Potential use cases …
version details:
libssl-dev is needed to handle SSL and TLS cryptographic protocols
The best way to learn coding is to review examples available on the internet and referencing syntax to the official documentation – python-bitcoinlib Documentation
Let’s review 2 methods:
The idea is to extract a list of all transaction IDs in the block. Next, to iterate through each transaction ID in the block for txid and drill down to the output.
Like so …
Like so …
Progression, especially in the crypto space, is hardly linear. There is a tendency to overshoot – on the way up and on the way down. A conventional method in determining the value proposition will be its prevailing transacted price. In an imperfect marketplace where price discovery is poor, it is necessary to supplement technical analysis with fundamental analysis.
[ifpaid 0.0000025 BTC text=”Please pay 0.0000025 BTC to continue reading.” button=”Click here to pay using the Lightning Network”] It is from the fundamental analysis that the long term prospect of a value proposition can be more objectively assessed. This covers the key individuals championing the project, community and or ecosystem associated with the project. What is of particular interest is the stated mission (purpose in being) and vision of the project and hence the underlying core values of the key proponents – predisposed (declared) as well as exhibited. It is necessary to go down the rabbit hole to suss out the lay of the land to better appreciate the dynamics of the environment. By connecting the dots, it is possible to gain invaluable insights and to ascertain critical success factors that will sustain the project and for the project to be widely adopted in the marketplace.
The perception gap (reality versus potential) leads to poor price discovery. If the project exhibits potential and is gaining traction through key metrics, it is useful to play the long game. Short term volatility is to be expected especially if the underlying disruptive innovation is meeting robust push back from an incumbent market. Existing players are expected to put up fierce resistance even to the extent of talking down the value proposition of the said project.
Last mile gaps are particularly challenging to overcome and the ecosystem requires time leveraging on the network effect to win over the marketplace. Weak hands can be expected to drop out as they don’t make the effort to understand the intricacies of the play and are impatient for results. They come in expecting quick profits and when disappointed will exit just as quickly. When market penetration is expected to take years, price volatility in the short term is to be expected and here in lies the opportunity – snake and ladder game.
A place to get your hands dirty. So let’s roll up our sleeves and get underway. It will be messy and we are likely to be all over the shop and hoping to find a path of least resistance. Before going wild like kids in a candy store, a little order is good to have – to serve as a check to our progress.
There is this SMART objective – Specific – Measurable – Attainable – Realistic – Timely. Instead of viewing this as stifling creativity, we should embrace it as our friend keeping us stay focus and ensuring the sustainability of the initiative(s).
We will for a start keep to a general goal ( oxymoron – yes/no?) – how to get to writing the first code that resembles some form of lightning network application (LApp).
First, we need to find the resources and ingredients to get us there …
Next, we can proceed to the installation stage.
We are making the assumptions that we have installed the following resources: i.e. Linux on Raspberry Pi 3 B (Debian)
We will install:
$GOPATHPlease proceed to Workshop 1 – Lightning Node Setup on the how to install.
We will also document (with continuous updating) what constitutes key success factors:
In this post, we hope to surface the pain points in our continuous testing of the BTC on-chain/lightning network(LN) ecosystem.
As we discover pain points, we will highlight these here for consideration by developers to come up with solutions.
Items
AMA means ask me anything.
Here goes:
Perhaps by answering the above questions, individuals would be able to honestly make up their mind as to whether they want to progress further in understanding this space …
The last mile gap is the bottleneck preventing greater adoption.
Seeking a solution: Customer wants to use an iOS Lightning Network (LN) wallet (e.g. bluewallet) to pay to any store that accepts LN BTC.
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The store will have a node address + LN wallet e.g. Spark/clightning (NodeAdd1). How can the store setup the routing to make it possible for the customer to make LN BTC payments without the need to open direct channel with that store?
Have opened channel between:
Both cases, the LN BTC payments made under the iOS wallet(s) failed to go through.
LN BTC wallet in the android space is working fine and customer is able to open direct channel to a store to make purchases.
In certain market, the market share between iOS and android is 50:50 and it will be very useful for merchants to have incoming channels from well-connected hubs to tap the iOS market.
