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0 sats \ 2 replies \ @thebullishbitcoiner 14 Sep \ parent \ on: LightningPub / Shockwallet video demo setup 🎥 bitcoin_beginners
Actually its probably more like Phoenix than not, since in any scenario payments that are too small to be resolved on chain are inherently trusted. In both our case and Phoenix's case, they queue until a channel open is afforded.
Thanks Justin. This is what I wanted to know. So during this trusted phase, I technically don’t have a channel.
Now my questions are:
  1. Are there higher fees during this phase or do I just accumulate sats until a channel is afforded? In other words, is it a lump sum or do I pay for the channel over time?
  2. Do I get to decide the threshold when that channel should be opened?
The difference is we outsource the LSP role and you can use literally any other Pub instead of us by piping in their Pub nprofile. This is the gateway to decentralizing the LSP's and reducing costs 80% through channel batching.
Let me see if I understand this. Channel batching occurs when multiple users (e.g. the ones that are connected to Uncle Jim’s node) are using my nprofile so we can all essentially share the channel-related costs. Is that right?
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105 sats \ 1 reply \ @justin_shocknet 14 Sep
Sats just accumulate as a fee credit, this is just the naive default and triggers when the opening cost is <1% the size of the channel. Pub fetches a quote on every balance update and then executes the open so all the logic is completely self-hosted.
Threshold is adjustable in the .env file on the Pub node, but the best way is really just open a channel any time you want via cli since its just LND underneath... we don't have creation UI in the dashboard yet, but should very soon (read-only is already there)
Channel batching
I think you're describing node-sharing, whereas channel batching is a batch open of channels on-chain to multiple nodes at once.
Scenario: You run a Pub, but have no channels, your only balance is trusted at another Pub. Either your or their Pub could advertise/solicit a batch open position, and then apply your balance towards that.
Since we already have the connections and node identity over Nostr, we'd use that for additional coordination... These batch opens might even leverage the broader Nostr web-of-trust, and the incentive exists because batches reach almost 80% savings on opening costs with just a handful of participants
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17 sats \ 0 replies \ @thebullishbitcoiner 14 Sep
Channel batching
I think you're describing node-sharing, whereas channel batching is a batch open of channels on-chain to multiple nodes at once.
Scenario: You run a Pub, but have no channels, your only balance is trusted at another Pub. Either your or their Pub could advertise/solicit a batch open position, and then apply your balance towards that.
Since we already have the connections and node identity over Nostr, we'd use that for additional coordination... These batch opens might even leverage the broader Nostr web-of-trust, and the incentive exists because batches reach almost 80% savings on opening costs with just a handful of participants
This sounds really cool. I’m not a Lightning pro so I wouldn’t know, but it sounds like channel batching has been around for a while. The only difference now is that there’s coordination. So instead of my opening 10 channels with an LSP to save on costs, it’ll be up to 10 different participants each opening a channel.
Thanks for taking the time to explain all of this btw. Def will pass on the knowledge.
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