In an Interview Jeff Gallas of Fulmo question and answer us. He discussed with us the Lightning Network, and what distinguishes it from other scaling solutions. He also presented the next Lightning-Hackday.
The Bitcoin Lightning Network is any crypto-enthusiasts, but nevertheless, for many, a book with seven seals. When it comes to the real technical Details, many have to fit in and have real-world experience with the scaling solution Bitcoins can so far show only a few. Here is the Start-up Fulmo, which wants to inform about this second Layer of Bitcoins. The power of the young company, among other things, with the Lightning-Hackday, on the first of September in the third round. BTC-ECHO has therefore set with Jeff Gallas together to talk about bitcoin scaling solution, the company’s Fulmo and the Event.
Love at first sight
Hi Jeff. Let’s start with You: How did You come to Bitcoin, crypto-currencies and Blockchain?
Actually, I would like to tell a great story, from a Retreat in a Thai monastery, where I arrived after six weeks, vow of silence, a young Swiss entrepreneur, who told me in a warm summer night in a little beach bar by the overwhelming possibilities of this new, revolutionary technology. The reality is profane: I read a few years ago on a news portal. The fire was ignited less, with everything that goes with it: sleepless nights, endless monologues in the circle of friends and family, in short: love at first sight. And, in principle, I have not stopped since then, to deal with me on a daily basis with the topic. Incidentally, this was at a time in which you said “Bitcoin”, and not “the Blockchain”. Currently, the Trend back again then.
As in the case of a Prepaid card
The Lightning Network is a scale-up solution, for Bitcoin, with the transactions instantaneously and with low fees. Can You explain in simple words how it works?
The Lightning Network is a network of payment channels, the so-called Payment Channels. A Payment Channel is a through the Blockchain enforceable contract between two network participants, in the agreed to payments up to a certain amount to send. This will be deposited in the channel Bitcoin, which is comparable to the Recharge of a Prepaid card. The special feature of the Lightning Network lies in the fact that the network defines the rules of the game, which will make it possible for every participant to be able to self – if no direct payment channel – is-risk-free pay.
Satoshi’s Place and candy: Because we can!
Instantaneous, fee-free transactions not only make the coffee-buying more convenient, but also in terms of inter-machine communication, Faucets or In-Game currencies in interesting ways. A few months ago block the stream presented some Lightning Apps, short LApps. What is the most exciting development in this field?
Satoshi’s Place is a nice Gimmick that wouldn’t work without Lightning, as well as the candy machine by David Knezić. There are a variety of interesting projects, many of them playful and”because we can”. And this is for me the most exciting aspect is to see The enthusiasm to try new things and see where the journey goes. The Lightning Network is a new platform just on the various projects can be realized.
“While Shitcoins do Marketing, the scale of Bitcoin already”
Evil tongues say that Lightning makes the System unnecessarily complicated. As the devil’s Advocate asks: What is this scaling solution, what are other scaling solutions such as larger blocks, shorter block times, (delegated) Proof-of-Stake, or a Tangle?
The Lightning Network is different from the above proposals in two respects. For one, it is a Second-Layer Protocol, and a second layer built on Bitcoin and other blockchains. So it is just one of many in the future possible scaling options for Bitcoin, but the Bitcoin Blockchain itself unaffected. And this scaling works solution already. There is an active, growing network, where every day thousands of payments are to be made. The above-mentioned “scaling solutions” life to a large part of the loud announcements, but have to prove what you can. Or if they’re any good at all to scale. While Shitcoins do Marketing, the scale of Bitcoin with the Lightning Network already.
It would be possible to make the Lightning Network by Zero-Confirmation-Transactions like Bitcoin, Cash is superfluous, by removing the Replace-by-Fee options from Bitcoin?
Zero-Confirmation transactions are not a scaling solution, but supposedly the safety of the beneficiary that his payment will not be drawn maliciously. The amount of transactions the network can handle, remains unaffected. No matter how you look at it, a Bitcoin transaction is only really safe if it was written in at least one Block. Any representation to the contrary, I would enjoy with the utmost caution. That unconfirmed transactions are shown as safe, I think it is a desperate attempt to generate attention.
The new concepts need to be everyday
What would You say are the main challenges of the Lightning Networks, and as the currently most interesting approaches to a solution, see?
The biggest challenge is the implementation of the many new concepts that improve the current early Beta Version of the Lightning Networks and “everyday use” is up to date. The Lightning Network is an Open-Source project like Bitcoin. And how often in the Open Source area or in the area of IT in General more good, long-term thinking developers to implement the many exciting concepts are missing. Some specific suggestions for improvement Atomic Multipath Payments (AMP), Splicing, and a working implementation of the Watchtowers.
Fulmo and the Lightning-Hackday – the work of enlightenment and #BUILDL for the Lightning Network
Your company Fulmo specializes in the adaptation of the Lightning Networks. As you can imagine, your work, what are you doing specifically?
We are a Research Start-up start and try to allow us and others a good Overview of the current state and the development of the Lightning Networks. Therefore, we host the Lightning Hackday, a mixture of a Hackathon and Barcamp. The Event brings together developers, users and the Curious, to teach, to learn as much as possible about this new technology, and to develop. On the Lightning-Hackday the RaspiBlitz is created, a Bitcoin – and Lightning-Network-Full Node running on a Raspberry Pi and a perspective view of anyone is to allow you to very quickly and conveniently a separate Node to run.
Own LApps build at the Hackathon
Your hosts on the first of September the third Lightning-Hackday. The second Lightning hack day was a Barcamp/Hackathon. The Event offered those Interested a variety of forums for discussion and to Learn of the Lightning Networks. What awaits the visitor at the beginning of September?
The Lightning-Hackday is designed as an event where you’ll learn all about Lightning Network and can try. Anyone who has prior knowledge of something, you can try at the Hackathon to build its own LApp. We have invited a few speakers from the major implementations. Christian Decker of block stream, Fabrice Drouin of Acinq, Johan Halseth of Lightning Labs, or Giacomo Zucco from the RGB Project, for example. The Vesondere the Lightning Hackday, however, is that the “speaker” are also participants, and the participants are also speakers. Anyone who has an idea, a question or a Problem, in the context of Barcamps a Session and, in particular, about its desire content do the talking. And because it happens quickly, that Christian Decker is sitting with in the audience, and also learn something. All participants meet on an equal footing, in an unbiased manner, with a common goal: the Lightning Network, to help shape and bring to front together.
It remains only to thank Jeff for the Interview and to recommend to the reader a visit to the Lightning-hack days. If the last Hackday can be used as a guide ,it will be worth the Event for every Tech enthusiasts and Interested!