BOLT 11 vs BOLT 12: What’s new in Lightning?
Written by Tobi Ojuolape
BOLT, which stands for "Basis of Lightning Technology", refers to a set of technical specifications or protocols that define the rules and procedures for how the Lightning Network should operate.
BOLT was first introduced in 2017 by a group of developers working on the Lightning Network, and since then, it has undergone several updates and revisions. The protocols are open source and available to anyone who wants to use or develop Lightning-related applications and services.
The BOLT specifications cover a wide range of topics related to the Lightning Network, including:
- Channel opening and closing procedures: These specifications define the rules for how payment channels can be opened and closed on the Lightning Network.
The lightning network keeps evolving everyday. Tobi goes on to explore a comparative analysis of BOLT 11 vs BOLT 12 here.