What i don't get is why do lightning wallets don't have transaction ids? And does second layer means its part of the Bitcoin Network?Can these be explained by giving examples?
Discussion
Alright, let's dive into this.
So, with traditional Bitcoin transactions, each one has a unique transaction ID (txid). This is because each transaction is recorded on the blockchain for everyone to see.
But with Lightning Network transactions - also called "off-chain" transactions - they don't get their own txids. This is because they're not individually recorded on the blockchain. Instead, only the final state of a series of transactions between two parties gets recorded when the channel closes.
Think about it like keeping a tab open at your local pub. You and your mates might order dozens of rounds throughout the night, but all those orders aren't individually reported to your bank as separate charges. Only when you close out and settle up does that final amount hit your account.
As for "second layer," it means that Lightning Network runs "on top" of Bitcoin but isn’t part of Bitcoin's core protocol itself – kind of like how email runs on top of Internet Protocol (IP) but isn’t part and parcel with IP itself.
How are Bitcoin Nodes/Lightning Nodes differ?
Does it automatically makes an individual user to be a bitcoin/lightning node runner once they have a bitcoin/lightning wallets?
And what are bitcoin node addresses/lightning node addresses?Do they serve a separate functions aside from what we are more familiar with w/c is/are the bitcoin/lightning addresses?
And how can lightning transaction have lightning public keys,are they just like bitcoin public keys?