc.), some things ofc will be skipped: Interview Financial Times First what is mentioned is the interview of Colin with financial times currency correspondent Eva Szalay. Here is her page on the official website of the Financial Times UK: https://www.ft.com/stream/ff54f58c-6708-45fa-8c26-5b5baa7eb794 Now i cant find the interview yet, so i take it hasnt been published yet. Still, if this happens, it would mean great exposure as the FT is seen as a credible source of news. This would expose NANO to real investors alone. WIREX Afterwards, the CEO of WIREX spoke:
Wirex CEO Pavel Mateev took to the stage afterward to discuss some of the challenges his company has faced in working to bridge the gap between cryptocurrency and traditional fiat currencies over the last five years. Pavel also took some time to outline Wirex’s intent to expand its services beyond Europe — to North America, Asia, and even Africa.
The fact that Wirex, which also have adopted NANO, speaks at a NANO conference already speaks of measures. Wirex on that note alone can be seen as a 'partner' of NANO, i.e. one of NANO's partnerships. Its interesting to note Wirex also intends to expand in to Africa. For those who dont know what Wirex is, its a creditcard where you pay with crypto (and it says its accepted everywhere were visa is accepted too): https://wirexapp.com/ Within that context, NANO can already be used to buy regular things with through a creditcard from Wirex. This is yet another step for mainstream adoption. Kappture Still these are small things to consider (even though they do start to stack up!), the biggest announcement must be the partnership/adoption from Kappture:
Cutting-edge electronic point-of-sale device company, Kappture, presented their alpha integration of Nano into its merchant devices. The integration will mark the forward-thinking company’s first venture into offering users the opportunity to pay with cryptocurrency. With highly regarded institutions such as Saïd Business School and the University of West London among the users of the EPoS system, this integration will represent a significant step forward in the discovery of natural use cases of secure and decentralized cryptocurrency — with the ultrafast and fee-less transactions of Nano leading the way.
This might have been the biggest news of the week if Libra announcement didnt came out. Kappture adoption for NANO means exposure to a WILD range of publics. Please go to Kappture own website and see where there devices are being used. We are talking about: - The Championships Wimbledon - Football stadiums - Opera house - Cricket - Rugy - multiple universities (including Oxford) and business schools - Several business clients including Peugeot This is true adoption and major exposure to such a variety of people. These are mainly Europe/London based, which means NANO is set for adoption in the West (Europe). With wirex being a visa card where you can pay with NANO all over the world (as long as they accept visa), Kappture will give you the oppertunity to directly sell your NANO on several events/places through their ePOS system. If that wasnt enough the FOUNDATION has come with its own ePOS system, that is crypto agnostic (i.o.w. it accepts all crypto) yet still is secure and private: Appia
The much-anticipated unveiling of the Appia payment ecosystem capped the days' proceedings. Appia is a crypto agnostic service providing, amongst many other things, signed payment requests for strong customer protection. Built on the new Manta protocol, Appia focuses on security, privacy, and multi-channel capability. Appia will help simplify the process of both paying with cryptocurrency as a consumer and accepting it as a merchant.
This is not only amazing news for NANO, this is amazing news for the WHOLE crypto community! If it is cheap to make and easy to setup (targets that can be worked on), it could spread adoption all over the world. Africa Colin himself have said that developing countries will also become a business focus for the NANO foundation. Certain African countries already use digital cash called m-pesa and some have already become the first cashless society of earth. Its one of the reasons why Africa is very promising for blockchain currencies (as they can be trustless/permisionless/secure unlike m-pesa). Not only that, with Appia, Wirex and ofc the current (mobile/web) wallets and its tech, NANO FOUNDATION has strong tools for adoption in Africa. Possible second layer privacy option Now just think about NANO having a second layer privacy mixer (copying from the BANANO devs), and its hard not to be exited: https://medium.com/banano/introducing-camo-banano-bananos-privacy-layer-98a5bb0ecdb1. The library is already there. It can't be that hard to implement it, though its smart to first wait out and see how it works on BANANO (ironing all the bugs out) before implementing it on NANO. This is a fine example why it is extremely good for NANO to have a fork like BANANO, as it can become a testing ground for new tech (we really should be happy and Co exist/co work with each other in that front in my opinion). This is part from the BANANO medium post, but its well worth to mention, especially the last part:
