Rusty russell bitcoin

rusty russell bitcoin

Blockstream's Rusty Russell joins the Compass Podcast to talk about Lightning network growth, technicals and how Bitcoin miners should understand Lightning! In order to change it, one of the Lightning Network developers, Rusty Russell has recently shared a proposal on his blog. Rusty Russell, an Australian open. Popular repositories ; ccan · The C Code Archive Network · ; bitcoin-iterate · Simple fast iterator to extract data from bitcoind's blockchain files. · MIAMI BITCOIN CONDO

Medium Cryptocurrency Rusty Russell. Rusty Russell medium. The platform is unique and distinct. Critical analysis is done on this platform. The posts on this platform are specific and not general. Cryptocurrency Websites Like Rusty Russell. Binance Medium. Bitfinex Medium. Bitstamp Blog Medium. Vitalik Buterin. David Siegel. Chris Burniske. Kenny Li. Vinny Lingham. You know, that was fantastic. So you can see the payer notes coming in and they get, they get put in the invoices, which is pretty nice.

It could contain all kinds of things. So one of the things we did in Bolt 12 is it actually signs this Merkle tree, which is a fancy way of saying that you can hide some of the pieces in it and still check the [inaudible], which is valid. And it was taunting around to. Get, yeah. Like, just as an example, right? Now the other case where the payer key comes in incredibly important is for refunds, right? It turns out that this happens, right? Now that has a couple of problems. The other problem is that every note on the, on the route potentially has your payment secret.

Although that solves with PTLCs it is potentially a problem. Or is it the payer key? In fact, there is a specific offer flow for what we call a send invoice offer. So most offers are like, cool, awesome. My invoice. And you can pay me. Actually I want to send you some money, right? So present the package, presented to your signs at the sign, the request with your payer key and put that in an invoice, right? So through the network, again, your wallet goes cool. Sends it, gets the invoice back, right?

You said the last of the invoice back to you, you send me the money. Why do they get to actually have the money? They call that money in the huddle hands. But then of course you need to dock yourself to get a refund at the moment, which is really bad. So you want your money back. It kind of reminds me of like the whole trampoline routing idea, right?

It has applied to path in it. So, yeah. Could you just elaborate a bit on like how the other guy picks it up, actually picks up that payment? Like, how do you, how does it go? You know…. So in the invoice, it says, use blinded path to pay me, right? Here you go. And use this path to pay me.

And very carefully in the spec. I thought invoice from Rusty. So there is some separation of concerns. But yeah, basically I give you these, this blind path that you can stick it in the onion and send the message that way. Now we already have something to step back a bit we already have something called Ella URL, right? Which does a lot of these things. You know, you have a website of a kinks at rail on the rail and you get the invoice in a way you go.

And it has some other cool features too. But in this particular case, I really like it being built into the lightning network, right? And this, this is basically completely web, but completely lightning native and gives you that, that same experience, which I think is really a key feature as we want to grow. And so I guess putting it into practice and there might be different wallets, and if anything, the walls might support both.

They might support L and URL and office for all we know. And it will just have to sort of see what the market chooses over time, what the entrepreneurs and the users. One of the, one of the first requests I had actually. And one of the first things he said is, I want one QR code. And this was, this actually came back from the moonwalk developers who were talking to me about offers and they went in developing countries, a QR code is a resize is a real issue.

Like, come on. The biggest thing in the offer was the signature. Originally it had a signature fully signed. When I thought about it really hard. Which is what you really care about. So we made the, in the list version of the spec, we actually made the signature optional. Which makes it a pretty tight invoice, right?

And has subscription has node ID? My husband, the fields, like a vendor may have some recurrence information. You know, I might have a bypass. I mean, he can certainly get bigger, but the minimum size is actually pretty tight and it makes a, a nice you know, pretty easy to scan QR code and you can jam a lot more things in there. That could be huge. You could have a whole kinds of options.

Yeah, of course. So I guess, what am I look like then? I mean, I guess what I sort of speculating a little bit, but maybe it would be like another tab inside your wallet. That is that definitely UX flow. So the UX flows like scan.

So you can go through what the hell is that? No wonder. I forgot. I forgot Stephan. I mean, recurrence is a bit difficult to kind of the spec covers the whole, all the cases you know, per minute is pretty straightforward. Per set. Number of seconds is pretty easy, but if somebody wants to be paid first of the month, right? So the spec does support them. It supports the guys, what did you say? I want play it on 31st of every month. So I want to be paid the pay. I want to be paid the first of every month, but can you pay 10 months in advance?

And the answer is, no, you basically have to have paid the previous one to get the invoice to the next one. And keep going, and you, by default can only pay in the previous period or the next period, right? So I can grab the first one. So it says once a month, I can grab the first one you pay it instantly. Now I can either immediately grab the second one or I can kind of second month halfway through, I can grab it. How it would work in the case of like a failure.

