Hi, fellow hodlers. Can anyone recommend a good starting point to better understand the lightning network and integrations?
I have zero coding knowledge (but learning) and work in tradfi. I want to be able to help onboard and educate more people :)
Um so like Pheonix has been a pretty good wallet for me. I started using blixt to try to be more advanced with it. But generally its like a receipt list of unbroadcasted transactions.
You know assume I open a channel with you for example.
I own 250,000 sats. We put those sats in a joint account that both of us have to sign off on to move the funds out of it. One of the things we both sign off on during the creation of the joint account, is if the receipt list is presented, the funds are moved to our individual accounts in accordance with the finalized balances. If the other one of us presents a receipt list that has an item on it that the other list doesn't have, then ALL funds go to the person who presented evidence the other was trying to cheat.
I say "Joint account" but there are no counter parties, its all just a script that acts automatically so its not exactly accurate.
So now, we can instantly transmit to each other with no fees, because all we're doing is updating a receipt list that both of us have.
So lets also assume you have a channel with someone else. It may help to know that there are always two balances in each channel
send/outbound receive/inbound 250,000 sats, 0 sats => 0 sats, 250,000 sats
inbound liquidity is sats that you own in our joint account. Outbound liquidity is sats that I own in the joint account. So lets assume I'm trying to pay a 3rd person
250,000 sats, 0 sats => 0 sats, 250,000 sats => 0 sats, 250,000 sats
I need to route through you since I don't have a channel with this 3rd person (I don't have a joint account with them that I can just update a receipt list.), but you have a joint account with them and you can update your receipt list. So you and I update our receipts and you and this other person update your receipts.
Step 0
250,000 sats, 0 sats => 0 sats, 250,000 sats => 0 sats, 250,000 sats
Step 1 0 sats, 250,000 sats => 250,000 sats, 0 sats => 0 sats, 250,000 sats
Step 2 0 sats, 250,000 sats => 0 sats, 250,000 sats => 250,000 sats, 0 sats
Now its a little more complicated than that because the cryptography involved doesn't allow you to just keep the sats if you decide not to route them. Someone who understands in more verbose detail can explain in more verbose detail lol.
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this site should get you started down the rabbit hole: https://www.lopp.net/lightning-information.html
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First link I see: "Explain it Like I'm 5" Perrrrrffffeeeeeect :)
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Here is a full list #77060
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So you wrote that you have analysis paralysis coupled with perfectionism. Well why not just write about the hits and misses of your Lightning Network journey for a start? You don’t have to sound like you know it all. Humans are wired to remember stories, and I’m sure you can pull 1-2 stories from your hat 🎩
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