Block005 - Today I Learned That There Will NEVER Be 21million Bitcoin and About The Lightning Network
Today I Learned 1
In Block005 of The Bitcoin Journey, Tim & CJ each share a fact on something new they learned about Bitcoin in the last week. Tim talks about some interesting developments in the Lightning Network, whilst CJ explains why there will never actually be 21 million Bitcoin.
Show notes for each section are found below.
TIL1 - There Will Never be 21 Million Bitcoin
Calculate the supply of bitcoin:
Σ[(100/(2^n)) x 210,000] = (50 x 210,000) + (25 x 210,000) + (12.5 x 210,000) + ... + (0.00000001 x 210,000) = 20999999.99755528
limit (epochs) = 33
n0 = 1
Calculate the max possible supply at a block height:
Number of epochs = current block height / 210,000
e.g. current block height = 750,000, therefore 750,000/210000 = 3.57
750000 - (3 x 210,000) = 120,000 blocks into 4th epoch
(50 x 210,000) + (25 x 210,000) + (12.5 x 210,000) + (6.25 x 120,000) = 19,125,000 bitcoin could have been minted.
Verify the actual number of minted bitcoin:
Using a full node (e.g. Bitcoin Core), run the RPC command 'gettxoutsetinfo'. On a RasPi this may take a few minutes to compute.
The 'Total Amount' value is the actual number of minted bitcoin.
Subtracting the real value should always be less than the calculated value, as some bitcoin were never minted.
Other RPC commands mentioned in the episode:
getblockhash 0 ~~> gives the hash of the genesis block
getblock [block hash] ~~> gets the block info
getrawtransaction [tx hash] ~~> gets transaction (tx) info
Article mentioned - How To Destroy Bitcoins
Author - Antoine Le Calvez
TIL2 - The Lightning Network
Some useful resources on the lightning network and LNURL:
Jameson Lopp - Lightning Basics
Coincharge - LNURL Basics
And don't forget to follow these authors, as well as stackers.news, Ben Arc and Fiatjaf on Twitter!
Jameson Lopp @lopp
Stacker News @stacker_news
And the Stacker News founder @k00bideh
Fiatjaf @fiatjaf for more on LNURL PoS
Ben Arc @arcbtc for more on LNURL vend
We will be releasing regular episodes discussing the best bitcoin related articles.
Follow the hosts on Twitter:
Theme music is Good Times by Sensho
Music from Uppbeat (free for Creators!):
License code: QTIPFCCWCXJOARQW
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