What now would they retry? Or how would it, how would it work then? I basically got a two month window to pay this thing. It basically goes, huh, I think I can find a route. But one thing that it does do by default is that because not all the networks support these onion messages yet.

Which is terrible for privacy, right? Can I have, can I have this invoice please? Oh, no reason. And that can be disabled, but by default for bootstrapping, this is obviously an experimental feature and C-Lightning it certainly makes it convenient to bootstrap the network that way.

So connecting and just, Hey, give you this invoices is easy. So just you know, we have to note this gap between like the ideal situation and what is in real world experimental implementation today. But you know, just behind the scenes, cause this is that happens, right? Of course. And then how about from an availability point of view? But remember. They already needed to receive the payment, right? So it already needs to make it up. What are you doing? Well, you ask them for an invoice and then waiting two days, right?

Well, okay. What about if there was a insufficient capacity and you know, that that user is on, say a Phoenix or a moon or a breeze and they need like an on the fly channel, I guess that would all just be handled as a normal flow, right? On the flat channel creation, something like that, maybe. That works exactly the way it does today, which is actually pretty well on those products, right? They, they do pretty good dynamic balancing and stuff like that. You know, obviously more intelligent pay routing will help there as well.

Yeah, right? It has this experimental support for these dual funding ads, so that you basically advertise the liquidity and you go, cool. I will provide liquidity for you for a certain number, right? So I guess maybe just to explain to the listeners, if you knew, essentially when you want to receive on Lightning, you need some incoming capacity and there are different ways.

This is being solved. So as we mentioned, say the Phoenix, moon and breeze, they like open a channel on the fly, but another way for example, Lightning loop, ah, sorry, lightning the channel market the the pool pool, sorry. And then another way in the seat Lightning world is this idea of advertising for liquidity.

I need some capacity, Hey, let me buy a channel off you, you know? And the way the specification process works is you need two implementations that they both work together. So then you can connect to them and go, cool. And it will vary. So I expect that this kind of open marketplace will take it to the next level with that, right? So one thing that, that incentivizes me to do that rather than just take your money and close the channel again and run away is that my channel is actually time locked for a month.

I might still close the channel, but if I do my, my the money coming back to me is deferred for a full month, right? And one of the other key things that happens is that I promise to you in a way that is signed by my node, what the maximum routing fee, I will charge people to get funds into you. Which, which on the lightning network to be clear is, is astronomically large, right?

I mean, at the end of the day, you can charge people what you want and what can I do, right? You know? So if you did, I can actually broadcast that on the network. So the game is out there who are optimizing their nodes and figuring out all their rates will absolutely love this functionality and creating this open competitive marketplace. So when you start taking your lightning donations, Stephan on your podcast and it takes off, right? And so this is like a potentially a new way that people can achieve something similar, right?

Because, and I think I understand where maybe some people who were more old time Bitcoiners were like, oh, I remember those days when you could just pay to an address. And I could just put it up there and it was cheap enough. I mean, and okay, fine. Even as we speak, now, it is relatively achieved. People can have whatever and that they can be a Twitch streamer or they can just have a website and they could be out in the real world.

This offers thing, but what would it be in practice? Yeah, this is absolutely true. So one of the one of the people who approached me off to the LN first talked about this with somebody who, a company that produces those barcodes at supermarkets, right? And they want to right. And they could, in theory, like you scan it, you pay it. And they refresh the display and they put in a new invoice.

So offers kind of solve that. But you know, a low-tech way you know, this is where you get your donation tattoo, right? You get your offer tattooed on your arms so people can just scan it and send you money you know, or static webpage. So this is the donation play at case. Now, [inaudible] already had an experimental offer up. So you can feed the chickens through an offer. The downside of that is that with offers being experimental, the spec has been updated. You know, things could change, which means offers as they are today.

So the trade off of that is that the early early people are taking kind of a risk that, Hey, you may have to make a new offer because we change a format or something becomes compulsory. It was whatever. Do not, do not go for the tattoo. Whereas this potentially could just be like, download a mobile app, set up your office, QR, share the QR and dunk. Look, Hey, sneak, sneak the QR code out on a postcard or something, and everyone considered donations, right? Like how do we keep it simple?

You know, what, what are the trade-offs with this? It is just a lightning network message encapsulated in this, you know BEC 32 looking and coding, right? But you kind of like we leading leading wallet authors to like, well, if you can decode and encode these, you actually now can speak the Latino.

It pretty much just need a few different messages and you know, a little bit of crypto and you can talk to lightning notes and stuff. You know, Samuel L. Jackson is like Lightning. This is. She reached out natively on the lighten network and start talking to things.

