Lightning Bitcoin (LBTC) is a decentralized global value Internet transmission protocol, and its specific applications include peer-to-peer payment and trading platforms. Any user who accepts the LBTC protocol can use LBTC almost free of charge to ensure the real-time and security of transactions.
LBTC, which implements DPoS and on-chain governance systems, enables users to vote for proposals for network development, and can also directly elect delegates (Delegates) who are suitable to become lightning accounting nodes, so that everyone can Can participate in the LBTC ecology to solve the centralization problem of PoW.

Project Highlights

Community autonomy
The governance system on the chain integrates all users into the decision-making process, and anyone can become a part of the ecology.
Speed
Transactions can be completed within seconds.
Decentralization
Users can vote for 101 lightning bookkeeping nodes, so as to separate the bookkeeping right from the speaking right.
Almost Free
The transaction fee can be as low as 0.00001LBTC according to the byte size.
Scalability
DPoS mechanism to reduce the number of nodes brings higher scalability to LBTC.
Security
The overall structure is based on the stable operation of Bitcoin for 9 years.

Technical Overview

1. LBTC is an Internet value transmission protocol
LBTC is an Internet of Value Protocol. The so-called value transmission refers to the value expression, transfer and credit construction that can be realized under the framework of a specific agreement, as well as all economic and financial activities based on this, which may specifically include transfer and remittance, digital asset swap, legal currency-digital asset swap, and credit endorsement. A series of applications with practical functions and social utility, such as digital asset issuance and trading, decentralized exchanges, trading and acceptance gateways, etc.
The core of the design of the LBTC protocol is to ensure that LBTC has sufficient capabilities to act as a carrier system for global Internet value transmission by selecting an appropriate technical architecture. The LBTC protocol is the basic framework for realizing value transmission, which is the matrix of all economic activities on the chain. Therefore, we put forward high requirements for the applicable technical architecture and various internal details of LBTC, creatively established a UTXO-based DPoS consensus mechanism, and designed irreversible blocks, timestamp consensus, Cache middleware and other balance This combination of performance and reliability enables a version of the protocol that is closer to the original design intention of the peer-to-peer cash system than the original Bitcoin.
2. UTXO model: the safest bookkeeping method
In the data layer, LBTC follows the UTXO model adopted by Bitcoin as the infrastructure for blockchain ledger records. UTXO is the abbreviation of Unspent Transaction Output (unspent transaction output). It is the first technical solution adopted by Satoshi Nakamoto in the design of Bitcoin transaction data structure, and it is also a highly innovative Bitcoin protocol brought to the world. data structure concepts.
UTXO is placed in the database of the Bitcoin protocol in the following form: After confirming that the destination of several transfer transactions points to user A on the chain, and A has not spent the assets specified in these transactions, all protocol participants will recognize A own these assets.
Compared with the UTXO model, it is easier for ordinary people to understand the account model (Account Model). The account model refers to saving the account ID, owner ID, and asset balance in the account in the database; when a transfer transaction occurs, the balance of these accounts will be adjusted and changed according to the transaction to form a new account-balance Mapping relationship ( That is, the corresponding relationship). In the UTXO model, the balance of an account is not stored as a number, but is calculated using the sum of the UTXOs in possession. In other words, UTXO does not have the so-called account-balance Mapping relationship, it is just a faithful record of all historical transactions, simple but very robust.
The UTXO model has the following advantages:
UTXO reliability
In a block structure, previousblockhash and merkleroot are the two most important fields, both of which prevent transactions Potential for information to be tampered with. The core idea of ​​the UTXO model is to ensure that the written data is immutable. Based on this core idea, the chained UTXO connects the input and output of different transactions through hash pointers to ensure the legitimacy of all transactions and realize the traceability of UTXO .
UTXO One Time
Each transaction in the UTXO model is composed of multiple transaction inputs, which are actually UTXO + signatures. Each transaction output (Transaction Output) has only two states, spent and unspent. This ensures that each UTXO can only be spent once, and the ability to resist double-spending attacks is extremely high.
The Concealment of UTXO
Compared with the account model, UTXO is more private. As previously known, each UTXO is "one-off". If the user changes the address for each transaction, it will be difficult to find the correlation between the two addresses, which ensures the anonymity of the transaction. If there is still a need to further improve this concealment, technical means such as ring transaction signature pairs and transaction elements mixing can also be considered.
UTXO Parallelism
The UTXO model is recognized as potentially scalable, because UTXO allows transactions to be processed in parallel. When a transaction sender sends two independent transactions, spending independent UTXO also allows the transactions to be processed in any order. This allows for the separation of one's funds, with the ability to process transactions in parallel while maintaining privacy.
The UTXO model of Bitcoin has been operated and tested stably for many years, and has great advantages in performance and security. As a fork currency of Bitcoin, LBTC adopts the UTXO model, which is an inheritance of its underlying technology for LBTC. LBTC is developed based on the core code of Bitcoin, which is also a more cautious choice. The security and parallel transaction characteristics of UTXO will also bring the possibility of higher efficiency to LBTC.
3. DPoS Architecture: The Most Efficient Consensus Mechanism
