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netowrk should be network

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netowrk should be network
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Hugo Doyon 2020-05-14 13:30:39 -04:00 committed by GitHub
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@ -372,7 +372,7 @@ These messages will only be forwarded about four times a day for every channel t
The gossip protocol also comes with a variety of queries and tools to initially synchronize a node with the view of the network or to update the node's view after being offline for a while.
We will investigate the details of the gossip protocol in a later chapter.
For now it is only important to know that it exists and that it is used to share topology information of the Lightning Network with its participants.
This topology information is crucially needed for delivering payments through the network of payment channels.
This topology information is crucually needed for delivering payments through the network of payment channels.
[NOTE]
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@ -461,7 +461,7 @@ This makes development a little bit tricky as one cannot easily monitor one's ow
As long as a person follows the protocol and has their node secured, there is no major risk of losing funds when participating in the Lightning Network.
However, there is the cost of paying on-chain fees when opening a channel.
Any cost should come with a corresponding benefit.
In our case the reward for Alice for bearing the cost of opening a channel is that Alice can send and receive payments of bitcoin on the Lightning Network at any time and that she can earn fees in bitcoin by forwarding payments for other people.
In our case the reward for Alice for bearing the cost of opening a chennel is that Alice can send and receive payments of bitcoin on the Lightning Network at any time and that she can earn fees in bitcoin by forwarding payments for other people.
Alice knows that in theory Bob can close the channel immediately after opening resulting in on-chain closing fees for Alice.
Alice will need to have a small amount of trust in Bob.
Alice has been to Bob's Cafe and clearly Bob is interested in selling her coffee, so Alice can trust Bob in this sense.
@ -512,7 +512,7 @@ If there are more transactions in the queue (called the mempool) than can fit in
Thus, if there are many transactions in the queue, users will have to pay a higher fee to be included in the next block, or they will have to wait until there are fewer transactions in the queue.
This naturally leads to the creation of a fee market where users pay based on how urgently they need their transaction included in the next block.
The scarce resource on the Bitcoin network is the space in the blocks. Bitcoin users compete for block space. And the Bitcoin fee market is based on available block space. The scarce resource in the Lightning netowrk is the capacities on the channels and channel connectivity. Lightning users compete for capacity and connectivity. The Lightning fee market is driven by capacity and connectivity.
The scarce resource on the Bitcoin network is the space in the blocks. Bitcoin users compete for block space. And the Bitcoin fee market is based on available block space. The scarce resource in the Lightning network is the capacities on the channels and channel connectivity. Lightning users compete for capacity and connectivity. The Lightning fee market is driven by capacity and connectivity.
On the Lightning Network, users are paying fees to the users routing their payments. Routing a payment in economic terms is nothing else than providing and assigning capacity to the payer.
Different routers will charge different fees for routing through their channels.