However, in the iOS space there seems to be no possibility for customers to open channel directly.
Merchants will need to request well-connected hubs to create incoming channels so that customer using iOS LN wallets can shop at their stores without the need to open direct channel.
The first method is to send LN BTC from the store’s wallet to a well-connected hub’s designated node address and at the same time for the latter to open incoming channel back to the merchant’s wallet using its node address.
A second method is to go to a decentralized exchange where:
Once the store has completed the above steps, users with iOS LN wallets can shop at the store without the need to open channel directly.
Presently, iOS LN wallets such as BlueWallet and Wallet of Satoshi are custodial (some will be view its centralized feature as a downside), and are convenient for end-users for their ease of use in accessing online stores and making payments. Both these wallets are also available for Android devices. Having tested the
Wallet of Satoshi on an Android device and from an ease of use perspective it worked like a charm. In this respect, it will be great for mass adoption for the lightning network space.
As part of the ongoing discovery, it has been observed that a merchant receiving payments will need to constantly monitor that it has sufficient incoming capacity. Otherwise, a customer making payment will encounter a failure. Also, for non-custodial LN wallet e.g. Eclair Mobile , it is still not possible to receive payments to avoid a situation where its peer publishes an old state and claiming funds that it may not be entitled to.
Learning objectives:
Resource materials:
Exercises: assuming that the setup is completed
Questions:
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Building vibrant communities is tough. Individuals are driven differently and even when interests are perceived to be aligned, two issues surfaced– byzantine generals’ problem and tragedy of the commons. [ifpaid 0.0000025 BTC text=”Please pay 0.0000025 BTC to continue reading.” button=”Click here to pay using the Lightning Network”]
The approach is to break up the problem into simpler parts. First of all, the individuals. Individuals behave differently but when we can identify the pain shared by these individuals, we may be able to find a solution. Individuals will have different pain threshold and will resort to behaviours (based on their beliefs) resulting in tragedy of the commons i.e. depleting resources that are for the common use. Next we need to identify the influencers who are likely to be early adopters to the solution. These are individuals who possess the right values and beliefs that seek to minimise loss arising from the tragedy of the commons. In other words, they work for the common good of the community.
Also the solution must have a mechanism to prevent a ‘double spend’ i.e. cheating, from occurring. The idea is to have consensus so that no minority group can mount a 51% attack. This passivity (sort of) can be supplemented with tougher measures to deter bad actors.
In our experience with social outings/activities, bad actors can be prevented from double spending when there is a presence of strong leadership. Bad actors are invariably exposed and they will opt out of the ecosystem to seek greener pasture.
Individuals possessing values such as integrity, competency, care and empathy are likely to be good opinion leaders/influencers. As early adopters, these individuals will also get to share a greater piece of the pie as the network effect takes hold.
To solve the byzantine general problem and the tragedy-of-the-common issues, individuals are better off building community with shared values, aligned interests, and having beliefs and behaviors that allow for taking ownership of the challenges (pains) faced by the community and coming up with solutions by consensus that will serve the common good of the community.
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The mission (purpose in being) is to empower individuals with the right tools to enjoy a fair exchange of values among stakeholders.
Why? future proofing your life
How? by joining and helping the community to grow and take ownership of the value proposition the project accords
When?now is as good as anytime
The present fiat-based financial system is looking dated and societies may no longer be getting more mileage out of it. Since the 2008 financial crisis, it is not difficult to discern how blunt and increasingly ineffective the tools are, and negative externalities inevitably seep into the system. The temptation to privatize profits, socialize costs is too great to pass for most mortal beings resulting in a world where imbalances abound and wealth creation is not sustainable.
An alternative approach is to allow a decentralized digital asset class to co-exist that will serve as a competitive benchmark to mitigate any unintended excesses arising from the incumbent system.
In addition, the decentralized digital asset has a very powerful feature – programmability (open source). This will empower the workforce to work hard by learning new skills to meet new challenges ahead. For smaller economies, the added attraction is that it allows ease of access to the larger global marketplace.