Bitcoin’s Lightning Network is giving Bitcoin at least an inkling of a shot at mass adoption. But there’s still a lot of work to do to make the payment network easier to use, more secure and more private. mehmehturtle reports:
Additionally, Bitcoin tech startup BlockstreamWithout going into too much detail, the Lightning Network is composed of pathways called “channels” that are kind of like a bank account allowing users to send Lightning transactions. A Lightning channel is composed of two parties. Usually when such a channel is opened, only one side has funds.
“Anchor outputs” is a feature concocted to make it possible to bump up such a fee. The Lightning Network’s three leading code implementations LND, C-lightning and Eclair all implemented anchor outputs in some form in 2021. But even anchor inputs don’t solve the whole problem of closing fees. When a Lightning Network’s closing transaction fee gets bumped up, there’s a possible security issue. By way of a fee-bumping technique known as “Child Pays For Parent” , a so-called “child” transaction pays too little for a fee, and so a “parent” transaction spends the same coins as the child it’s referring to, bumping up the fee.
This is a different transaction flow than the one users experience on Bitcoin’s main chain, where they can post a static Bitcoin address to collect donations, for example. has offered a way around this issue so that a user could accept multiple payments using the same Lightning invoice. But this year another proposal gained steam . It’s known as “offers,” championed by Blockstream Lightning developer Rusty Russell and standardized in
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