Technology of Lightning Network in Tel Aviv, Israeltakayaimai
The document discusses the Lightning Network, an off-chain scaling solution for Bitcoin that uses payment channels to enable high-volume, low-value transfers. It provides an overview of how payment channels work using micro payment channels that allow bidirectional transfers between two parties off the blockchain. The key aspects covered are opening a channel by creating a funding transaction, updating the channel balances by exchanging signed commitment transactions, and closing the channel by broadcasting the final commitment to the blockchain.