Lightning Bitcoin (LBTC)

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Bitcoin (BTC) Detail Page

Official site (website): http://lightningbitcoin.io Official Twitter account: https://twitter.com/LightningBTC Github: https://github.com/lbtcioDocuments (docs): http://docs.lbtc.io:8080/ Official blog (news): https://bitcointalk.org/index.php?topic=2908497 Medium (blog, article, news): https://medium.com/lightning-bitcoin-blogDiscussion forum: https://chat.lbtc.io/ Official Telegram channel (group): https://t.me/LightningBTC Official Instagram account (ig): https://www.instagram.com/lightningbitcoin_official/Official Facebook account (fb): https://fb.me/LightningBTCReddit: https://www.reddit.com/r/lbtcOfficial Discord group: https://discordapp.com/invite/mSmDvxVOfficial Weibo account: https://weibo.com/u/6525553289?refer_flag=1001030101_Alexa website traffic ranking: https://www.alexa.com/siteinfo/lightningbitcoin.io

Truth and facts[edit]

  • Lightning Bitcoin is a fork of Bitcoin, which adopts DPoS+2M blocksize, improves transaction speed, promotes decentralization and supports smart contracts.[1]
  • Lightning Bitcoin combines the advantages of Bitcoin and Ethereum and creates a more valuable and functional blockchain system.[2]

Fork

  • Lighting Bitcoin forked from Bitcoin at block height 499,999 on 18 December 2017 (at time: 18:34:47). (Some people though Lightning Bitcoin forked on 23 December 2017, but it's actually 18 Dec 2017.)

Official

  • Slogan: Make Bitcoin transfer fast as lightning.

Features [2]

  • Community Autonomy: With DPoS consensus mechanism, voting and bookkeeping rights can be separated, which prevents abuse or control of the system by any party. Users can maintain the policy discourse as long as they possess tokens, thus achieve the true autonomy.
  • Rapidity: 3 seconds per block with 2M blocksize design could support 1,000 to 10,000 transactions per second, and completely solved the most contended bitcoin congestion problem, and increase the adption and utilization.
  • Fair Distribution: The original bitcoin holders can claim LBTC at a 1:1 ratio, the rest will be distributed through forging in a convergent manner, while the block rewards halves in every four years.
  • DAPP: Support all kinds of DApp development.


What is Lightning Bitcoin?[edit]

  • Lightning Bitcoin (LBTC) is a hard fork of the Bitcoin blockchain, forked at block 499,999 by the Lightning Team. It adopts the DPoS consensus mechanism[2], thereby solving the problem of miner centralization and network congestion prevalent in Bitcoin. Lighting Bitcoin is the first fork to adopt DPoS (Delegated Proof-of-Stake) instead of PoW (Proof-of-Work).
  • Lightning Bitcoin network enables payments to be sent between users without passing through intermediary, such as a bank or a payment gateway. Transactions are created and held electronically. Lightning Bitcoins are not issued banknotes, like dollars or euros – lightning bitcoin coins are produced by computers all around the world, using its software. The transactions are verified by the network nodes and recorded in the immutable public distributed ledger called blockchain.
  • Lightning Bitcoin combines the advantages of Bitcoin and Ethereum and creates a more valuable and functional blockchain system.[2]

Origin[edit]

  • Lightning Bitcoin originated from Bitcoin, which started its operation at 2009. Bitcoin is now suffering a series of problems, including network congestion, mining centralization and high transaction costs. In order to solve these problems, the new hard fork of Bitcoin blockchain – Lightning Bitcoin emerged. It adopts the DPoS consensus mechanism, created by Daniel Larimer, the serial entrepreneur behind BTS (BitShares) and EOS (Enterprise Operation System). The DPoS mechanism has proven to be robust, secure, and efficient after being reliably used in multiple blockchains. It eliminates the negative impact of centralization in the PoW mechanism, ensures maximization of stakeholder profitability and the network effect, and minimizes the cost of maintaining the network.

