Why my channel with Dagnela 🦄 Hunter 740232x2938x1 missing from this site? It shows up on Thunderhub. wxncxoao56wshw2vcsyd3jjtatistwvunrmogltid4upp5k32q4liyid.onion:9735
Discover the power of the Bitcoin LightningNetwork. It offers safety, wide acceptance, speed, low fees, privacy, scalability, and opportunities for innovation.
Here the 7 things LN does really well:
1. Safe
The Lightning Network (LN) runs on Bitcoin, the world's most powerful computer network. Bitcoin provides safety & security that can't be beaten. Built on a solid foundation, LN ensures the safety of your transactions.
Safe bitcoin foundations
2. Accepted
Denominated in Bitcoin, the satoshis over LN are widely accepted & recognized globally. This makes it easy to use for online transactions to buy many products and services and use it increasingly in real life too!
Lighting payments are widely accepted online
3. Fast
Lightning-fast transactions! The off-chain nature of the Bitcoin Lightning Network means your transactions are completed in mere seconds. Time is money, after all.
LN transactions are fast
4. Cheap
Say goodbye to hefty mining fees! The Lightning Network offers cheap transactions at just a few satoshis per transaction. Keep more of your hard-earned sats.
LN transactions are cheap
5. Private
Privacy matters! With the Bitcoin Lightning Network, transactions remain confidential as they're not on the public blockchain. Secure your privacy while transacting.
LN transactions offer high degree of privacy
6. Scaleable
The Lightning Network scales to global levels! Information is only stored on involved computers & discarded when channels close, enabling massive scalability.
LN scales to global levels
7. Innovative
Build upon the Bitcoin Lightning Network. It enables various L3 innovations like authentication, assets, BiFi, payment streaming, and more. Unleash your creativity!
The Bitcoin Lightning Network (LN) has emerged as a game-changing solution in the world of crypto, addressing the transaction count scalability limitations of the Bitcoin blockchain. This Layer 2 protocol enables faster, cheaper, and more efficient transactions, paving the way for mass adoption. In this blog post, I will explore the fascinating history of the LN, from its inception to its current state.
The Genesis: A Whitepaper in 2015
The story of the Bitcoin Lightning Network began in 2015, when Joseph Poon and Thaddeus Dryja started working on a whitepaper titled "The Bitcoin Lightning Network: Scalable Off-Chain Instant Payments." The paper proposed a novel Layer 2 solution that could overcome the inherent scalability limitations of the Bitcoin blockchain, enabling millions of transactions per second. The paper was published on January 14th, 2016.
Lightning White Paper
Early Development and Progress
Following the release of the whitepaper, several teams started working on implementing the LN concept, including Lightning Labs, Blockstream, and ACINQ. These developers built and refined the LN protocol, creating software implementations such as the Lightning Network Daemon (LND) written in the programming language Go, Core Lightning (CLN) written mostly in Go and partially in Python, and Eclair written in Scala.
The Lightning Network Testnet
In late 2016, Blockstream engineers Paul “Rusty” Russell and Dr. Christian Decker completed the first LN transaction successfully on the Bitcoin testnet, a parallel network used for testing purposes. The test was made using Blockstream’s lightning prototype software, lightningd 0.5. It was a digital purchase from a web-store. This milestone marked the beginning of extensive testing and experimentation, paving the way for the first mainnet LN transactions.
The Mainnet Launch and the First LN Transactions
The first Bitcoin mainnnet Lightning Network transaction was created by software developer Alex Bosworth of Lightning Labs. He paid Bitrefill over lightning to pay his phone bill. Bitrefill is an international online service that enables users top up their prepaid mobile phone plans and buy various gift cards for many other services and products with bitcoin.
The Lightning Torch and Growing Awareness
The Lightning Network gained widespread attention in early 2019, thanks to the Lightning Torch experiment. This social media campaign involved passing an incremental LN payment (the torch) between users, showcasing the LN's capabilities for fast and low-cost transactions. The Lightning Torch attracted participants from around the world, including prominent figures such as Twitter CEO Jack Dorsey, Litecoin founder Charlie Lee, Lightning Labs CEO Elizabeth Stark and Binance CEO Changpeng Zhao among many others.
The Growth of Infrastructure and Ecosystem
Over the years, the LN has experienced remarkable growth in terms of infrastructure, with an increasing number of nodes, channels, and network capacity. The development of user-friendly wallets like Zap, BlueWallet, and Phoenix has facilitated the adoption of LN payments, while services like Bitrefill and Fold have made it easier for users to spend their LN funds on everyday purchases. People also started running Bitcoin Lightning nodes at large numbers when Umbrel announced their easy to use node software that runs on low cost Raspi or on Linux computers.
LN Capacity Growth in BTC
Protocol Improvements and Enhancements
The LN continues to evolve, with developers working on protocol improvements such as multi-path payments, channel factories, and watchtowers (btw, check out our new Watch Swaps). In addition, the Bitcoin network's recent adoption of the Taproot upgrade, which includes the Schnorr signature algorithm, is expected to further enhance the efficiency and privacy of LN transactions.
Recent Adoption
By 2023, the Bitcoin Lightning Network has come a long way since its conception in 2015, transforming from an ambitious proposal to a functional, growing ecosystem. The LN received a massive boost from El Salvador where bitcoin is legal tender, and thus LN is used daily for LN payments in all kinds of establishments, including small local brands and large international brands like McDonald's and Starbucks. The social media platform Twitter introduced LN intergration through Strike a company that facilitates cross border payments using LN. Most recently the brand new decentralized social network Nostr started to support LN natively. As the LN continues to mature, it is poised to play a crucial role in driving the mass adoption of Bitcoin and revolutionizing the world of digital finance.
