The Lightning Network

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by Joseph Poon and Thaddeus Dryja | 2015-02-23


A presentation at a 2015 San Francisco Bitcoin developers meetup discussing Bitcoin's scaling problems and potential solutions. Explains payment channels and hashed time-lock contracts.



Blockchain transactions can be circuits instead of packets: Only uncooperative channels get broadcast early on the blockchain Nearly all transactions occur off-chain securely with near-zero custodial default risk Creating new channels are infrequent

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