Firing up the Thunder Network Rocket
Today, we announced the release of the ThunderNetwork which has the ability to make live, nearly instant, and ultra-cheap transactions that settle back to the Bitcoin blockchain.
We’ve written about our R&D efforts before and you can read all about the details in our previous . As a reminder, the ThunderNetwork is a way to send bitcoin “off-chain” to other parties in a trustless manner based on the lightning.network .
Yesterday afternoon, Mats and I made the very first payments using the Thunder network. Below is a quick tour of Thunder and a recap of what happened.
At a high level, the transaction movements looked like this:
First, we fired up both of our Thunder Network wallets and logged into our Blockchain Wallets (/shameless plug).
From there, I funded my Thunder Wallet:
Then, I connected to an independent node. In this case, thunder-1.blockchain.info:
Then, I opened a payment channel. You can see the channel from Mats and me connecting to the thunder-1 node, as information about them gets broadcasted across the network. This allows for easy routing of payments.
After receiving a Thunder Network address from Mats, I sent him 1,000 Satoshi instantly.
Now turning over the mic to Mats…
Mats J: I started with a more uneven balance in the payment channel. After receiving two transactions from Peter, my channel looked like this:
We transacted a little bit and sent money back and forth for free, which ended in this state:
You can see that all these payments are marked as [REDEEMED]. This means that they were embedded into the payment channel between me and the thunder-1 node, and then I claimed them by using the secret of each payment. This happens very fast in the background and you normally don’t notice any delay when transacting.
I then went ahead and closed the channel again:
to have the money back in my Thunder wallet [ 12kugTnNRYnfQAwqN7c46i3XgaCHw8hXA1 ] to send it further back to my personal Blockchain wallet:
And just in case anyone is worried about Peter’s bitcoins..
You can see where he withdrew them back out of his Thunder Wallet and into his Blockchain Wallet: https://blockchain.info/address/198BqfahUfeMbU3f3H2eqRtU8eRLUkcp9J
Safely back on the main chain!
This is a big deal and we’re excited about the work ahead. Follow our blog for more updates as we continue to pursue this important work.