Explaining Basis Of Lightning Technology (BOLT) 12
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Sjors is again! In this episode of “The Van Wirdum Sjorsnado,” hosts Aaron van Wirdum and Sjors Provoost mentioned BOLT 12 (Basis of Lightning Technology 12), a newly-proposed Lightning Network specification for “offers,” a sort of “meta invoice” designed by c-lightning developer Rusty Russell.
Where cash on Bitcoin’s base layer are despatched to addresses, the Lightning Network makes use of invoices. Invoices talk the requested quantity, node vacation spot and the hash of a secret which is used for cost routing. This works, however has a lot of limitations,
Provoost defined the main points, notably that the quantity have to be bitcoin-denominated (versus fiat-denominated), and that the bill can solely be used as soon as. BOLT 12, which has been applied in c-lightning, is a strategy to primarily refer a payer to the node that’s to be paid, as a way to request a brand new bill. While the BOLT 12 supply could be static and reusable — it at all times refers back to the similar node — the payee can generate new invoices on the fly when requested, permitting for far more flexibility, Provoost defined.
Finally, van Wirdum and Provoost mentioned how the brand new BOLT 12 messages are communicated over the Lightning Network by way of an replace to the BOLT 7 specification for message relay.