Scalability is one of the most important challenges Bitcoin has to face. The blocks of Bitcoin’s blockchain are limited in their size and frequency. On chain transactions are subject to those limitations, in particular the average block creation time of 10 minutes. This is where the Lightning Network comes into play:
It aims to provide a solution to this problem. If you want to make a transaction over Lightning, you start by broadcasting a funding transaction to the blockchain to open a payment channel. After the channel is opened, you and your peer can exchange payments on a second layer with lightning speed and very low transaction fees. Those payments are not broadcasted to the Bitcoin blockchain. Just the distribution of the funds in this payment channel between yourself and your peer is changed. After you are done, you can close the payment channel and the final state of the funds is distributed to the blockchain again.
Cryptocurrency gambling is growing in popularity so fast that it’s contributing to a large part of the overall crypto transactions. That makes it part of the problem. Lots of transactions clog up the network and a solution to this problem is required.
Casinos and crypto players would benefit from a fully operational Lightning Network: Their Lightning transactions would happen very fast. Also it would save both the casinos and players money that would be spend on transaction fees.
Take a look at the future
So we wanted to try out one of the few lightning casinos out there. We decided to test the gambling experience of lightning-roulette.com/.
To play, you’re going to need a working lightning node that is connected to the network. You start by picking a chip at the bottom of the page. The number is the amount of Satoshi you want to bet (1 Satoshi = 0.00000001 BTC). We decided to bet 50 Satoshi on black. So we had a win chance of a little bit lower than 50%. After placing your bet, an invoice is displayed on the screen. You’ll have to use this invoice to pay the amount you want to bet. After the transaction has arrived, the game starts.
We actually won the spin and had a wallet balance of 100 Satoshi. Now we were able to withdraw the amount. We created a payment invoice on our lightning node and inserted it into the withdrawal option on lightning-roulette. And shortly after that, we had an additional 50 Satoshi in our Lightning wallet!
If you don’t have your own lightning node but want to have one, we recommend this guide.
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