What is the difference between the lightning network of PI coin and that of bitcoin?

At present, no specific technical scheme has been released officially, but I estimate that the lightning network function of PI coin should be similar to that of bitcoin lightning network and Ethereum lightning network, that is, to improve TPS, that is, to increase the throughput processing capacity of blockchain network;
As we all know, blockchain cannot be commercially used on a large scale at present, which is restricted by the throughput capacity. We need to find a balance between security and throughput capacity. PI network will make great achievements in the future.
Let’s take a look at the comparison between bitcoin’s lightning network and Ethereum’s lightning network:
Lightning network and lightning network look very similar. They have basically the same technical genes and goals, but they also deduce their own life paths and serve different bosses. Lightning network is a worthy brother, boss is bitcoin, and the main son of lightning network is Ethereum.
Both of them are to solve the problem of slow transfer speed and network congestion, which is an off chain payment technology. The so-called “off chain payment” refers to the user’s transfer of blockchain assets, which does not take place on the main chain, but takes place off the chain, which is called off chain payment. Today we will talk about what lightning network and lightning network are and the difference between them.

01
Lightning network

What is the difference between the lightning network of PI coin and that of bitcoin?

For bitcoin, which can only handle seven transactions per second, how to realize instant payment in small, high-frequency and fast retail scenarios has become the biggest pain point of bitcoin payment.
On January 14, 2016, the “white paper” of blitz network was published, which proposed the second level offline expansion solution of bitcoin. Its main principle is to put the transaction outside the main chain of bitcoin, so that users can transfer bitcoin with lower cost and higher efficiency, and realize fast point-to-point micro payment transaction under the chain.
In January 2017, LND, the first implementation of lightning network, released alpha version. In March 2018, the beta version began to land. From December 4 this year, bitfinex officially supports lightning network access. The transfer agreement between lightning networks is called channel, which is actually a smart contract. It is only managed by code and runs automatically.
To establish a channel between nodes, you need to deposit bitcoin or Ethereum into the channel. All transfers between nodes are recorded in the contract, and the smart contract records the final result to the bitcoin main chain.
Beyond the main chain, lightning network allows nodes to open payment channels, and all payment channels remain active until either party voluntarily leaves the channel and closes it. In theory, it can support millions of transactions per second. The transaction time is in milliseconds, and the transaction cost is very low, which is enough to support small and high-frequency retail scene payment.

02
Lightning network

Lightning network is an off chain extension solution, which is a payment network based on the Ethereum network. Without mutual trust between the two sides, it can achieve near instant, low cost and scalable payment.
It is a supplement to Ethereum blockchain and can be used with any erc20 compatible token. Its goal is to study state channel technology, define protocol and develop implementation.

03
The difference between the two

  1. Based on different chains
    Lightning network is based on bitcoin network, and lightning network is running on Ethereum network. And lightning network has no token, which is the second layer of bitcoin network, and is not a blockchain.
  2. Different development processes
    Lightning network, whether measured by the number of nodes, channels, or network capacity, has seen several times growth in the past year.
    According to 1ml data, as of December 22, its online payment nodes have reached 10855, payment channels 35188 and btc861. At present, the operation of lightning network is relatively complex, requiring users to understand the concepts of nodes and channels, and there are certain risks in security. The current scale of lightning network is not large.
    Compared with the lightning network, the lightning network solves the problem of identification and invalidation of the old version snapshot because the Ethereum smart contract has no special field restrictions on the message format. However, the lightning network has not been completed yet, and is gradually being established, and more functions have been added in the development process.

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