Day 1 of the Chaincode Labs Lightning Residency

History of the Lightning Network with Christian Decker

What are off-chain protocols?

Bootstrapping and Maintaining a Lightning Node by Elaine Ou

How Routing Works (In Theory)

Why Payments Fail

Future Work In Progress

The Lightning Protocol An Application Design Perspective with Alex Bosworth

  • HTLC is the atom of the app-building universe. Channels and the channel graph would ideally not be thought about by an app developer. Only HTLCs.

BOLT 0

  1. Funds locked to peer
  2. Wait for peer response up to timeout
  3. Peer notification of failure: good because you can stop waiting and try a different peer
  4. Peer notification of success
  5. What happens if we wait to timeout? We need to go on-chain.

BOLT 1

BOLT 2

BOLT 3

BOLT 4

BOLT 5

Bolt 6: IRC bootstrapping no longer exists, so here’s what goes left unsaid…

Bolt 7: The Grid

Bolt 8: Public Key

Bolt 9: Features so Far

Bolt 10: DNS Bootstrap

Bolt 11: Give Me Money

Lapp Monetization Models and Building with Éclair with Chris Stewart

  1. Lightning Network
  2. ???
  3. Profit!

Monetization strategies for APIs

  • Rate limiting: ration the service to prevent abuse
  • Crypto-exchanges for example
  • Pay per call APIs
  • Idea has been around for a while, 21co tried with old Spilman unidirectional channels
  • Suredbits is using LN
  • You can use preimages to encrypt payloads, if payment is successful the user receives the preimage needed to decrypt the data.
  • Use async to abstract away endpoint interaction complexity

Websocket subscriptions and LN

  • Subscribe to a websocket for a unit of time of streaming, for example pay 60 satoshis for 1 minute of data from the websocket
  • LN allows for easy refills of the subscription, cancellation with refunds

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