user3029: Trying to understand the lightning network some more. When using this new 2nd layer on top of bitcoin.

Do you lock your bitcoins on the lightning network so you can get "pegged" equivalent bitcoin tokens in the lightning network?
If these coins are locked and you sent half your coins to another user, now that person has a claim of 50% of your coins from your "locked" coins. So doesn't this mean its the same as depositing your coins into a 3rd party (lightning network) and letting that party deal with the transactions? 


user48884: 
Do you lock your bitcoins on the lightning network so you can get "pegged" equivalent bitcoin tokens in the lightning network?

Yes your Bitcoin is locked into a payment channel, but you do not get "pegged" equivalent Bitcoin tokens. You are still using Bitcoin and making Bitcoin transactions, not something else.

If these coins are locked and you sent half your coins to another user, now that person has a claim of 50% of your coins from your "locked" coins. So doesn't this mean its the same as depositing your coins into a 3rd party (lightning network) and letting that party deal with the transactions?

No. That other person cannot take your coins without you agreeing to it or doing something stupid (like broadcasting an old commitment transaction). If that person refuses to sign transactions to allow you to close the channel, you can close it yourself without risking any of your coins. You will just need to wait for the timeout to expire before you are allowed to move your coins.

user5406: The Lightning Network does not have its own token or currency; Lightning is not pegged to Bitcoin. All payments on the Lightning Network are actual bitcoin transactions.
When funds are put into a Lightning Network payment channel, the two channel owners create a shared 2-of-2 address, set up unilateral recovery transactions for each of them, and then deposit funds into the address to start the channel. Whenever a payment is made on the channel, the two owners update the recovery transactions with new ones for the updated balances. These "commitment transactions" are bonafide on-chain bitcoin transactions, but do not need to be broadcast to the network as long as the channel owners continue to collaborate.
When one of the channel owners wants to close the channel, the two owners can collaborate to create a 2-of-2 transaction paying out the final balances to each of them. This way, all payments compress into a single settlement transaction on the network. In the case of a dispute or one channel owner becoming inactive, either channel owner can broadcast their latest commitment transaction to the Bitcoin network to settle the channel. At no point are funds put into custody of a third party. Funds are locked only in so far as sending an on-chain transaction from the channel's funds would require collaboration of the other channel owner, or waiting for the unilateral closure to settle.

3029: <p>Trying to understand the lightning network some more. When using this new 2nd layer on top of bitcoin.</p>

<ul>
<li>Do you lock your bitcoins on the lightning network so you can get "pegged" equivalent bitcoin tokens in the lightning network?</li>
<li>If these coins are locked and you sent half your coins to another user, now that person has a claim of 50% of your coins from your "locked" coins. So doesn't this mean its the same as depositing your coins into a 3rd party (lightning network) and letting that party deal with the transactions? </li>
</ul>
 48884: <blockquote>
  <p>Do you lock your bitcoins on the lightning network so you can get "pegged" equivalent bitcoin tokens in the lightning network?</p>
</blockquote>

<p>Yes your Bitcoin is locked into a payment channel, but you do not get "pegged" equivalent Bitcoin tokens. You are still using Bitcoin and making Bitcoin transactions, not something else.</p>

<blockquote>
  <p>If these coins are locked and you sent half your coins to another user, now that person has a claim of 50% of your coins from your "locked" coins. So doesn't this mean its the same as depositing your coins into a 3rd party (lightning network) and letting that party deal with the transactions?</p>
</blockquote>

<p>No. That other person cannot take your coins without you agreeing to it or doing something stupid (like broadcasting an old commitment transaction). If that person refuses to sign transactions to allow you to close the channel, you can close it yourself without risking any of your coins. You will just need to wait for the timeout to expire before you are allowed to move your coins.</p>
 5406: <p>The Lightning Network does not have its own token or currency; Lightning is not pegged to Bitcoin. All payments on the Lightning Network are actual bitcoin transactions.</p>
<p>When funds are put into a Lightning Network payment channel, the two channel owners create a shared 2-of-2 address, set up unilateral recovery transactions for each of them, and then deposit funds into the address to start the channel. Whenever a payment is made on the channel, the two owners update the recovery transactions with new ones for the updated balances. These &quot;commitment transactions&quot; are bonafide on-chain bitcoin transactions, but do not need to be broadcast to the network as long as the channel owners continue to collaborate.</p>
<p>When one of the channel owners wants to close the channel, the two owners can collaborate to create a 2-of-2 transaction paying out the final balances to each of them. This way, all payments compress into a single settlement transaction on the network. In the case of a dispute or one channel owner becoming inactive, either channel owner can broadcast their latest commitment transaction to the Bitcoin network to settle the channel. At no point are funds put into custody of a third party. Funds are locked only in so far as sending an on-chain transaction from the channel's funds would require collaboration of the other channel owner, or waiting for the unilateral closure to settle.</p>
