Summary of the Chaincode Labs Lightning Residency
Pierre Rochard from BitcoinAdvisory.com wrote a great series of articles where he covers in details his participation at the ChainCode Labs Lightning residency event.
Here is a brief summary of the topics that were discussed at the event.
The first day of the Chaincode Labs Lightning Residency featured discussions from different speakers. Christian Decker spoke on the history of Lightning Network, specifically on Off-chain transactions or payment channels and how the major problem of choosing old states over new ones can be solved using update mechanisms like Spilman’s simple micropayment channel, Lightning Penalty mechanism and eltoo update mechanism.
Elaine Ou spoke on “Bootstrapping and Maintaining a Lightning Node”” including How Routing Works (In Theory)” and “why payments fail.” Alex Bosworth disussed “The Lightning Protocol An Application Design Perspective” while Chris Stewart talked about “Lapp Monetization Models and Building with Éclair” with emphasis on “Monetization strategies for APIs” and “Websocket subscriptions and LN.”
The second day of the Chaincode Labs Lightning Residency continued with more interesting talks by experts in the industry. Major points of the discussion are as follows:
Christian Decker spoke on gave a talk on why Lightning can be said to be equal to Bitcoin, the superiority of Lightning over Bitcoin and the superiority of Bitcoin over lightning. He also spoke about why routing is hard, the improvements that are still in progress and building a game known as “Satoshi’s Place” using LightningK0ala.
Elaine Ou spoke on Lightning Applications on the Cheap, Majorly, he discussed the pros and cons and the several trade-offs that must be in place to maximise use of the hardware.
Alex Bosworth talked about Building Applications on LND. His emphasis was on Design Philosophy of LND, Integrating LND, Chain Backends, Chain Wallet, Channel Setup, Receiving Funds, Processing Receives and Sending Payments.
The full article can be found here.
One of the speakers Justin Camarena spoke on Building Lightning into Bitrefill. It was essentially the story of Bitrefill starting out as a prepaid phone credits seller and then integrating Lightning.
Alex Bosworth spoke on Effective Lightning Node Management, emphasizing Channel Management in the process of routing payments on public channels. He gave general guidelines on how to safely use public channels and precautions to take in the process.
Jack Mallers spoke on “Building Zap — a look under the hood.” The talk was centered on lightning network wallet Zap, its design, architecture and features.
More information on Day 3 can be found here.