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The Bitcoin Lightning Network: Scalable On-Chain Instant Payments
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The bitcoin protocol can encompass the global finanancial transaction volume in all electronic payment systems today, without a single custodial third party holding funds or requiring participants to have anything more than a computer using a broadband connection. A decentralized system is proposed whereby transactions are sent over a network of micropayment channels (a.k.a. payment channels or transaction channels) whose transfer of value occurs off-blockchain.
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