Episode notes
Discount link: https://www.hardblock.com.au/join/ozbitcoinpod
Thanks to our guest:
https://twitter.com/rusty_twit
Thanks to our hosts:
https://twitter.com/mission_bitcoin
https://twitter.com/danWilcz
Sponsored by HardBlock - Australia's first and oldest bitcoin-only exchange: https://www.hardblock.com.au
Notes
- Reflecting on the 2022 Lightning Summit (including discussing the Oakland protocol for improving LN privacy in the context of channel probing, as well as agreeing on zero confirmation channel opens): https://lists.linuxfoundation.org/pipermail/lightning-dev/2022-June/003600.html
- How are LN improvement proposals implemented (through a collaborative yet adversarial process)?
- Collaborative work with Blockstream (Core Lightning), Lightning Labs (LND), Lightning Development Kit (Block, Inc), ACINQ (Phoenix Wallet), Eclair, VLS, Breez Wallet, Anthony Towns, René Pickhardt, Matt Corallo
- LN engineers are focused on improving privacy and interoperability while expanding utility of the network (eg, making subscription/streaming micro-payments easier, as well as developing solutions for refund scenarios)
- Understanding the discrepancy in priorities and methods between Core Lightning and LND
- Remembering to celebrate the wins, appreciate how far bitcoin and lightning has come, but to remain focused on solving current and future problems
- Rusty's journey as a developer (including Linux kernel development), how he got into bitcoin, getting Mt Gox'd, and ending up in lightning development
- Recent and current work on the lightning network (including dual-funded channel opens, and building the Core Lightning community and user-base)
- HardBlock implementing lightning deposits and withdrawals - considering Core Lightning versus the competition for an institutional implementation (eg, Core Lightning focuses on stability / reliability and modular add-ons for additional features and experimentation)
- Blockstream's Greenlight project - providing a non-custodial yet third-party hosted Core Lightning solution for institutions
- Discussion of sender versus receiver privacy on lightning network, including potential solutions (eg, Trampoline Routing; Zero-conf channel opens with short channel aliases; and Blinded Routing)
- Basis of Lightning Technology (BOLT) 12 versus BOLT 11 - improvements and new features
- Lightning network improvement procedure in comparison to the Bitcoin Improvement Proposal (BIP) process
- Improvements to lightning network privacy by changing the way public channels are announced on the Gossip network
- How the bitcoin block header overflow bug will need to be fixed with a hard fork
- Does fixing the block header overflow bug with a hard fork open up the discussion for other changes to be worked into that hard fork? Is this a risk for bitcoin?
- Could there be a bitcoin civil war coming, especially about the blocksize or block subsidy? Will the 21 million supply cap ever change? What circumstances would make people consider it?
- Threats to bitcoin: privacy is lagging
- Things to be excited about: lightning network (near-instant, near-free, more private, and eventually-infinitely-scalable transactions)
References
https://lightning.readthedocs.io