These all on their own are worthy of their own medium post and should be talked about in vlogs/blogs etc. And i do wonder, with such wonderful news, why this all has been kept in a short medium post with not that even a lot of claps. These are major announcement yet are being kept quite for some reason. Maybe there is a reason for it though. As Libra has come and Bitcoin is taking off, maybe the marketing crew is abiding their time before dropping these bombs in to the public. Also, like i said, NANO is going to have to endure one last test, one last difficult price depression, before it has the chance to spread it wings. TLDR: - Financial times UK interview (exposure to serious investors) - Wirex being a serious partner of NANO (also, paying with NANO world wide everywhere VISA is accepted!) - Kappture partnership that includes exposure to several football/cricket/rugby clubs, theaters, universities (including Oxford), and other business (like Peugeot) - with this a good part of the Western/UK demography gets targeted, meaning immense exposure in the UK. - Appia device, agnostic crypto ePOS to lower the bar accepting crypto in your store World Wide - Oppertunities in Africa - Possible second layer mixer for privacy option (through BANANO development)
"Do you need a Blockchain?" - this paper is fantastic, everyone should read this before evaluating a coin and if requires a block chain to solve a solution the coin is promising to solve. (136 points, 41 comments)
Do any of you foresee a crypto being widely adopted as a general purpose payment coin? nano, btc, btccash etc (take your pick). I think it won't happen for reasons in this post. What do you think? (59 points, 54 comments)
Noticed the huge rise of EOS lately what does it have over NEO and ethereum and to a lesser extent Cardano? I tried researching it, but wasn't sold. (54 points, 55 comments)
Hard Problems in Cryptocurrency: Five Years Later ~Vitalik (46 points, 1 comment)
I had a Q&A with Bruno head architect / CEO of oyster, thought you guys might like it. (45 points, 2 comments)
A good article that explains in simple terms how Eth2 works, how it will be rolled out and migrated from eth1 (42 points, 4 comments)
DAI the stablecoin can now be transferred GAS free (article explaining how it works via new MCD DAI contract). This holds alot of promise for the so called "Web3" (40 points, 8 comments)
Veriblock is consuming 27% of bitcoins block space - what does this mean for bitcoins future? (39 points, 16 comments)
Vitalik: Alternative proposal for early eth1 <-> eth2 merge (38 points, 3 comments)
Is launching a PoW permissionless blockchain still possible today? or would it be too susceptible to a 51% attack? (37 points, 37 comments)
Technical comparison of LIGHTNING vs TANGLE vs HASHGRAPH vs NANO (133 points, 37 comments)
Addressing Nano's weaknesses (bandwidth usage and disk IO). Nano voting traffic to be reduced by 99.9% by implementing vote by hash, lazy bootstrapping, and reduced vote rebroadcasting (x-post CryptoCurrency) (78 points, 8 comments)
Emergent centralization due to economies of scale (PoW vs DPoS) – Colin LeMahieu (52 points, 37 comments)
Nano community member developing a distributed "mining" service to pay people to do PoW for third-parties (e.g. exchanges, light wallet services, etc) (32 points, 20 comments)
What do you think about OpenCAP, the cryptocurrency alias protocol that mirrors traditional email addresses? (15 points, 12 comments)
Bitcoin would be a calamity, not an economy (11 points, 52 comments)
Part 5. I'm writing a series about blockchain tech and possible future security risks. This is the fifth part of the series talking about an advanced vulnerability of BTC. (43 points, 43 comments)
I'm writing a series about blockchain tech and possible future security risks. This is the third part of the series introducing Quantum resistant blockchains. (36 points, 4 comments)
Part 4B. I’m writing a series about blockchain tech and possible future security risks. This is the fourth part of the series explaining the special quality of going quantum resistant from genesis block. (25 points, 21 comments)
Part 6. (Last part) I'm writing a series about blockchain tech and possible future security risks. Failing shortcuts in an attempt to accomplish Quantum Resistance (24 points, 38 comments)
I'm writing a series about blockchain tech and possible future security risks. This is the first part of the series introducing the basic concept of blockchain and what makes it reliable. (23 points, 10 comments)
I'm writing a series about blockchain tech and possible future security risks. This is the fourth part of the series explaining the special quality of going quantum resistant from genesis block. (7 points, 1 comment)
Part 2. I'm writing a series about blockchain tech and possible future security risks. This is the second part of the series: An accessible description of hashing and signature schemes. (5 points, 0 comments)
Everytime I try to investigate the technology behind Cardano(Ada), I come across the words "scientific" and "peer-reviewed" over and over but almost no actual details. Can someone fill how this coin actually works and where they are in development? (126 points, 49 comments)
"Do you need a Blockchain?" - this paper is fantastic, everyone should read this before evaluating a coin and if requires a block chain to solve a solution the coin is promising to solve. by Neophyte- (136 points, 41 comments)
Technical comparison of LIGHTNING vs TANGLE vs HASHGRAPH vs NANO by Qwahzi (133 points, 37 comments)
Everytime I try to investigate the technology behind Cardano(Ada), I come across the words "scientific" and "peer-reviewed" over and over but almost no actual details. Can someone fill how this coin actually works and where they are in development? by RufusTheFirefly (126 points, 49 comments)
160 points: holomntn's comment in ELI5: Why did it take so long for blockchain technology to be created?