Operating a Bitcoin Lightning Network node can be a great way to contribute to the network and earn some extra income, but it also comes with some risks. In this blog post, we will discuss how to make your Lightning Network node safe to operate, including cyber security, power redundancy, and internet redundancy.
Cyber Security
Cyber security is a critical aspect of operating a Lightning Network node. A node that is not properly secured can be vulnerable to attacks that can result in the loss of funds or other sensitive information. Here are some tips to make your node cyber secure:
Choose a secure operating system The first step in securing your Lightning Network node is to choose a secure operating system. Linux is the recommended operating system for running a Lightning Network node, as it is more secure than other operating systems such as Windows or MacOS. Choose a version of Linux that is actively supported and updated, such as Ubuntu or Debian.
Secure your node's firewall A firewall is a network security system that monitors and controls incoming and outgoing network traffic. Configure your node's firewall to only allow incoming connections from trusted sources, such as your own IP address or known peers.
Install a VPN A VPN (Virtual Private Network) is a tool that encrypts your internet traffic and hides your IP address. By using a VPN, you can add an extra layer of security to your Lightning Network node. Only allow connections from trusted VPNs to your node.
Update regularly Keeping your node's software up-to-date is important for protecting it from vulnerabilities. Enable automatic updates for your operating system and be up to date on your LN implementation.
Protect your private keys Private keys are the most sensitive piece of information when it comes to securing your Lightning Network node. It's crucial to keep your private keys offline and in a secure location, such as a hardware wallet. Make sure to backup your private keys in multiple locations. The same precautions should be used when generating a macaroon.
Use a secure password Choose a strong and unique password for your node. Use a combination of uppercase and lowercase letters, numbers, and symbols. Avoid using common words or phrases.
Enable two-factor authentication (2FA) Two-factor authentication (2FA) adds an extra layer of security to your LN node. If available (ex. on Umbrel) use a hardware wallet or an authenticator app such as Google Authenticator to enable 2FA.
Now, let's look at specific software recommendations for securing your Lightning Network node:
Use the LND Watchtower service, which monitors the blockchain for attempted breaches of your Lightning Network channels. Check out the Watch Swaps we offer on LN+ for LND nodes that have a built in watchtower service.
Use the LND Tor hidden service to add an extra layer of privacy to your node's network traffic.
Enable LND's "disable admin macaroon" option to prevent unauthorized access to your node's administrative API.
Consider synchronous database replication with LND/postgres.
Use the CLN Watchtower service, which monitors the blockchain for attempted breaches of your Lightning Network channels. On LN+ we offer Watch Swaps for CLN nodes that use The Eye of Satoshi service.
Use the CLN Tor hidden service to add an extra layer of privacy to your node's network traffic.
Enable CLN's "disable admin cookie" option to prevent unauthorized access to your node's administrative API.
Consider sqlite db mirroring network drives to reduce the chance of state data loss.
Power Redundancy
Power outages can happen anytime, anywhere. It is crucial to ensure that your Lightning Network node remains operational during a power outage. Here are some tips to achieve power redundancy:
Use an uninterruptible power supply (UPS): A UPS is a battery backup system that provides power to your Lightning Network node during a power outage. A UPS can keep your node operational for several hours, depending on its capacity.
Use a generator: If you live in an area where power outages are frequent, consider using a generator as a backup power source for your Lightning Network node.
Avoid using Wi-Fi: A wired internet connection is more reliable than a Wi-Fi connection during a power outage.
Internet Redundancy
A reliable internet connection is also essential for operating a Lightning Network node. Here are some tips to ensure internet redundancy:
Use a wired internet connection: A wired internet connection is more reliable than a wireless connection. If possible, use a wired connection to connect your Lightning Network node to the internet.
Use a backup internet connection: If your primary internet connection goes down, a backup internet connection can keep your node operational. Consider using a mobile hotspot or a secondary wired connection as a backup.
In conclusion, operating a Lightning Network node can be a great way to contribute to the network and earn some extra income. However, it is essential to ensure that your node is safe to operate. By following the tips discussed in this blog post, you can make your Lightning Network node cyber secure and ensure power and internet redundancy, making it more resilient to power and internet outages.
I am sorry, I had a Bitcoin Node failure. I was a force to download the entire blockchain again and I had to use a backup command to recover my bitcoin funds, but it will close my channels. Please close any channels you have with me. I am working to rebuild lightning channels in future after I build a more robust node with better back ups.
Many new nodes that open a channel to Africa complain that I set very high fees to their nodes. This is true, I make this automatically since I don't want HTLC errors on my ability to route from my node to your node. But, the moment the liquidity flows to my node, the fees will automatically change and probably, unless you are a liquidity sink, my fees to you will be zero. So please don't ask me to change my fees to you if 100% of liquidity is on your side, this is intentional and working as intended.
The time has come to upgrade my routing node to new hardware. I'm going to perform this migration the clean way by closing channels and starting over (I'm not going to risk funds with a database/file migration).
Old Node:
Gracefully and affordably close as many channels as possible
Force close the rest
Send remaining BTC balance on-chain to new node
New Node:
Build a new node using better hardware and configurations
Receive on-chain BTC balance from old node
Use LightningNetwork+ to open most of my channels (fewer and larger)
To all of my Lightning friends with open channels to me, all of our Channel Durations are fulfilled. Thank you for being a great channel partners. Should you wish to pair up with me a gain, please lock for new Liquidity Swaps from me. Optionally, my new Public Key is below if you don't want to wait.