Goal[edit]

  • The invention of blockchain technology indicates the start of Internet of Value (IoV) era. IoV lets people transmit value, as convenient, fast and cheap as transmitting information. It is characterized by decentralization, transparency, distribution and self-organization. Lightning Bitcoin aims to increase transaction speed, promote decentralization, lower transaction fees, create a valuable and functional public blockchain, and ultimately achieve the goal of becoming a value intermediary.

Design[edit]

Units[edit]

  • The unit of account of the Lightning Bitcoin system is a lightning bitcoin, LBTC. To salute the creator of blockchain, Satoshi Nakamoto, a satoshi is the smallest amount within Lightning Bitcoin, representing 0.00000001 LBTC. A millibitcoin (mLBTC) equals 0.001 LBTC.

Supply[edit]

  • The bookkeeping node that records the transactions is rewarded with newly created LBTC and transaction fees per block. The reward amount is 0.0625 LBTC, and will be halved approximately every four years. Eventually, the reward will decrease to zero, and the limit of 21 million LBTC will be reached. The logic is similar to Bitcoin Blockchain.

Block[edit]

  • The Lightning Bitcoin block size is 2M now, which is temporary and can be adjusted according to the demand in the future. The interval between blocks is 3 seconds. Thus it potentially can reach up to 400 times the TPS (transactions per second) which is (400 times higher)than in bitcoin network is equipped with, which is 2800 TPS.

Consensus - Delegated Proof of Stake (DPoS)[edit]

  • The DPoS algorithm is divided into two parts: election of block producers (bookkeeping nodes) and production scheduling. The election process ensures that coin holders are ultimately in control because stakeholders suffer losses when the network does not operate smoothly.
  • DPoS is a robust network which is stable even in the face of corruption of a large minority of producers. Lightning Bitcoin is able to continue functioning in case when a majority of block producers fail. In this situation the community can vote to replace the failed producers until the network bookkeeping nodes recovered 100%.
  • Moreover, DPoS consensus allows dynamically adjust system parameters like transaction fees, block size and intervals, throughout the lifespan of the system via voting for delegates, thus avoiding forking and market segregation.
  • A delegate – bookkeeping node is a special type of account that has the privilege to propose changes to the system. This may bring the question of centralization by simply shifting the power from the hands of miners into the hands of delegates. However, the DPoS protocol resolves this by giving stakeholders the rights to not only elect and reelect delegates, but to also approve their proposals. According to Dan Larimer, “This design was chosen to ensure that delegates technically have no direct power and that all changes to the network parameters are ultimately approved by the stakeholders.”
  • DPoS Consensus Mechanism implements technological democracies to offset the negative effects of centralization problems posed by the PoW. As a result, true decentralization can be achieved with the voting right in the hands of the coin holders, which ensures to maximize shareholder profitability and the network effect, minimize the costs of maintaining cybersecurity and the cost of operating the network. Significantly reduced the number of participating verification nodes, LBTC can reach the consensus in seconds, and the transaction speed is really fast as lightning.

Forging[edit]

  • Forging is a distributed consensus system that is used to confirm pending transactions by including them into the blockchain. It enforces a chronological order in the blockchain, protects the neutrality of the network, and allows different computers to agree on the state of the system. To be confirmed, transactions must be packed in a block that fits cryptographic rules and they should be verified by the network. These rules prevent previous blocks from being modified, otherwise it would invalidate all following blocks. Forging also creates the equivalent of a competitive lottery that prevents any individual from easily adding new blocks in the blockchain. This way, no individuals can control what is included in the blockchain or replace parts of the blockchain to roll back their own spends. Each block contains a SHA-256 cryptographic hash of the previous block, thus linking it to the previous block and giving the blockchain its name.
  • All of the LBTC holders can vote and decide who will be the bookkeeping nodes for the entire system. Every LBTC holder can vote for other 51 holders, who have registered as delegates, and receive unlimited votes. At most, 101 delegates who have received the most votes, will have the right to forge blocks and record the transactions.
  • Each vote needs 0.01LBTC as miner’s fee to prevent DDoS. 101 nodes take turns to keep records. A node that has problem in recording for a long time will be moved out.

