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More "LN" to "Lightning Network" fixes

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Andreas M. Antonopoulos 2020-02-14 10:16:29 -06:00
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01_introduction.asciidoc
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@ -2,8 +2,9 @@
[[intro_what_is_the_lightning_network]] [[intro_what_is_the_lightning_network]]
== Introduction == Introduction
Welcome to Mastering the Lightning Network or "LN" as we'll call it throughout the book! Welcome to Mastering the Lightning Network (LN)!
The LN is a protocol for using Bitcoin in a smart and non obvious way.
The Lightning Network is a protocol for using Bitcoin in a smart and non obvious way.
Thus it is a second layer technology on top of Bitcoin. Thus it is a second layer technology on top of Bitcoin.
It is changing the way people exchange value online and it's one of the most exciting advancements to happen to the Bitcoin network over the past few years. Right now, LN is in its infancy. In concept it's about 5 years old, in implementation about 3 years old. We're only beginning to see the opportunities LN provides including improved privacy, speed, and scale. With core knowledge of LN, you can help shape the future of the network while building opportunities for yourself as well. Some basic knowledge about Bitcoin is assumed but can be readily acquired by reading the first two chapters of _Mastering Bitcoin_ which are available for free online. It is changing the way people exchange value online and it's one of the most exciting advancements to happen to the Bitcoin network over the past few years. Right now, LN is in its infancy. In concept it's about 5 years old, in implementation about 3 years old. We're only beginning to see the opportunities LN provides including improved privacy, speed, and scale. With core knowledge of LN, you can help shape the future of the network while building opportunities for yourself as well. Some basic knowledge about Bitcoin is assumed but can be readily acquired by reading the first two chapters of _Mastering Bitcoin_ which are available for free online.
@ -23,7 +24,7 @@ Scalable Off-Chain Instant Payments" (https://lightning.network/lightning-networ
The Lightning Network proposes a new network, a "second layer", where users can make payments to each other peer-to-peer, without the necessity to publish a transaction to the Bitcoin blockchain every time. The Lightning Network proposes a new network, a "second layer", where users can make payments to each other peer-to-peer, without the necessity to publish a transaction to the Bitcoin blockchain every time.
Users may pay each other on the Lightning Network as many times as they want, making use of the Bitcoin blockchain only in order to load bitcoin onto the network initially and to "settle", that is: remove bitcoin from the Lightning Network. Users may pay each other on the Lightning Network as many times as they want, making use of the Bitcoin blockchain only in order to load bitcoin onto the network initially and to "settle", that is: remove bitcoin from the Lightning Network.
The result is that many more Bitcoin payments can take place "off-chain", with only the initial loading and final settlement transactions needing to be validated and stored by Bitcoin nodes. The result is that many more Bitcoin payments can take place "off-chain", with only the initial loading and final settlement transactions needing to be validated and stored by Bitcoin nodes.
Aside from reducing the burden on nodes, payments on the LN will be cheaper for users as they do not need to pay blockchain fees, and more private for users as they are not published to all participants of the network. Aside from reducing the burden on nodes, payments on the Lightning Network will be cheaper for users as they do not need to pay blockchain fees, and more private for users as they are not published to all participants of the network.
While the Lightning Network was initially conceived for Bitcoin, it can be implemented on any blockchain that meets its technical requirements. While the Lightning Network was initially conceived for Bitcoin, it can be implemented on any blockchain that meets its technical requirements.
@ -37,7 +38,7 @@ Blockchain:: A distributed transaction ledger, produced by a network of computer
Transaction:: A data structure that records the transfer of control over some funds (e.g. some bitcoin). The Lightning Network relies on Bitcoin transactions (or those of another blockchain), to track control of funds. Transaction:: A data structure that records the transfer of control over some funds (e.g. some bitcoin). The Lightning Network relies on Bitcoin transactions (or those of another blockchain), to track control of funds.
Payment:: When value is exchanged on the LN we call this a payment as the term Transaction is the technical term for entries on the Bitcoin Blockchain. Payment:: When value is exchanged on the Lightning Network we call this a payment as the term Transaction is the technical term for entries on the Bitcoin Blockchain.
Payment Channel:: A _financial relationship_ between two nodes on the Lightning Network, typically implemented by multi-signature Bitcoin transactions that share control over bitcoin between the two Lightning nodes. Payment Channel:: A _financial relationship_ between two nodes on the Lightning Network, typically implemented by multi-signature Bitcoin transactions that share control over bitcoin between the two Lightning nodes.