How do Lightning Network channels open and close technically?
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2 Answers
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When I opened a channel, I funded a 2-of-2 multisig on Bitcoin, exchanged commitment transactions, and closed cooperatively; if offline, force-close after time lock.
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Open: fund a 2-of-2 Bitcoin output; exchange off-chain commitment updates. Close: cooperative on-chain TX, or unilateral close via latest commitment with revocation.
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