Lightning Network Explained | Ivan on Tech

Welcome to this episode of Ivan on Tech. In this episode you will hear Ivan discuss Lightning Network. Stellar's Lightning Network is a off-chain layer 2 solution for the Bitcoin Blockchain. Bitcoin scaling solutions There are a few options available for scaling the Bitcoin Blockchain.

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On chain solution is to create bigger block-sizes
1. Issue here is bandwidth, it would be difficult if not impossible to get a gigabit size block across the entire network. This would create future centralization as only a few nodes would be able to accomplish this.
Off chain SQL commonly known as balance
1. Issue here is that their is a centralized point of failure and also censorship. Because centralized exchanges have control over the transactions and hold onto users private keys they ultimately have control.
Off chain layer 2 such as Lightning Network
1. There is no way to censor, there is no way to double spend, and there is no single point of failure. Lightning network incentives users ($) to connect nodes together to strengthen the network. There is no Bitcoin hard fork required for Lightning Network.

Lightning Network Visualized (2d earth map view)