The Lightning Network is a routed payment channel network built on Bitcoin, defined by interoperability standards called BOLTs.
Bitcoin transactions consist of inputs that unlock previous funds and outputs that create new spending conditions for future transactions.
Bitcoin Script is a stack-based, Turing-incomplete language used to define spending conditions for transactions, enabling simple smart contracts.
Multisignature (multisig) scripts require multiple signatures (K-of-N) to authorize a transaction, enabling joint control over funds.
Time locks are a security primitive that prevents a Bitcoin script from being valid until a specific future time or block height is reached.
A payment channel is created with an on-chain funding transaction, allowing many off-chain commitment transactions to update balances instantly.
Bidirectional channels allow payments in both directions and use time locks on asymmetric transactions to prevent parties from broadcasting outdated, more favorable states.
A Hash Time-Locked Contract (HTLC) allows funds to be redeemed by revealing a secret (pre-image) before a timeout, or refunded after the timeout.
Payments are routed across multiple interconnected channels using a chain of HTLCs, enabling payments to anyone on the network without a direct channel.
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