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Tutorial for Qtum Eclair — A Lightning Network Client
The scalability of the blockchain is the key to processing massive transactions. Currently, Bitcoin network can achieve up to 7 TPS, and Qtum network can currently achieve ten times that of Bitcoin, but it is still not enough for massive transactions. (eg: in e-commerce application scenarios, in Alibaba Double Eleven Shopping Festival recently, peak transactions of Alipay network exceeded 100,000 TPS; Visa achieved 47,000 TPS during the 2013 holiday). In order to solve the performance and storage problems caused by such massive transactions, Joseph Poon proposed the Lightning Network solution, which is a decentralized system that can realize a real-time and massive transaction network without trusting the other party and third parties. The basic idea is that the two parties in the transaction create a payment channel through the transaction script on the chain. After that, the real-time and massive payment transactions of the two parties are completed off the chain. By linking multiple channels, any two peers in the network can perform fund transaction and complete the value transfer without the need to trust third parties for fund custody and settlement. These transfers can be made along the delivery path through smart contracts between untrusted parties.
Eclair is a lightning network implementation on the Bitcoin blockchain, which currently supports functions including the creation of payment channels and receipt of payments for Lightning Networks. Qtum has implemented Qtum Eclair based on Eclair, which enables functions such as channel creation, real-time transaction, and small transactions on Qtum. The following are some tests of the lightning network’s features on the Qtum Testnet.
Step 1 — Install and run the Qtum Core wallet
Qtum Eclair requires a synchronized, non-pruned Qtum Core wallet that supports segwit, zeromq, transfer, and transaction indexing. Qtum Eclair will use any Qtum it finds in the ...
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