Author: Jim Renkel 2017-12-21 00:52:24
Published on: 2017-12-21T00:52:24+00:00
The author, a computer networking developer new to cryptocurrency, has proposed an idea to reduce the number of blockchain transactions and fees associated with the common use case of frequent purchases from the same merchant over an extended period of time using the Lightning Network (LN). Currently, each close/re-open cycle requires two blockchain transactions, resulting in 2*n blockchain transactions required over the life of the channel. However, if the LN were enhanced with an operation to deposit and withdraw funding in the channel to and from the blockchain without closing the channel, this could be done with a single blockchain transaction that would merge the closing and re-opening transactions. The proposed adjustment transaction is sometimes smaller than the closing and re-opening transactions combined, leading to a reduction in fees paid for operating the channel. The author welcomes comments on the proposal and offers to work with the community to flesh out a detailed specification and participate in the implementation if consensus can be reached.
Updated on: 2023-05-24T17:47:40.033072+00:00