Aug 27, 2021
So instead of watching noobs throw themselves into the Bitcoin wilds to find their own connections with larger channels when they start out, new Lightning node-runners can now tap into a warm community of likeminds who are keen on building channel relationships.
At a base level, the Ring of Fire creates a virtuous loop of Bitcoin Lightning nodes that provide like-for-like liquidity for each node in a reciprocal and trustless relationship, with each channel offering the same capacity as one another from the start. This gives each participant greater connectivity to the Lightning network (which grows with each new connection) and a higher degree of fault-tolerance across their channels that are so well-balanced they’d make the pebble-stackers at your local beach blush.
And with ring participants able to share routing data between each other, there are opportunities to gain insights into how sats move through channels, allowing folks to improve fee and channel policies to optimise earnings and protect themselves from having their channels’ liquidity drained.
Having come up with the original idea, Soulexporter thought it had merit but he wanted to see what fellow pleb Czino thought and of course Czino loved it too. So over the next 72 hours, the pair opened up a Telegram group for anyone interested in being part of the first ring and they were soon joined by 10 more enthusiasts (including me) from across the planet.
A few days later, the first Lightning Ring of Fire was born.
Make sure to check out 21ism feature on ROF and the brilliant article written by @mtcbtc
21ism feature page - https://21ism.com/portfolio-item/ring-of-fire/
As always please feel free to reach out and ask me any questions.
Twitter - @soulexporter
Twitter - @capoczino
Website - https://www.bit-buy-bit.com
Twitter - @BitBuyBitPod
Today you can exchange $1 for 2117 Sats (Sale ends soon.)
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