In fact, one of the hacks, I have fussy lining Washington school of hack. Because browsers generally open right. Raw connections to people. They they, they speak web stuff, right? And it becomes a web socket. And we have a little proxy that kind of just speaks enough web socket to got to that. And that opens the ability for anyone to speak to a lightning node, right? From, from anywhere Android apps, everything else.

This is all for for most people as a, probably be pretty obscure. So if we give people the ability to connect to the lightning network in more ways, it means they can do more cool stuff. So privacy, the fact that offers have this blinded path thing means that you get a lot better privacy. So blinded, pause kind of fixes that.

But but in it, and you hit this brick wall, when they go, oh, we want to give you a refund. That is a terrible, terrible trade-off that day, that decision. So definitely definitely that, that helps as well. We could basically see this being used.

Eventually this, this will become the standard is the way I see it. You can have a single use offer and C-Lightning. Obviously you only want to do that once, right? No, no. They would flash up an offer. So cool. It just has different fields. So you send me an invoice and I will still pay it, right? So yeah, this is a push side of offers, which for ATM is really logical for refunds and very similar in those things. It may just be like that. So you can have a combo, right? This is this new lightning war, right?

This is a whole ecosystem now. So it is a bigger deal to make these upgrades. On the other hand, the biggest growth is ahead of us. It can be and they go, right? I think Christian deck around this desk back in, was it September, October, So do you have any views on where the network is going and you know, how that growth is coming? That number is the one that excites me right now, the [inaudible] like that, right? Some people, liquidity providers are running multiple nodes for various reasons and I get that.

But that headline number of kind of what going up is, is a really nice thing to focus on, right? So how many nodes are we seeing in the network and you know, not all the nodes in public but looking at that growth. And we see obviously I think running Phoenix seeing, seeing great user growth we can tell, cause keep making bigger and bigger channels.

I made a 10 BTC channel the other day. So we are definitely saying, you know throughout the industry, we were seeing this growth going on, this, this, this this broad user base. So read the, read the Lightning paper originally no one had a plan to implement it. You should, you should go implement the lightning network. And so we had the first implementation, we did the spec process. We kind of grown from there. So from these humble beginnings and there was always a thing of like, what if we build this fence, we could see it, right?

We were like, this is going to be amazing. What if you build it and then no one else sees it, right? Why would I do that? Nobody has a big client anyway. So why would I use it to spend staff or, or or bit kinds of saving technology. So why would I spend it?

We get it right. This really does solve a problem. And you know, I think our tendency in the Bitcoin world, as, as kind of reaction to the low levels of hype that you see in crap coins and other random scams is to kind of really not over promise.

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Think, being paid in bitcoin congratulate

FUDS MEANING CRYPTO

So I maintain a hash of inputs requested by each transaction, and implemented the complaint packet to show when this happens, as well as a polite notification when someone sends you a transaction which clashes with a known one. Pettycoin relies on partial knowledge, but until today the code assumed we needed to know transaction in every shard in every block. In pettycoin, blocks contain shards, and shards contain transactions.

One key idea of pettycoin is that of complaint packets, which allow one node to prove that there is a problem with a block in a compact form, and not requiring any other knowledge by the recipient. For example, consider if you put a transaction in a block which tries to use one my transactions as an input. To show that the block is invalid, I only need send my transaction, your transaction, and proof that your transaction is in that block.

The main program feeds it transaction positions and hashes on stdin, and it outputs a block if it finds one on stdout. Late yesterday I realized that one of my grand plans was not going to work. This morning I fixed it. I entered today intending to shrink this structure: continues…. Since I spent the end of last week changing the structure of blocks, it was time to blow the cobwebs off the unit tests. I recently moved the depth into the header, so I decided to use spatch to help with the grunt work.

When I started thinking about pettycoin my head was full of proof-of-work, and similar protocol issues. When I started implementing pettycoin I quickly got bogged down in the minutia of networking between pettycoin nodes. So I decided to implement the most familiar thing: a command-response protocol. Four days of pettycoin hacking, and one day of baby-wrangling and keeping up with my other miscellaneous projects linux kernel maintenance and virtio standards.

According to him, several Lightning projects could be the victim of major problems if they did not update their code. Upgrade lightning nodes please! Between rolled-over odometers and new cars that have never seen a drop of oil, secondary markets are a rusty minefield of hidden problems and iffy maintenance.

Linux Kernel developer, also part of Blockstream, Rusty Russell, expressed his concerns regarding block rewards and how they are decreasing. One of the major issues recently debated on by the Bitcoin [BTC] community is the aspect of security that is attached to the fear of declining block rewards. This article is a direct follow-up from our Taproot explainer. If Taproot is deployed on Bitcoin, many smart contract constructions will look just like regular transactions on the blockchain.

AirDrop - Chudo.

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Understanding The Lighting Network - Rusty Russell - Compass Podcast

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