121 points: KnifeOfPi2's comment in How do we change the culture around cryptocurrency?
105 points: theglitteringone's comment in Outside of currency and voting, blockchain is awful and shouldnt be used. Can anyone explain where blockchain is worth the cost?
102 points: benthecarman's comment in If crypto now is like 'the Internet' of the past, where are we?
96 points: pegasuspect93's comment in If crypto now is like 'the Internet' of the past, where are we?
95 points: bannercoin's comment in Realistically, why would anybody expect the startup crypto platforms to beat out the corporate giants who are developing their own Blockchain as a Service (BaaS) solutions? Ex. IBM, SAP, JP Morgan...
83 points: AlexCoventry's comment in Ethereum private key with all zeroes leads to an account with 5000$ on it
82 points: deleted's comment in Is blockchain really useful ?
Church Of Monero: Enough is enough - How the leader of the Church tried to fool the community to make look like the Church is organizing the Monero Konferenco and even adding his own Monero address on the flyer (166 points, 268 comments)
[URGENT]Call for translators! - We have two days to submit as many translations as possible for the next release of the GUI wallet! We need your help! (123 points, 46 comments)
Monero translators, we need you to make one final sprint! The code freeze is imminent. (112 points, 15 comments)
I tell a lot of people about Monero who don't know anything about crypto and they instantly get it. They ask me the same thing over and over, so why do people still use Bitcoin? (127 points, 119 comments)
How trustyworthy is the Cake wallet for iOS? (80 points, 43 comments)
Why don't other coin devs like talking about fungibility? They seem to shrug it off even though it's a necessary component to being a currency. (77 points, 85 comments)
Temporal Price Drop: IPFS Storage That's Cheaper Than Digital Ocean Block Storage ($0.07/gb) 🚀
Hey /ipfs! As of last night a new update was deployed for Temporal that reduced storage pricing to $0.07/gb, which is cheaper than Digital Ocean block storage! We've got quite a lot of different tools that you can use, which when combined with the cheap pricing make Temporal the cheapest and full-featured "IPFS As A Service" platforms 🔥 Things you can do with the API:
IPFS Key Management
IPFS File Uploads and Pinning
IPFS Search Engine
We also have some experimental features in our development environment that you can try out for free!
IPFS Private Network Management
IPFS HTTP API Proxy
IPFS Folder Uploads
There's also a few tools that you can use to make integration with Temporal easier:
We've got in-depth documentation at https://gateway.temporal.cloud/ipns/docs.api.temporal.cloud, or you can view it across any gateway with /ipns/docs.api.temporal.cloud Temporal is primarily API driven, and that is the recommended way of using Temporal. Alternatively we offer a web interface. The api resides at https://api.temporal.cloud with details on using it in the previously mentioned documentation. Alternatively the web interface resides at https://temporal.cloud. We also have a public chat room via Telegram and have a pretty helpful team that should be able to answer any questions you might have. To top it off, Temporal, our search engine, and private network management tools as well as a bunch of other useful repositories are open-source and available on github We also have a few experimental services to look forward to:
Custom-built IPFS nodes
Website hosting on IPFS (similar to what Cloudflare does)
Website mirroring (automatic mirroring of websites published on IPFS)
High performance IPNS overlay
If anyone has any questions about this post I'd be happy to answer them.
Lastupdated2018-01-29 This post is a collaboration with the Bitcoin community to create a one-stop source for Lightning Network information. There are still questions in the FAQ that are unanswered, if you know the answer and can provide a source please do so!
Lightning Network White Paper - The protocol has changed since this original paper, but covers the mid-level mechanics of the Lightning Network with an emphasis on the smart contracts that make it trustless
If you can answer please PM me and include source if possible. Feel free to help keep these answers up to date and as brief but correct as possible
Is Lightning Bitcoin?
Yes. You pick a peer and after some setup, create a bitcoin transaction to fund the lightning channel; it’ll then take another transaction to close it and release your funds. You and your peer always hold a bitcoin transaction to get your funds whenever you want: just broadcast to the blockchain like normal. In other words, you and your peer create a shared account, and then use Lightning to securely negotiate who gets how much from that shared account, without waiting for the bitcoin blockchain.
