Difference between revisions of "On-chain transactions"
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They are (much) slower than Lightning transactions, since you have to wait for block confirmation. | They are (much) slower than Lightning transactions, since you have to wait for block confirmation. | ||
= Funding Transaction = | |||
The Funding Transaction creates the channel. During this stage, funds are sent into a multisig address controlled by both Alice and Bob, the counterparties to the channel. This address can be funded as a single-payer channel or by both Alice and Bob. | |||
= Closing Transaction = | |||
The Closing Transaction closes the channel. When broadcast, the multisig address spends the funds back to Alice and Bob according to their agreed-upon channel amount. | |||
Revision as of 14:03, 11 January 2019
Transactions broadcast and processed by the Bitcoin blockchain.
They are (much) slower than Lightning transactions, since you have to wait for block confirmation.
Funding Transaction
The Funding Transaction creates the channel. During this stage, funds are sent into a multisig address controlled by both Alice and Bob, the counterparties to the channel. This address can be funded as a single-payer channel or by both Alice and Bob.
Closing Transaction
The Closing Transaction closes the channel. When broadcast, the multisig address spends the funds back to Alice and Bob according to their agreed-upon channel amount.