Crypto

Bitcoin at the Speed ​​of Light, an Introduction to the Lightning Network 🎙 Fanis Michalakis

An introduction to the Lightning Network. The number of possible transactions in the Bitcoin network is limited 😲 This conscious design choices which aims to decentralize the network as much as possible for its long-term survival. I’ll explain this choice in more detail in episode 5.

The Lightning Network is committed to remove this limitation ⚡. It is a network parallel to the Bitcoin network, in which the number of transactions is no longer limited.

Ok, how does it work?

In this episode we meet Fanis Michalakis which produced the hit series Understanding the Lightning Network.

Fanis comes to share his experience with us and give us the first clues to understand this new tool. We’ll talk about how Lightning works, flaws, sources of vulnerability, and thus get a first glimpse of what the Lightning Network is. Let’s start the series by discussing blockchain nonsense and his mirages 💩.

Have a nice listening! 🎧

Lightning Resources

Below, I’ll share with you a series of resources Fanis mentioned in the episode to be able to explore Lightning in more depth.

Schedule

  • 02:20 – Introduction
  • 06:11 – Blockchain bullshit
  • 10:30 – What are your plans at the moment?
  • 13:05 – What problem does Lightning solve?
  • 14:30 – Lightning = Triangle?
  • 15:50 – How does this system work?
  • 17:45 – Payment channel = magic box 📦🧙‍♂️
  • 20:00 – How do I get my Lightning payment?
  • 21:30 – Lightning is a web
  • 26:56 – Nodes choose commissions
  • 28:00 – How do I sign out of the Lightning Network?
  • 30:00 – How do we manage conflicts?
  • 33:56 – The user retains control over his funds
  • 35:25 – Maximum 21M Bitcoins on Lightning
  • 37:39 – What are the sources of Lightning weakness?
  • 47:10 – Summary and additional information
  • 51:45 – Where can I find Fanis?
  • 52:38 – CDI for Fanis?
  • 54:00 – The last word?

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