Lightning Networks’ Turbo Channels

Turbo channels or zero-conf channels are Lightning channels that are accepted without confirmations on the bitcoin blockchain. This requires trust in the party opening the channel to not double-spend the channel opening transaction.

What are Turbo Channels and their trade-offs

Turbo channels are an excellent option for a specific use case, but they should be used sparingly. If you are planning to be your own bank and eliminate third-party risk, you should opt for a standard channel and prepare your channels well before you need to spend out in the wild. Turbo channels offer a number of advantages over standard channels, including faster transactions and lower fees. However, they also require more trust than standard channels, as the user cannot verify the channel balance themselves. This makes Turbo Channels a less-than-ideal option for high-security transactions.

How could covenants provide cover for turbo channels

Covenants could provide cover for turbo channels by allowing the user to set conditions on how the bitcoin in the channel can be spent. These conditions could be verified by a third party, such as the wallet provider, to ensure that the bitcoin cannot be moved until certain conditions are met. This would help reduce the exposure to trust of using turbo channels.

When creating an opening transaction, wait for three confirmations before using the channel

When creating an opening transaction for a turbo channel, you should wait for three confirmations to ensure the channel is valid. This will help protect you from potential attacks by your counterparty. Additionally, it is important to remember that the transaction will not be confirmed until 30 minutes have passed. This delay is necessary to ensure the security of the channel.

Waiting 30 minutes for the channel to be confirmed can be a bit of a bother, but the security it offers is well worth the wait.

By waiting for three confirmations and ensuring that the opening transaction is valid, you can protect yourself from potential attacks by your counterparty. Additionally, by waiting 30 minutes for the channel to be confirmed, you can be sure that the channel’s security is guaranteed.