On the consensus protocol, LBTC adopts the Delegated Proof of Stake (DPOS) mechanism. DPoS is a new type of consensus algorithm to ensure the security of digital currency network based on POW and POS. It can not only solve the problem of excessive energy consumption generated by POW in the mining process, but also avoid the problem of biased "trust balance" that may arise under the distribution of POS rights and interests. Then, DPoS can logically become a representative consensus mechanism in consensus mechanism 3.0.
Briefly explain the DPoS consensus mechanism. The principle is to let each token holder vote, select a certain number of token holder representatives, or be understood as a certain number of representative nodes, and these representative nodes will complete transaction verification and verification. The work of block production. Token holders can vote to replace these representatives at any time to maintain the "long-term purity" of the system on the chain and ensure that the agreement has a sufficient degree of decentralization.
DPOS is the fastest, most effective, most decentralized, and most flexible consensus model among all current consensus protocols. DPOS utilizes the power of stakeholder approval voting to resolve consensus issues in a fair and democratic manner. All network parameters, from simple transaction fee standards, block intervals, block parameters to more complex on-chain governance rules, can be adjusted by selected delegates.
The DPoS consensus mechanism has the following advantages:
High performance of DPos:
Faster confirmation speed: Take LBTC as an example, the time of each block is fixed at 3 seconds, A transaction (after getting 6-10 confirmations) takes about 1 minute, and the complete block production cycle only takes 5 minutes; an irreversible block as a confirmation point can be generated every 1-2 cycles. Under the PoW mechanism, taking Bitcoin as an example, it takes about 10 minutes to generate a block, and it takes at least 1 hour to confirm a transaction (get 6 confirmations).
Low power consumption of DPoS:
While the DPoS mechanism further reduces the number of nodes, it also changes the relationship between nodes from competition to cooperation, avoiding unnecessary competition for computing power and Under the premise of ensuring network security, the energy consumption of the entire network is further reduced, and the network operation cost is the lowest.
Efficient Governance for DPoS:
As long as stakeholders approve it, developers can implement any changes they see fit. Not only does this policy protect developers, it also protects stakeholders and ensures that no one person unilaterally takes control of the blockchain network or allows it to grow out of control. The hard fork is like replacing 51% of the witnesses, so the more stakeholders participate, the more corresponding electoral witnesses, and the higher the security of the entire system.
4. UTXO+DPoS: an amazing and wonderful combination
Many people may have a wrong perception that DPoS is only suitable for the account model and cannot be used for the UTXO model. But in fact, the UTXO model is a way of storing records for transaction storage, organization and verification; DPoS is a consensus algorithm to ensure that participants in a distributed network can also achieve a consistent understanding of transaction data. UTXO and DPoS are neither mutually exclusive nor correlated.
In fact, the combination of UTXO and DPoS has many additional advantages.
Higher performance basis:
Because of the separation operation of UTXO, it has potential parallelism. With the performance support of DPoS, LBTC has an extremely excellent performance foundation. According to the actual operation results, LBTC can meet the operation requirements of 2800TPS.
Higher security:
In the DPoS architecture, nodes produce blocks in a given order, and the time interval is very short. If you use the account model, the database will expand very quickly, and there will be many problems when the database synchronization in a very short period of time faces network exceptions. The UTXO model can not only maintain the size of the database, but also generate a forging periodic table according to a specific algorithm, and keep the forging periodic table calculated by the nodes of the entire network based on the same data to be consistent. At this time, the nodes of the entire network reach a consensus. When the forging node is down, the network is partitioned, etc., the entire network will switch overlays on its own with the longest chain as the main chain according to the principle of "transaction submission" to ensure consistency.
Timestamp Consensus:
One of the difficulties in the combination of UTXO and DPoS is the time stamp. The DPoS consensus is based on time and will strictly check the block time. The full node system time must be set to be the same as the standard time, otherwise there will be problems with consensus consistency. UTXO itself also records the function of time stamp, but the time stamp is not based on standard time. In LBTC, the time stamp is unified into a standard time protocol to ensure the normal operation of the block. When there are malicious nodes or blocks whose time is not synchronized, the block will be treated as an abnormal block, and the block producing node will be treated as an abnormal node.
Data snapshot and voting:
In the UTXO model adopted by Bitcoin, it does not support the function of querying the address balance. In Bitcoin, the address balance can be calculated in real time by traversing the UTXO data globally. The workload of real-time calculation is quite huge, and the calculation time is measured in hours, which is not feasible in reality. However, Bitcoin does not adopt DPoS consensus, and does not require functions such as node registration and voting.
In the LBTC system, in order to meet the needs of the DPoS algorithm, new functions of address balance calculation, node registration, and node voting have been added to LBTC. Considering the high-performance requirements of the consensus algorithm and the limited number of registered nodes, the address balance, node registration and voting information are stored in the memory, and the data is written back to the disk when the program exits. UTXO accounting information and DPoS consensus mechanism are linked through the database, address balance, and voting information:
Registration and voting information are transmitted by the Bitcoin underlying protocol.
Save registration and voting information in the memory database.
The DPoS consensus module checks the registration and voting information, and completes the consensus.

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