Explained Bitcoin’s Lightning Network
For Bitcoin Wednesday’s 5-year anniversary on 4-5 July, 2018, software developer Cezary Dziemian will give a presentation about Bitcoin’s Lightning Network.
Cezary writes, “The Lightning Network is an advanced and complicated technology built on top of the blockchain, which is itself an advanced and complicated technology. However, the basic rules behind them are easy to understand if explained without trying to go too deeply.”
During his talk, Cezary will play a game with the audience so that everyone can understand the basics behind Lighting Network technology. At the beginning of this game, he will demonstrate the Lightning Network with volunteers from the audience acting as nodes. Then he will demonstrate how one person can transfer value to another person just by signing contracts between them.
He will continue his presentation by showing how and when we can already make payments using the Lightning Network today. For example, do you want to get more credits for our mobile phone? Or maybe pay just EUR 0.01 to read an article? No problem with the Lightning Network. It is even possible to draw something on a global, shared white board, and pay only 1 satoshi per pixel, which in 2018 is just a fraction of a cent. What about receiving payments? Although that activity can be a little bit harder, it is also something you can do today. By the end of Cezary’s talk you will also know how to receive payments effectively.
Cezary Dziemian is a Polish software developer who started LightningNetwork.pl to share his knowledge about the Lightning Network with the developer community in Poland. In 2018 he integrated the Lightning Network with BTCDuke, creating the first Bitcoin-to-Fiat exchange anywhere in the world to accept Lightning Network deposits and withdrawals. He is currently working on introducing Lightning to a growing network of ATM coins in Poland, and is also working on an open-source protocol on top of Lightning to make it easier to manage payment channels as well as to facilitate receiving payments.