Open A BTC Lightning Channel

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How to set up a lightning channel(s) for your node.  

First off, what is a channel?

aA Lightning network functions via a peer-to-peer system for making micropayments of cryptocurrency through a network of bidirectional payment channels without delegating custody of funds. 

A normal use of the Lightning Network consists of opening a payment channel by committing a funding transaction to the relevant base blockchain, followed by making any number of Lightning transactions that update the tentative distribution of the channel's funds without broadcasting to the blockchain, optionally followed by closing the payment channel by broadcasting the final version of the transaction to distribute the channel's funds.

Check out this video which does much to help simplify a somewhat complex concept:

https://www.youtube.com/watch?v=pOZaLbUUZUs

How do I open a channel(s)?

Fortunately, that is made super simple for you with your Blockdaemon Lightning Node and can be accomplished in just a few clicks from your node RTL dashboard.

After your node finishes launching and syncing access the connect page in your app.blockdaemon dashboard*

*note:  This can take a few moments, so please wait till it cycles through, initializing, launching, syncing, and is showing  <Running> <Synced> as its status.  Periodically hit refresh to update the page

1.  navigate to your RTL dashboard by following the link in the connect menu from your node overview at app.blockdaemon.com

connect_menu.jpg

 

Follow the RTL dashboard link (using the password - just below it)

 

ltn_connect_2.jpg

 

2. This places you in your node RTL dashboard

 After first connecting to a peer, click on <channel management> to open, fund, and manage your channel(s). 

 3. Click on <Alias>, your list of peers will be populated. Select the peer you want to establish a channel with.
4. Fund the channel with a set amount.
5. Click <Open>
6. In the Channel section, your new channel will show up in the pending section
7. This might take time to confirm your channel but once complete the channel will show up in the Channel list section 

open_channel.jpg

Note: The funding transaction for opening your channel needs a minimum of 1 confirmation to be usable and 6 confirmations to be broadcast publically.   

 

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