While Everyone Panics About Bitcoin, Lightning Network Alpha Is Ready (The Cryptoverse #187)

**On Today’s Episode Of The Cryptoverse:**
A recent blog post by developers of the Lightning Network, has announced an alpha release of the protocol’s daemon. The release called v0.1-alpha of the Lightning Network is said to be a milestone that enables the platform to be publicly tested by developers.

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[The Original Post on Bitcoin.com](https://news.bitcoin.com/lightning-network-alpha-release/)

Produced by Cryptoversity.com the online school for learning about Bitcoin, crypto-currencies and blockchains.

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  1. One question: say you're a coffee vendor and you've received some money via the Lightning Network. Since the transaction isn't being published on the blockchain, how can you spend that money that you received? You need that transaction to be on the blockchain to prove that you actually own that money.

  2. Regarding the DAO issue, I recently reviewed the events yet another time and believe I identified that their biggest error was in believing the "contract is in the code". There is a fundamental principle in contract law requiring there be a "meeting of the minds" in order for there to actually be "a contract". IF the FINAL terms of the contract are indecipherable to the average person and need programming skills to understand, then the signers of those agreements can never have "a meeting of the minds" nor a contract. Based on the statement that the "contract is in the code", if the coded contract had a human readable TRANSLATION, and the translation was accurately making the code understandable then there could be a meeting of the minds based upon the translation and the contract terms would, therefore, be contained in the translation. The problem obviously is what happens if the code performs differently than what the translation states. The DAO's position that "the contract was in the code" was trying to make the invisible (to the signer) code be the definitive rendition of the contract above any other representations made to the signers. It should have been the opposite and have the translation be definitive rendition of the contract as the basis of the understanding between the parties.

  3. You can use Java and Go to code on Ethereum as well as Python and C++. There are different clients to run ethereum on for example mist the most common has the binaries for Go and C++. At least that my understanding I am not a coding expert, source http://ethdocs.org/en/latest/ethereum-clients/choosing-a-client.html .

    Also there are new tools that will flag smart contracts that have vulnerabilities almost like an antivirus might warn you that a website is not secure. Source – see security tools – https://github.com/ethereum/wiki/wiki/Safety .

    I wish the lightning project success and I didn't know much about lisk so thanks for talking about it, I'm guessing the point of dapp side chains is to avoid having to hardfork the main chain after a catastrophe such as the DOA? If so that's a neat concept.

  4. 1 of my questions was what incentives are there after all botcoins have been mined?

    Nodes currently are not rewarded.

    The lightning network will reward nodes in BC for helping payment transfers happen, good idea.

  5. The basic idea behind Lightning Network is FUBAR. In order to send funds across it, you need to "deposit" funds in a channel. This is completely unnecessary. Why would I give up complete control of my funds? My funds belong in my control until I send them to somebody else.

  6. So if I already own BTC on an Electum wallet, will everything just change one day and the network will be faster? Or do I need to download a new wallet that uses the lightning network? I don't fully understand how this works

  7. I agree… If segwit and lighting work and get turned on. It will make bitcoin so much more a powerful tool, other coin will struggle to keep up. But the human part of this equation, with the fighting looks to be putting things on hold, which in a way is a good thing because no one holds all the power …. But I Think if litecoin can pull it off smoothly bitcoin is going to be in for a very big shock

  8. Chris I enjoy your show. You always deliver timely information. My only complaint is your continued use of technical analysis. IT DOESN'T WORK! Especially when their limited trading history and often time light trading volume. For example what happened to "smooth sailing" when it broke $800? Best to focus on positive long term fundamental trends as the key drivers that will influence the price.

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