The Lightning Network - A New Way to Do Business on the Blockchain

The Deeper Bridge Project is more than just a fancy name for a Lightning Torch plugin. It's a whole ecosystem of interoperable blockchain tools specifically designed to make it simpler for users to send, receive, and store value on the Ethereum blockchain.

The solution to this problem is the Deeper discount deeper network . Essentially, the Deeper Network is a decentralized VPN layer built on top of the Lightning Network. It allows users to securely and privately transact on the Lightning Network without having to worry about malicious actors on the network trying to steal their funds.

What is the Lightning Network?

If you're not familiar, the Lightning Network is a second-layer solution built on top of the Ethereum blockchain. It was first proposed in 2017 by Joseph Poon, a software engineer at the Ethereum Foundation. The basic idea is to use a payment channel on the Lightning Network in order to instantly perform a transaction, without having to first go through a central node to confirm the transaction.

This is in stark contrast to the traditional method of doing business on the blockchain, which is to have users send payments to a single address. On the Lightning Network, transactions can be coordinated and facilitated directly between users, without needing an intermediary. This makes everything much faster, and more secure. Since the network is second-layer, it also offers additional privacy to users, whose transactions are hidden from the public eye.

Why Use the Deeper Network?

Now, for the important part. Why should you use the Deeper Network rather than just using the Lightning Network? The answer is very simple. The Lightning Network is great for small, untaxed payments. However, for larger payments, you'll need to go through a central node to facilitate the transfer. This is where the Deeper Network comes in. It allows users to securely transact on the Lightning Network using smart contracts. Thus, enabling larger payments without having to worry about intermediary nodes stealing your funds.

Imagine a scene where you're making a large purchase and want to quickly and anonymously pay for it. The seller accepts your payment and everything is peachy keen. However, a few hours later, you receive a notice that your transaction was flagged as suspicious by a bot, which is being used by a hacker to steal money. Thanks to the security measures implemented by the Deeper Network, your funds are still safe, and you are, in fact, the rightful owner of the item you purchased.

How does it work?

To use the Deeper Network, you first need to install the latest version of the Lightning Network software on your computer or mobile device. There's also a Chrome extension that you can install to manage and monitor your channel on the Lightning Network. To start, you'll need to create a Lightning Wallet and fund it with some money. The wallet can be set to automatically create new channels for you, whenever you use it. It also has an option to hide your IP address, so that you can keep your privacy while browsing the web.

Channels are created in much like a bank account. You can either set up a channel directly through the Lightning Network node software or through the Chrome extension. Once you have a channel, you can send and receive money through it, just like you would with a traditional bank account.

To make a purchase on the Lightning Network, you will need to have a channel open. You can either set up a direct payment through the channel or send it to an address, which will then be announced over the channel. The payer and the recipient of the transaction can remain anonymous, as usual, and the entire process is fully automated. Once a transaction is finished, the channels are automatically closed. This helps keep the Lightning Network free of congestion, as people are not continuously opening and closing channels all the time. When channels are closed, they are stored on a public ledger, available for anyone to verify.

You can also use the Lightning Network to send and receive digital assets, such as ether, ERC20 tokens, and others. It effectively creates a decentralized, private, and encrypted network for exchanging value. This makes the Lightning Network a very versatile tool, able to handle everything from microtransactions to large asset transfers.

How does the Deeper Network differ from the Lightning Network?

There are several key differences between the Lightning Network and the Deeper Network. First of all, the Lightning Network is a single layer system, while the Deeper Network has a second layer built on top of it. This means that every transaction requires a minimum of two steps: the first is using the Lightning Network, and the second is using the Deeper Network. However, this also means that the Lightning Network is more convenient to use, as you don't need to set up a separate wallet to store your channels in. You can simply use the same one for both the Lightning Network and the Deeper Network. Furthermore, since the second layer is open for everyone to see, the Lightning Network is completely transparent. This means anyone watching the network will be able to see all the transactions that take place. The second layer also provides additional privacy to the users, as their IP addresses are hidden from the public eye. For more information, please see our blog post about the differences between the Lightning and Deeper Networks.

How much does it cost to use the Deeper Network?

Since the Deeper Network is a decentralized solution, there's no one-stop shop for information on fees. However, based on the average usage rates for similar services, and Ethereum's high fees when using the Lightning Network, we can estimate that it'll cost you about $5 to $10 per month to use the Deeper Network. This is a significant savings compared to the cost of using the Lightning Network. It also makes economic sense, as you'll always want to use the cheaper option, if you're seeking value for money. Your wallet will be more than sufficient for storing your channels in, and you don't need to worry about running out of gas, as you aren't bound to specific addresses. Finally, to send a transaction on the Deeper Network, you'll need to deposit funds into a smart contract, which will then be unlocked for you to use, just like in a bank. The contract will take care of all the complexity of the transaction and give you an interface to monitor the process, from start to finish.

Which method of payment do you use, debit card or bitcoin? Why do you choose one over the other? Please tell us your thought processes in the comment section below!