Bitcoin Q&A: Lightning Network game theory

Can the rules of the Lightning Network be updated easily? How does it use the consensus of Bitcoin? What are other implementations (Lit, Raiden)? What are the options for channel funding & creation? What is the benefit of commitment schemes? What are hashed timelocked contracts (HTLCs)? How does the mutual guarantee against cheating work? What prevents malicious use of the revocation key to steal coins?

CORRECTION: At 3:14, I incorrectly said that Poon-Dryja payment channels were the original specification for payment channels. Spillman (uni-directional) payment channels were proposed three years earlier through mailing list discussions. Poon-Dryja (bi-directional) payment channels are the design currently recommended in the BOLT specification: https://en.bitcoin.it/wiki/Payment_channels

These questions are from the MOOC 9.6 session, the March and May monthly Patreon Q&A sessions, which took place on March 23rd, March 31st, and May 26th 2018 respectively. Andreas is a teaching fellow with the University of Nicosia. The first course in their Master of Science in Digital Currency degree, DFIN-511: Introduction to Digital Currencies, is offered for free as an open enrollment MOOC course to anyone interested in learning about the fundamental principles.

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