Is the Lightning Network open source?
Yes, Lightning is open source. Anyone can review the code (in the same way as the bitcoin code)
Who owns and controls the Lightning Network?
Similar to the bitcoin network, no one will ever own or control the Lightning Network. The code is open source and free for anyone to download and review. Anyone can run a node and be part of the network.
I’ve heard that Lightning transactions are happening “off-chain”…Does that mean that my bitcoin will be removed from the blockchain?
No, your bitcoin will never leave the blockchain. Instead your bitcoin will be held in a multi-signature address as long as your channel stays open. When the channel is closed; the final transaction will be added to the blockchain. “Off-chain” is not a perfect term, but it is used due to the fact that the transfer of ownership is no longer reflected on the blockchain until the channel is closed.
Do I need a constant connection to run a lightning node?
Not necessarily, Example: A and B have a channel. 1 BTC each. A sends B 0.5 BTC. B sends back 0.25 BTC. Balance should be A = 0.75, B = 1.25. If A gets disconnected, B can publish the first Tx where the balance was A = 0.5 and B = 1.5. If the node B does in fact attempt to cheat by publishing an old state (such as the A=0.5 and B=1.5 state), this cheat can then be detected on-chain and used to steal the cheaters funds, i.e., A can see the closing transaction, notice it's an old one and grab all funds in the channel (A=2, B=0). The time that A has in order to react to the cheating counterparty is given by the CheckLockTimeVerify (CLTV) in the cheating transaction, which is adjustable. So if A foresees that it'll be able to check in about once every 24 hours it'll require that the CLTV is at least that large, if it's once a week then that's fine too. You definitely do not need to be online and watching the chain 24/7, just make sure to check in once in a while before the CLTV expires. Alternatively you can outsource the watch duties, in order to keep the CLTV timeouts low. This can be achieved both with trusted third parties or untrusted ones (watchtowers). In the case of a unilateral close, e.g., you just go offline and never come back, the other endpoint will have to wait for that timeout to expire to get its funds back. So peers might not accept channels with extremely high CLTV timeouts. -- Source
What Are Lightning’s Advantages?
Tiny payments are possible: since fees are proportional to the payment amount, you can pay a fraction of a cent; accounting is even done in thousandths of a satoshi. Payments are settled instantly: the money is sent in the time it takes to cross the network to your destination and back, typically a fraction of a second.
Does Lightning require Segregated Witness?
Yes, but not in theory. You could make a poorer lightning network without it, which has higher risks when establishing channels (you might have to wait a month if things go wrong!), has limited channel lifetime, longer minimum payment expiry times on each hop, is less efficient and has less robust outsourcing. The entire spec as written today assumes segregated witness, as it solves all these problems.
Can I Send Funds From Lightning to a Normal Bitcoin Address?
No, for now. For the first version of the protocol, if you wanted to send a normal bitcoin transaction using your channel, you have to close it, send the funds, then reopen the channel (3 transactions). In future versions, you and your peer would agree to spend out of your lightning channel funds just like a normal bitcoin payment, allowing you to use your lightning wallet like a normal bitcoin wallet.
Can I Make Money Running a Lightning Node?
Not really. Anyone can set up a node, and so it’s a race to the bottom on fees. In practice, we may see the network use a nominal fee and not change very much, which only provides an incremental incentive to route on a node you’re going to use yourself, and not enough to run one merely for fees. Having clients use criteria other than fees (e.g. randomness, diversity) in route selection will also help this.
What is the release date for Lightning on Mainnet?
Would there be any KYC/AML issues with certain nodes?
Nope, because there is no custody ever involved. It's just like forwarding packets. -- Source
What is the delay time for the recipient of a transaction receiving confirmation?
Furthermore, the Lightning Network scales not with the transaction throughput of the underlying blockchain, but with modern data processing and latency limits - payments can be made nearly as quickly as packets can be sent. -- Source
How does the lightning network prevent centralization?
How would the lightning network work between exchanges?
Each exchange will get to decide and need to implement the software into their system, but some ideas have been outlined here: Google Doc - Lightning Exchanges Note that by virtue of the usual benefits of cost-less, instantaneous transactions, lightning will make arbitrage between exchanges much more efficient and thus lead to consistent pricing across exchange that adopt it. -- Source
How do lightning nodes find other lightning nodes?
Does every user need to store the state of the complete Lightning Network?
According to Rusty's calculations we should be able to store 1 million nodes in about 100 MB, so that should work even for mobile phones. Beyond that we have some proposals ready to lighten the load on endpoints, but we'll cross that bridge when we get there. -- Source
Would I need to download the complete state every time I open the App and make a payment?