History[edit]

  • Nov. 1th 2017, Considering the problem of Bitcoin, a scheme to improve Bitcoin to use DPoS consensus mechanism instead of PoW was proposed by Lightning Bitcoin Team. And the scheme was named "Lightning Bitcoin", as LBTC network can be fast as lightning.
  • Dec. 18th 2017, Fork at block height 499,999 successfully.
  • Jan. 1th 2018, Test net was launched.
  • Feb. 5th 2018, Main net and wallets were launched.

Video Playlist[edit]

Comparison[edit]

  • Comparison table for Lightning Bitcoin V.S. Bitcoin and other previous Bitcoin forks.

Lightning-bitcoin-comparison.png

Frequently asked questions[edit]

  • LBTC ticker.
Lightning Bitcoin ticker is LBTC. You would notice that some coins have similar tickers. However, Litebitcoin (LBTC, LBTCX) and Bitcoin Lightning (BLT) are the coins that are not related to Lightning Bitcoin. Please be aware and double check the name before making any transactions.
  • How to claim LBTC? How does this airdrop of LBTC work?
A bitcoin holder is credited with Lightning Bitcoin based on a 1:1 ratio if you held BTC in the wallet or the supporting exchanges at Bitcoin block height 499,999. You can find the official wallet and the tutorial on our website: www.lbtc.io
  • Why are LBTC prices different on each exchange?
Some of the exchanges haven't install the LBTC wallet yet. Currently, the following exchanges support LBTC deposit and withdraw:
  • Are there any bounty programs for LBTC and how can I contribute?
Yes! Anyone can contribute to the LBTC community by writing articles, setting up promoting groups, and contributing source codes. The detailed rules will be posted on Medium in weeks.
  • Does "3sec + 2MB" imply that the blockchain increases by 40MB/min and 57GB/day?
The actual block size depends on the amount of transactions during that specific 3 seconds. Normally, the block size is less than 1KB in the beginning. Therefore, 57GB per day is a hypothetical growth with maximum loading.
  • Does LBTC have pre-mine? And, how does the LBTC committee provide funding to build the ecosystem?
There is no pre-mine. However, the Lightning Team will build a security node to make sure that the mainnet works smoothly.
The addresses that have no transactions or only inflows with less than 1 BTC accumulated since Jan 31th 2013 are defined as inactive addresses. We took LBTC from those inactive addresses for ecological construction, such as algorithmic research, smart contracts and DApps development, community rewards and global promotion.The full node wallet and light wallet will be managed by the LBTC foundation. We reserve the rights to return LTBC back to these inactive addresses upon request.
  • What are the inactive addresses?
Please refer to this Medium article: https://medium.com/lightning-bitcoin-blog/lightning-bitcoin-inactive-addresses-list-93bc034f5787
  • Are LBTC and Lightning Network related? What's the difference?
Lightning Bitcoin is a hard fork of Bitcoin; Lighting Network is an off-chain protocol built on Bitcoin. It is important to address that these two projects are not related to each other. The only two things that Lightning Bitcoin and Lightning Network have in common are the desire to propose solutions to Bitcoin's scalability problem and the word “Lightning” ^^.
  • Is LBTC open source?
Lightning Bitcoin is open source: https://github.com/lbtcio/lbtc-core.
  • How to get the LBTC back if they were sent to a segwit address by mistake?
LBTC mainnet doesn't support segwit! If a LBTC was sent to a segwit address, it will be lost forever. Therefore, NEVER SEND YOUR LBTC TO A SEGWIT ADDRESS!
  • When is the Lightning Bitcoin get forked? Is it on 23 December 2017 or 19 December 2017?
Lightning Bitcoin forked at block height 499,999, which is on 19 December 2017.

Reviews[edit]

References[edit]