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What is Lightning Network? How does it work?

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As executive director at CRYPSA (The Cryptocurrency Standards Association), I enjoy the privilege of awarding any one article, seminar or course our highest editorial award without requiring nomination or a committee vote.

An anonymous contributor to Cointelegraph wins our first ever Flying Duck Award in the category of Guide, Tutorial, Course or Academic Unit.  [continue below image]…

A tutorial at Cointelegraph remains the most most clear and simple explanation of Lightning Network we have seen. It astounds me that this 2300 word article is both undated and apparently uncredited. We don’t know if it was written by an editor, a regular columnist or an outside contributor.

The Lightning Network addresses a serious scaling issue in Bitcoin that was predicted from the very first discussions in the same crypto Newsgroup that Satoshi described his electronic cash payment system. It is a protocol that improves bitcoin’s scalability and speed without sacrificing trustless operation. It is a major step in overcoming the scaling problem.

If you want an introduction to the Lightning Network that you will readily understand and be able to convey to your friends and colleagues, look no further. Although breezy and geared toward a layperson, this piece covers the gamut of a serious academic treatise:

• What is Lightning Network?
• How does it work?        • Who developed it?
• Where, when and why will it be used?
• Pros                              • Cons
• Should I use Lightning Network?

2020 CRYPSA Award for Best Article or Editorial
Classification: Guide, Tutorial, Course or Unit

* Disclaimer

It’s humbling to give this award to Cointelegraph, a competitor in the area of Bitcoin news, education and courseware. I have written more than 1200 articles this year on Bitcoin, blockchain, ICOs and all manner of cryptocurrency issues. But this one article is best-in-class.

We are not affiliated with Cointelegraph. No one at A Wild Duck has written for that organization nor been compensated by them—ever. This blog post will be their first knowledge of an award which, was simultaneously announced by CRYPSA (The Cryptocurrency Standards Association) and LinkedIn Bitcoin, a group with 55,000 active subscribers.

Who is Ellery? A Wild Duck

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In the before time, man was differentiated primarily by physical prowess. In the middle time, we were differentiated by wealth or poverty. But in the age of information and intellect, individuals are defined by their ability to communicate effectively and by their opinions…

I write with verve and panache. I am also one very opinionated, idiosyncratic SOB.

To my colleagues, I am in need of Valium. To my superiors, I am a wild duck that needs to be controlled and channeled. To my subordinates, I am in need of patience. To my ex-wife, I am sometimes a jerk. And to my offspring, a hero, but–at the same time–very, very weird.

When you reach the half-century mark, you are entitled to opinions and habits. But those fortunate enough to leave a positive legacy in their wake have learned to revisit and reassess opinions. They should never become so entrenched that they become inflexible in light of new ideas and alternate assumptions.

Ellery is my Nom de Plume. I’m not ashamed of my Clark Kent reality, but here, at Wild Duck, I more freely express opinions.

I have led high-tech startups, run support organizations, designed missiles, and taught fencing (not the fence that surrounds your yard…but rather the sport in which you don head gear and poke opponents in the heart with a foil).

I love Star Trek, Euclid and classical music, but also relish in Doo Wop and Calypso. I kvell over the combination of Stilton cheese with a dry Cab. It is one of my 5 Raison d’être (a fundamental purpose for existence). My taste in woman is utterly unconventional, yet I love my family unconditionally.

I am Ellery Davies. The Blog starts here…
For a quick vitae, see Ellery’s interests. —
Or for Dogbert’s thoughts on the meaning of “Fungible”, click here.