No you'd remember the information from the last time you started the app and only sync the differences. This is not yet implemented, but it shouldn't be too hard to get a preliminary protocol working if that turns out to be a problem. -- Source
What needs to happen for the Lightning Network to be deployed and what can I do as a user to help?
Lightning is based on participants in the network running lightning node software that enables them to interact with other nodes. This does not require being a full bitcoin node, but you will have to run "lnd", "eclair", or one of the other node softwares listed above. All lightning wallets have node software integrated into them, because that is necessary to create payment channels and conduct payments on the network, but you can also intentionally run lnd or similar for public benefit - e.g. you can hold open payment channels or channels with higher volume, than you need for your own transactions. You would be compensated in modest fees by those who transact across your node with multi-hop payments. -- Source
Is there anyway for someone who isn't a developer to meaningfully contribute?
Sure, you can help write up educational material. You can learn and read more about the tech at http://dev.lightning.community/resources. You can test the various desktop and mobile apps out there (Lightning Desktop, Zap, Eclair apps). -- Source
Do I need to be a miner to be a Lightning Network node?
Do I need to run a full Bitcoin node to run a lightning node?
lit doesn't depend on having your own full node -- it automatically connects to full nodes on the network. -- Source LND uses a light client mode, so it doesn't require a full node. The name of the light client it uses is called neutrino
How does the lightning network stop "Cheating" (Someone broadcasting an old transaction)?
Upon opening a channel, the two endpoints first agree on a reserve value, below which the channel balance may not drop. This is to make sure that both endpoints always have some skin in the game as rustyreddit puts it :-) For a cheat to become worth it, the opponent has to be absolutely sure that you cannot retaliate against him during the timeout. So he has to make sure you never ever get network connectivity during that time. Having someone else also watching for channel closures and notifying you, or releasing a canned retaliation, makes this even harder for the attacker. This is because if he misjudged you being truly offline you can retaliate by grabbing all of its funds. Spotty connections, DDoS, and similar will not provide the attacker the necessary guarantees to make cheating worthwhile. Any form of uncertainty about your online status acts as a deterrent to the other endpoint. -- Source
How many times would someone need to open and close their lightning channels?
You typically want to have more than one channel open at any given time for redundancy's sake. And we imagine open and close will probably be automated for the most part. In fact we already have a feature in LND called autopilot that can automatically open channels for a user. Frequency will depend whether the funds are needed on-chain or more useful on LN. -- Source
Will the lightning network reduce BTC Liquidity due to "locking-up" funds in channels?
When setting up a Lightning Network Node are fees set for the entire node, or each channel when opened?
You don't really set up a "node" in the sense that anyone with more than one channel can automatically be a node and route payments. Fees on LN can be set by the node, and can change dynamically on the network. -- Source
Can Lightning routing fees be changed dynamically, without closing channels?
Yes but it has to be implemented in the Lightning software being used. -- Source
How can you make sure that there will be routes with large enough balances to handle transactions?
You won't have to do anything. With autopilot enabled, it'll automatically open and close channels based on the availability of the network. -- Source
How does the Lightning Network stop flooding nodes (DDoS) with micro transactions? Is this even an issue?
The bitcoinj library is a Java implementation of the Bitcoin protocol, which allows it to maintain a wallet and send/receive transactions without needing a local copy of Bitcoin Core. It comes with full documentation and some example apps showing how to use it. Technologies. Java 7+ and Gradle 4.4+ for the core module Authentication in BitPay's API utilizes a specialized identification scheme, BitAuth Identity Protocol. BitAuth uses the same technology in Bitcoin. A public private key pair is created using elliptic curve secp256k1. The public SIN (System identification number), like a bitcoin address, is the RIPEMD 160, SHA256 hash of the public key. Bitcoin API for Banks and PSPs. Together with Confirmo.net and MyTrezor.com we have built a unique solution for the FinTech sector. Our product enables integration of blockchain related services (payments, trading and money transmitting) to the existing environment of Banks and Financial Institutions. BitcoinAverage API integration examples. Examples of how to integrate with our API in various langauges. BitcoinAverage Packages. We have published our own npm and pip packages that do the heavy lifting for you (authentication, handling requests, remembering the full urls). The Gem Bitcoin Ruby Library by BitVault allows developers to integrate the Gem Bitcoin API's methods into their Ruby applications. Bitcoin: 04.15.2015: Gem Bitcoin Java Library by BitVault: The Gem Bitcoin Java Library by BitVault allows developers to access the Gem Bitcoin API from their Java applications.
Call External REST API in Oracle Integration Cloud
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