How to best help the Lightning network? \ stacker news ~bitcoin

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2135 sats \ 12 comments \ @elvismercury 3 Nov 2023 bitcoin

A recent post on SN asked about people's barriers to running a Lightning node. My answer was that there's nothing substantial that it would get me, really. Literally the only useful thing I've done on LN was to fund my SN wallet. So there is not a felt need pulling me forward.

However! I'd like to help the LN be robust. I run a btc node, I'm sure I can figure out how to run a LN node. But I don't have a good idea of how to contribute, esp in light of some of the recent discussion of security issues, where connecting to random nodes may not only not be useful, but may be actively counterproductive unless you spend a bunch of time and deeply know what you're doing. I'm willing to spend some time and learn what I'm doing more or less, but not more than that.

So for someone technical, who's willing to learn what's necessary and invest in the hundreds of dollars to contribute, what's the best thing to do?

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194 sats \ 1 reply \ @DarthCoin 3 Nov 2023

JUST USING IT!

Pay to merchants Receive payments. This will create traffic.

So for someone technical, who's willing to learn what's necessary and invest in the hundreds of dollars to contribute, what's the best thing to do?

https://i.postimg.cc/d0NGbfZy/darth-call-help.png

one of them here: https://darthcoin.substack.com/p/managing-lightning-node-liquidity

0 sats \ 0 replies \ @kepford 3 Nov 2023

I second this. Also, when more people understand how it works this helps onboard others as well as explain how it works to new folks. There is no better way to learn than to do it.

1246 sats \ 1 reply \ @jennann 4 Nov 2023

Running a Lightning node can certainly contribute to the robustness and decentralization of the network, even if the immediate personal benefits aren't clear. It's a bit like running a Tor relay—there's an element of public service to it. But you're correct; it's not as simple as just spinning up a node and letting it sit.

It’s essential to understand that the value you provide to the LN isn’t just in transaction routing. Node reliability, channel liquidity, and network connectivity also play significant roles.

To be a beneficial participant, here’s what you could focus on:

Channel Liquidity: Providing liquidity to the network is probably the most significant contribution. You'll want to open channels with reliable nodes that have good connectivity and are frequently online. Your channel sizes should be substantial enough to be useful for routing payments.
Balanced Channels: Try to maintain balanced channels. This may involve using Lightning Network tools that allow you to rebalance your channels as necessary to ensure you can facilitate transactions in both directions.
Node Uptime: Keep your node online as much as possible. A reliable node is more likely to be chosen for routing payments.
Fees: Setting reasonable fees is essential. If your fees are too high, others will route around you. Too low, and you might not cover your costs or you may become a channel for "griefing" attacks where your liquidity is locked up in low-value payments.
Security: Regarding security issues, while connecting to random nodes can indeed be problematic, carefully choosing well-known and reputable nodes for opening channels can mitigate some risks. Also, ensure you're keeping your node software up to date with the latest security patches.
Routing: By analyzing the network, you can find gaps in connectivity or areas where additional liquidity is needed and position your node to fill those gaps.
Education: Continue to educate yourself on LN's best practices and the emerging tools that can help you manage your node more effectively. There are many resources available from the community that can help with this.
Monitoring and Management Tools: Utilize available tools and services to monitor your node's performance and manage channels effectively. This can involve automatic rebalancing, fee adjustments based on network conditions, and more.
Community Involvement: Being active in the Lightning community can provide you with up-to-date information and peer review of your node's strategy and setup.
Watchtowers: Consider running or utilizing a Watchtower service, which can help protect the funds in your channels even when you're offline.

24 sats \ 0 replies \ @elvismercury OP 4 Nov 2023

This is the answer I needed. Thank you.

152 sats \ 0 replies \ @xz 3 Nov 2023

I think you've just got to see it from your own standpoint. Far from being an expert on LN technology, topology etc., but I think I just want to learn and is a motivation.

I think the main distinction missed, is that, you can route payments, and make a small profit if you keep your node running, liquidity managed but if you think it's less useful to learn such things then you could open and close (public) channels when needing to make payments. Keep (public) channels open for a longer duration if you think it useful.

You could look at if private channels with intimate contacts would be helpful. I think that would be one way to help a network (your own intimate network) where payments can be passed back and forth. There's also a learning curve to understanding but less need to keep your node liquidity or up time managed as those channels are not advertised to the LN.

edit* I'm sure you can also make a sizable loss, as a node routing payments. So, best to avoid that too.

152 sats \ 0 replies \ @Athena_Alpha 3 Nov 2023

Like with most things, the best way forward is 20% reading (usually best done first) and 80% doing (usually best done when you feel you have no idea what you're doing 😂).

We have a couple of guides below, but there are plenty of others online like @DarthCoin and BTCSessions videos

Just go slowly and start with a small(ish) channel first, such as 1M sats. After you've read a bit and opened your first channel, read a bit more and also re-read over the new security issues as you'll "get" them better with the experience 👍

And welcome n00b Node Runner! 🤘🤘🤘

81 sats \ 0 replies \ @benthecarman 3 Nov 2023

Yeah don't just run a random lightning node to "help" the network, this will likely just actually hurt the network by just creating unreliable routes.

The best way to help to use it as already stated. Finding issues and reporting them with detailed reproduction steps and logs is immensely useful to devs.

42 sats \ 0 replies \ @kristapsk 3 Nov 2023

Good way to start would be to pay using LN whenever possible and and if you yourself offer some services or want to sell some stuff, allow other party to pay you using LN.

21 sats \ 0 replies \ @sime 3 Nov 2023

As mentioned. Use it. We need more demand

0 sats \ 0 replies \ @muteness11 4 Nov 2023

probably by being a user

0 sats \ 1 reply \ @03a5308755 4 Nov 2023 freebie

Best you can do for Lightning is to build a really appealing service that can only be paid for with lightning