Live support chatBlockchain and Cryptocurrency Fundamentals - Part 7: Payment Channels and Lightning Networks (Video On Demand)
Credit: 2 PDH
Subject Matter Expert: Dana DeMeo, P.E.
In Blockchain and Cryptocurrency Fundamentals - Part 5: Wallets, Exchanges, Fees, and Block Rewards (Video On Demand), you'll learn ...
- Layer 2 solutions built on-top of layer 1 blockchains and the reasons and benefits for implementing a layer 2
- Payment channel fundamentals including funding, commitment, revocation, punishment and settlement transactions
- Lightning Network protocols including Onion Routing and Hash Time Locked Contracts (HTLCs)
Overview
Preview a portion of the video before you purchase it.
Credit: 2 PDH
This is the seventh course in a series that explains the fundamentals of blockchain technology and cryptocurrency applications. Most of us have heard about blockchain, yet very few have invested the time to really understand what’s happening under the hood.
Engineers from all disciplines will satisfy their curiosity by learning how this amazing new technology actually works! The course is designed for a broad engineering audience beyond computer scientists and programmers. If you’re looking to earn PDHs about a refreshing, modern and different subject, this course is for you.
Bitcoin and several other blockchains tend to have long confirmation times and high fees. While these aspects help create and support the security and reliability of the blockchains, it puts them at a disadvantage in retail applications where payments must be quick and inexpensive.
Payment channels are a “layer 2” solution that builds on top of the “layer 1” blockchains. These specialized channels offer scalability, speed, and lower costs, all while still being secured by the underlying blockchain technology.
This course explains the concept of payment channels in detail, using a restaurant bar as a practical example. After the fundamental concepts are shown, Bitcoin’s Lightning Network is introduced. This network is gaining mainstream attention as it offers micro-payments for nearly every retail transaction including point of sale, gaming, and video streaming. The course concludes with a real-time demo of how the Lightning Network’s nodes are established and communicate with each other globally.
When this course is completed, an engineer of any background will have learned the technical details of what happens under the hood of blockchain systems and will be better prepared to become personally involved with cryptocurrencies.
Specific Knowledge or Skill Obtained
This course teaches the following specific knowledge and skills:
- The meaning of “on-chain” vs “off-chain”
- How Bitcoin’s Pay-to-Script-Hash transaction types enable the layer 2 and Lightning via smart contract code
- Ways that scalability, speed, and costs are improved while retaining security
- A practical example to illustrate payment channels
Video on Demand
This course is a recorded version of a live lecture and will be streamed directly to your computer's media player. Our format is generally compatible with media players included with all computers and mobile devices. After watching the video presentation, you will return to your account to take the online quiz. While this is a recording of a live presentation, please note that this recording will not qualify as a "live" or "interactive" continuing education activity in those jurisdictions where it is required.
Certificate of Completion
You will be able to immediately print a certificate of completion after passing a multiple-choice quiz consisting of 20 questions. PDH credits are not awarded until the course is completed and quiz is passed.
| This course is applicable to professional engineers in: | ||
| Alabama (P.E.) | Alaska (P.E.) | Arkansas (P.E.) |
| Delaware (P.E.) | District of Columbia (P.E.) | Florida (P.E. Area of Practice) |
| Georgia (P.E.) | Idaho (P.E.) | Illinois (P.E.) |
| Illinois (S.E.) | Indiana (P.E.) | Iowa (P.E.) |
| Kansas (P.E.) | Kentucky (P.E.) | Louisiana (P.E.) |
| Maine (P.E.) | Maryland (P.E.) | Michigan (P.E.) |
| Minnesota (P.E.) | Mississippi (P.E.) | Missouri (P.E.) |
| Montana (P.E.) | Nebraska (P.E.) | Nevada (P.E.) |
| New Hampshire (P.E.) | New Jersey (P.E.) | New Mexico (P.E.) |
| New York (P.E.) | North Carolina (P.E.) | North Dakota (P.E.) |
| Ohio (P.E. Self-Paced) | Oklahoma (P.E.) | Oregon (P.E.) |
| Pennsylvania (P.E.) | South Carolina (P.E.) | South Dakota (P.E.) |
| Tennessee (P.E.) | Texas (P.E.) | Utah (P.E.) |
| Vermont (P.E.) | Virginia (P.E.) | West Virginia (P.E.) |
| Wisconsin (P.E.) | Wyoming (P.E.) | |
Preview a portion of the video before you purchase it.
Credit: 2 PDH
