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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 .

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,

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:

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.