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In the previous Bitcoin lightning, payment channels had to be set up, managed and maintained, which was usually only accomplished by technically skilled individuals or companies. Often centralized and custodial. The system described here uses smart contracts, HTLCs, which can manage the Lightning system for everyone via intuitive user interfaces.
More articles about this can be found at hackernoon.com/u/ckb
@Wave This was basically describing why the #LightningNetwork exists and how it works. Until it fell off a cliff entirely with the idea of using stablecoins, which are literally the opposite of peer to peer money.
If you want something with completely p2p, private, and offline sending/receiving, where the token trust is centralized, then just use Cashu or Fedimint, where anyone can run a mint, and you can still send to everyone else via Lightning. That is fully p2p.
P2P Economy - A Peer-to-Peer Electronic Cash System.
cross-posted from: https://monero.town/post/5362939
P2P Economy
- A Peer-to-Peer Electronic Cash System.
As we all know, Bitcoin, the origin of blockchain, is widely recognized as the most decentralized blockchain and the most valuable cryptocurrency. However, few people realize that in the Bitcoin whitepaper, Satoshi Nakamoto never mentioned “blockchain” nor “decentralization.” Instead, he used the term “peer-to-peer” (P2P), even placing it directly in the title — “Bitcoin: A Peer-to-Peer Electronic Cash System.”
A P2P service is a decentralized platform whereby two individuals interact directly with each other without a third-party intermediary. When we return to first principles and rethink what blockchain truly is, one straightforward explanation comes to mind — blockchain is essentially a P2P network.
The truth is, what we refer to as “on-chain” is actually the consensus layer built on top of the P2P network. However, many business processes don’t need
Why UTXO Matters: Security, Privacy, and Scalability in BTC Ecosystem
cross-posted from: https://monero.town/post/3546999
Why UTXO Matters: Security, Privacy, and Scalability in BTC Ecosystem
I have a lot of Bitcoins for sale, do you need them?
@bitcoin I have a lot of Bitcoins for sale, do you need them?
Permanently Deleted
Can one tweet disrupt financial markets globally? The hacking of the @secgov account this week turned the price upside down and, in the process, has shown us why it is necessary to tread
Can one tweet disrupt financial markets globally? The hacking of the @secgov account this week turned the @bitcoin price upside down and, in the process, has shown us why it is necessary to tread carefully in these digital worlds 👇🏼
https://www.tarlogic.com/blog/cryptocurrency-fraud-social-media-hacking/