• Latest
Builders on Wall Street: Bitcoin Devs Host Lightning Hack Day

Builders on Wall Street: Bitcoin Devs Host Lightning Hack Day

November 4, 2018
6 Questions for Rene Reinsberg of Celo – Cointelegraph Magazine

6 Questions for Rene Reinsberg of Celo – Cointelegraph Magazine

März 31, 2023
Judge denies SEC motion to keep Hinman docs secret in Ripple case

Judge denies SEC motion to keep Hinman docs secret in Ripple case

März 31, 2023
The ultimate guide to Miami – Cointelegraph Magazine

The ultimate guide to Miami – Cointelegraph Magazine

März 31, 2023
Dr. Jane Thomason – Cointelegraph Magazine

Dr. Jane Thomason – Cointelegraph Magazine

März 31, 2023
1658007797 celsius is bankrupt with 12b balance sheet hole su zhu.jpg

Celsius is bankrupt with $1.2B balance sheet hole, Su Zhu returns to Twitter and OpenSea purges 20% of employees: Hodler’s Digest, July 10-16

März 31, 2023
6 Questions for Lisa Fridman of Quadrata – Cointelegraph Magazine

6 Questions for Lisa Fridman of Quadrata – Cointelegraph Magazine

März 31, 2023
Jed McCaleb empties XRP wallet after eight-year selloff

Jed McCaleb empties XRP wallet after eight-year selloff

März 31, 2023
Celsius has finally filed for bankruptcy: Law Decoded, July 18-25

Celsius has finally filed for bankruptcy: Law Decoded, July 18-25

März 31, 2023
The ‘godfather of crypto’ risked lifetime in jail, laying foundation for Bitcoin – Cointelegraph Magazine

The ‘godfather of crypto’ risked lifetime in jail, laying foundation for Bitcoin – Cointelegraph Magazine

März 31, 2023
SEC objects to XRP holders aiding Ripple defense

SEC objects to XRP holders aiding Ripple defense

März 31, 2023
Blockchain technology is transforming the real estate market – Cointelegraph Magazine

Blockchain technology is transforming the real estate market – Cointelegraph Magazine

März 31, 2023
1658612147 nfts banned in minecraft sec lists 9 tokens as securities.jpg

NFTs banned in Minecraft, SEC lists 9 tokens as securities and 3AC founder blames cockyness for company meltdown: Hodler’s Digest, July 17-23

März 31, 2023
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Tech

Builders on Wall Street: Bitcoin Devs Host Lightning Hack Day

coinnewsdaily by coinnewsdaily
November 4, 2018
in Tech
0
Builders on Wall Street: Bitcoin Devs Host Lightning Hack Day
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

It was described as „not a normal conference.“

Sure, speakers took to the podium to present their futuristic ideas – a staple at the cryptocurrency space’s many, many conferences. But the Lightning Hackday, which took place in the heart of Wall Street on October 27th and 28th, was all-in-all more of a community-led endeavor with a heavy coding twist.

Related articles

Bankman-Fried faces down roomful of futures industry insiders at CFTC roundtable

Bankman-Fried faces down roomful of futures industry insiders at CFTC roundtable

Mai 25, 2022
Central African Republic to launch official crypto hub ‘Sango’

Central African Republic to launch official crypto hub ‘Sango’

Mai 24, 2022

Throughout the two-day event, a hackathon whirred in the background. Tiny computers called Raspberry Pis dotted the tables and developers murmured amongst themselves about how to tweak the rules of the system while also not disrupting the incentive schemes.

This eclectic setup is maybe to be expected from a group of hackers building what they hope is the future of money.

Bitcoin’s lightning network is still in its early stages, but many hope it will fix bitcoin’s biggest underlying problems – that it’s simply too slow and clunky, and so doesn’t scale well for a future of mass adoption – at least, that is, without the help of a second layer.

„For those of you who don’t know, blockchains suck,“ Chris Stewart, an engineer at blockchain data provider SuredBits, said when kicking off his talk.

That said, he and other developers hope the lightning network will change that.

Passions were so high, in fact, that it was hard to keep track of all the different projects on the floor. But one thing tied them all together – the interest in building for the technology’s potential as a payment mechanism for everyday purchases.

Indeed, Lightning Labs engineer Alex Bosworth admitted that lightning’s „killer app“ – what takes it mainstream – might be as simple as that.

„I don’t know what the killer app is, maybe buying a cupcake is,“ Bosworth told attendees during his talk.

Ideas, man

Bosworth, though suspects that the best ideas for using lightning haven’t even been created yet.

For comparison, he argued that the early developers behind Linux, the popular open-source operating system, could never have guessed how far the code would go.

