by The Coin Shack | Nov 6, 2020 | Lightning Network, The Coin Shack
Bitcoin’s Base Layer Thrived Because of Network Effects The Bitcoin base layer took off because of network effects. If only one person is mining blocks and trying to use Bitcoin to pay for goods and services, it is useless. As soon as even one more person joins the...
by The Coin Shack | Oct 28, 2020 | Lightning Network, The Coin Shack
An ingenious Solution The lightning network is an ingenious solution to some of the problems with bitcoin. It allows for fees orders of magnitude less than what they would be for on-chain transactions. Also, since lightning transactions are not recorded on the...
by The Coin Shack | Oct 21, 2020 | Lightning Network, The Coin Shack
New Opportunities for Innovators The lightning network enables instant, peer-to-peer and private transactions between any two parties located anywhere in the world. Never before have we had this capability. With this new technological development, comes more...
by The Coin Shack | Oct 7, 2020 | Lightning Network, The Coin Shack
The Blockchain Trilemma Satoshi Nakamoto, faced a trade-off when he was deciding on the underlying features of the Bitcoin Blockchain. He had to pick between emphasizing two of the following three features; decentralization, security, and scalability. This tradeoff...
by The Coin Shack | Oct 1, 2020 | Lightning Network, The Coin Shack
A Simple Introduction to the Bitcoin Lightning Network The best comparison for Bitcoin in its current state is the internet of the 1990s and early 2000s. It is slow, has a hard to use interface, and not much can be done with it. It is a necessary base layer on which...
