Australian Bitcoin Podcast

Special: RustyRussell on his journey into Bitcoin and Lightning Network (Core Lightning) development; zero-confirmation channel opens, BOLT12, project Greenlight; block header overflows, and civil war


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Discount link: https://www.hardblock.com.au/join/ozbitcoinpod


Thanks to our guest:
https://twitter.com/rusty_twit

Thanks to our hosts:
https://twitter.com/mission_bitcoin
https://twitter.com/danWilcz

Sponsored by HardBlock - Australia's first and oldest bitcoin-only exchange: https://www.hardblock.com.au

Notes

- Reflecting on the 2022 Lightning Summit (including discussing the Oakland protocol for improving LN privacy in the context of channel probing, as well as agreeing on zero confirmation channel opens): https://lists.linuxfoundation.org/pipermail/lightning-dev/2022-June/003600.html

- How are LN improvement proposals implemented (through a collaborative yet adversarial process)?

- Collaborative work with Blockstream (Core Lightning), Lightning Labs (LND), Lightning Development Kit (Block, Inc), ACINQ (Phoenix Wallet), Eclair, VLS, Breez Wallet, Anthony Towns, René Pickhardt, Matt Corallo

- LN engineers are focused on improving privacy and interoperability while expanding utility of the network (eg, making subscription/streaming micro-payments easier, as well as developing solutions for refund scenarios)

- Understanding the discrepancy in priorities and methods between Core Lightning and LND

- Remembering to celebrate the wins, appreciate how far bitcoin and lightning has come, but to remain focused on solving current and future problems

- Rusty's journey as a developer (including Linux kernel development), how he got into bitcoin, getting Mt Gox'd, and ending up in lightning development

- Recent and current work on the lightning network (including dual-funded channel opens, and building the Core Lightning community and user-base)

- HardBlock implementing lightning deposits and withdrawals - considering Core Lightning versus the competition for an institutional implementation (eg, Core Lightning focuses on stability / reliability and modular add-ons for additional features and experimentation)

- Blockstream's Greenlight project - providing a non-custodial yet third-party hosted Core Lightning solution for institutions

- Discussion of sender versus receiver privacy on lightning network, including potential solutions (eg, Trampoline Routing; Zero-conf channel opens with short channel aliases; and Blinded Routing)

- Basis of Lightning Technology (BOLT) 12 versus BOLT 11 - improvements and new features

- Lightning network improvement procedure in comparison to the Bitcoin Improvement Proposal (BIP) process

- Improvements to lightning network privacy by changing the way public channels are announced on the Gossip network

- How the bitcoin block header overflow bug will need to be fixed with a hard fork

- Does fixing the block header overflow bug with a hard fork open up the discussion for other changes to be worked into that hard fork? Is this a risk for bitcoin?

- Could there be a bitcoin civil war coming, especially about the blocksize or block subsidy? Will the 21 million supply cap ever change? What circumstances would make people consider it?

- Threats to bitcoin: privacy is lagging

- Things to be excited about: lightning network (near-instant, near-free, more private, and eventually-infinitely-scalable transactions)


References

https://lightning.readthedocs.io

https://github.com/ElementsProject/lightning

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Australian Bitcoin PodcastBy HardBlock


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