„Were they thinking ‚Oh this will be deployed in a billion phones?“ he said, implying that they probably didn’t – and couldn’t – have that kind of foresight when it was first deployed.

As such, Bosworth told the developers to not keep their big ideas a secret. And he took his own advice, sharing his many ideas for how lightning could be used in unique ways. For instance, he believes lightning could be used as a „monetized data layer,“ with some retouching of the underlying software.

Right now, lightning works by passing around „little proofs“ that are essentially „meaningless, random data,“ Bosworth said. „But we could turn it into meaningful data,“ added.

One idea: use lightning for passing around little pieces of a file, so that when they’re brought together they recreate the full file.

Bosworth also argued that lightning could be used to pay for enhanced payment privacy and to fuel a wave of „self-organizing“ games, although, as Bosworth rattled off idea after idea, it was hard to keep up with just how these features would work in practice.

Still, he was only one developer sharing ideas at the event.

Hailing from Japan, Nayuta CEO Kenichi Kurimoto presented a lightning implementation that’s optimized for the „internet of things,“ or the vast array of devices – from cars to TVs – that have enhanced capabilities thanks to being connected to the internet.

He sees great potential in this use case, arguing these connected machines might one day send payments between each other. And with that, he envisions that a „money owned by nobody“ (i.e. bitcoin) will play a key role, since payments can be so cheap and various devices can execute them without the need for a third party.

Back to the basics

But with all of the futuristic, look-past-the-horizon ideas aside, another key focus of the Lightning Hackday was simply making lightning easier to use.

„There’s a lot going on, but there’s also not,“ bitcoin enthusiast Toby Algya said, laughing about how difficult lightning is to set up. „I’m just trying to get lightning working. That’s my personal challenge for the day.“

In this regard, developers are still thinking about the bottom layer, which might someday help with these kinds of problems. For example, a tool called „lightning autopilot“ could make things easier by automating the step where users have to set up a „channel“ to use the network.

For one, Rene Pickhardt, a lightning developer and data science consultant, is working in this area and argues that these kinds of design questions are important to answer early.

„Why is it important to think about it early? If we grow lightning for a couple of years, we might find out topology is not that great,“ he contended.

While Pickhardt offered some ideas at the Lightning Hackday, he noted that no solution is perfect since there’s a „tradeoff between privacy and the quality of recommendations.“

On a related note, a few key lightning developers are meeting in Australia next week to discuss the future of the project’s specifications. Pickhardt noted that the future of autopilot, including his implementation, is something high on their list to discuss.

Bosworth echoed that sentiment, saying that these kinds of technical tweaks are so vital that he’s going to hit pause on his big ideas – for now, at least – to focus on them. Case in point: he recently joined Lightning Labs on a full-time basis in order to work on the nuts-and-bolts aspect of the software.

„There are so many cool things that can be built on lightning, it’s important for the underlying protocol to work well,“ he said, concluding:

„My priority is to get it there.“

Fearless girl statue image via Renee Leibler

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.



Credit: Source link

Tags: Crypto Tech
Share76Tweet48
Previous Post

There’s a New Plan to Build the Hardware for Ethereum 2.0

Next Post

Legacy Financial Firms Hesitant to Enter Crypto Space, Consumer Demand Remains High

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

Bankman-Fried faces down roomful of futures industry insiders at CFTC roundtable
Tech

Bankman-Fried faces down roomful of futures industry insiders at CFTC roundtable

Mai 25, 2022
Central African Republic to launch official crypto hub ‘Sango’
Tech

Central African Republic to launch official crypto hub ‘Sango’

Mai 24, 2022
South Korean police request exchanges freeze LFG related funds
Tech

South Korean police request exchanges freeze LFG related funds

Mai 24, 2022
Bitcoin stands apart from other crypto, and what that means for US public policy
Tech

Bitcoin stands apart from other crypto, and what that means for US public policy

Mai 22, 2022
Needed: A massive education project to fight hacks and scams
Tech

Needed: A massive education project to fight hacks and scams

Mai 21, 2022
Commonwealth Bank puts crypto trading trial on ice as regulators dither
Tech

Commonwealth Bank puts crypto trading trial on ice as regulators dither

Mai 20, 2022
Load More
Next Post
Legacy Financial Firms Hesitant to Enter Crypto Space, Consumer Demand Remains High

Legacy Financial Firms Hesitant to Enter Crypto Space, Consumer Demand Remains High

Kategorien

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • 6 Questions for Rene Reinsberg of Celo – Cointelegraph Magazine
  • Judge denies SEC motion to keep Hinman docs secret in Ripple case
  • The ultimate guide to Miami – Cointelegraph Magazine
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

Please enter CoinMarketCap Free Api Key to get this plugin works.
✕
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev