The Lightning Network is an overlay layer-two network which uses actual bitcoin transactions to create promises that can be redeemed/ settled on the Bitcoin network in the future, or extended forward in time across multiple participants. This allows you to encompass a much larger volume of transactions, much more fine-grained in time and amount.
You can do millions of participants, millions of transactions, milliseconds apart, for a few satoshis and still make it work by only settling the final reconciliation. It is Bitcoin - Layer 2, or the second layer of any other blockchain that supports the basic multi-signature, timelock transactions, and some basic scripting capabilities.
It adds a dimension of processing that will blow away everything we've seen before. Imagine streaming your salary not every two weeks but every minute, because why not get paid incrementally every minute? Streaming money is the new concept.
Rootstock is an attempt to implement an Ethereum virtual machine on top of Bitcoin. It hasn't been implemented yet partly because it depends on a couple of underlying technologies like Segregated Witness and it needs some new scripting opcodes as well as the ability to soft-fork upgrade some of the scripting language.
Transcript
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uh could you touch upon the lightning Network and root stock and a little bit all right since we actually have um two people from the lightning Network company in this room raise your hands so that so the people at least two right so roast beef right here and Elizabeth somewhere in the back there I don't know if you have anybody else from your team who I don't know but at least two people first of all they know the real answer so maybe they volunteer to answer questions later on a one-on-one basis I'm going to volunteer them now if you want a uh completely wrong answer um based on the little information I've been able to Cobble together and my limited understanding here goes um lightning network is an overlay layer to network what's important about it is it uses actual Bitcoin transactions right to create promises that can be redeemed on the Bitcoin Network in the future settled or can be forwarded and extended both in time and across multiple participants in such a way that allow you to Encompass a much greater volume of transactions much more fine grained in time and amount so you can do millions of participants millions of transactions milliseconds apart for few Satoshi and still make make it work and only settle the small subset the final reconciliation um it's an astonishing technology it's an incredible invention it is Bitcoin it's Bitcoin layer to and but it's also ethereum layer 2 or any other blockchain that supports the basic multi- signature time lock transactions and some basic scripting capabilities every clone of Bitcoin and do it what it does is it adds a dimension of processing that will blow away everything we've ever seen before imagine streaming your salary not every two weeks but every minute why not get paid every minute incrementally streaming money is the New Concept and it changes everything really that's the best I could do thank you feel free to correct me afterwards on everything I got wrong I'm sure I got a few things all right uh um yeah rootstock is still a uh thank you rootstock is anyone from rootstock here are you with rootstock no all right I can get this one even more wrong um rootstock is um an attempt to implement something that looks very similar to the ethereum virtual machine machine on top of Bitcoin that's the best I can do right now um hasn't been implemented yet partly because it depends on a couple of underlying Technologies it it needs segregated witness it needs some new scripting op codes and the ability to soft Fork upgrade some of the scripting language um we'll see very interesting