Segregated Witness and Lightning Network: Implications on the Future of Payment

In this 2-day course, we will do a deep dive into the recent development in the Bitcoin and Litecoin blockchains, namely the implementations of Segregated Witness (SegWit) and the Lightning Network, including the community dispute on the activation of SegWit on Litecoin.

The course will cover a brief introduction on the structure of blockchains, and the recent debate on the scalability issues of the Bitcoin blockchain, which eventually resulted in a hard-fork on the Bitcoin blockchain. The course will include a thorough review on the design principles of Segregated Witness, how it solves the transaction malleability issue and eventually became the enabling technology for the Lightning Network.

The course will also do a comprehensive overview on Lightning Network. Participants will be able to see how a fast payment channel is established, how multiple payment channels are connected, and how transactions are routed across the whole Lightning Network.

Course Objectives

A. Knowledge and Understanding (Theory Component)

At the end of this course, participants should be able to:

  • Describe the structure and mechanism of Blockchains
  • Understand the scalability issues on the Bitcoin blockchain and the need for SegWit
  • Explain the principles of the Lighting Network, and its strength and weakness
  • Illustrate how SegWit and Lightning Network were activated on Litecoin

B. Key Skills (Practical Component)

At the end of this course, participants should be able to:

  • Create, send and receive Bitcoin/Litecoin transactions
  • Create an altcoin based on Bitcoin’s code
  • Use the Lightning Network

Requirements

  • Attendees should have at least a basic understanding of programming
  • Attendees have to bring along their own laptop

Course Agenda

The agenda of the two-day course can be found here.


Registration

The registration link can be found on the Fintech and Blockchain Programming Workshops page.


Instructor’s Profile

Wang Xinxi

Dr. Wang Xinxi

Director and Founding Member, Litecoin Foundation

Dr. Xinxi Wang is the founder and CEO of Coinut.com and a co-founder of the Litecoin Foundation. He obtained his Ph.D. degree in computer science from National University of Singapore in 2015 with a focus on machine learning/recommender systems, and before that, he obtained his bachelor degree from Harbin Institute of Technology in China. Xinxi gained years of experience in automated trading in the forex markets before diving into the fascinating cryptocurrency world, combining his background in computer science and financial trading. In 2014, he founded Coinut.com, one of the most advanced cryptocurrency exchanges in the world.

In 2016, Xinxi joined the Litecoin Core development team and quickly realized that a shortage of resources was limiting Litecoin’s progress. With that in mind, he co-founded the Litecoin Foundation in Singapore and has helped raise more than $1M from the Litecoin community to support Litecoin’s development. Xinxi lives in Singapore and enjoys traveling around the world.