Singapore University of Social Sciences

Segregated Witness & Lightning Network: Implications on the Future of Payment

Applications Open: To be confirmed

Applications Close: To be confirmed

Next Available Intake: To be confirmed

Course Types: Short Course, SkillsFuture Series

Language: English

Duration: 2 days

Fees: To be confirmed

Area of Interest: Finance

Schemes: Lifelong Learning Credit (L2C)

Funding: SkillsFuture


Duration: 2 days
Venue: Singapore University of Social Sciences (formerly known as SIM University)
Minimum number to run: 25 participants
Certificate of participation is awarded upon 75% attendance for the course


In this 2-day course we will take a deep dive into the recent developments in the Bitcoin and Litecoin blockchains, namely the implementations of Segregated Witness (SegWit) and Lightning Network, including the community dispute on the activation of SegWit on Litecoin.

The course will provide a brief introduction on the structure of blockchains, and cover the recent debate on the scalability issues of the Bitcoin blockchain, which eventually resulted in a hard-fork on the Bitcoin blockchain.

The course will include a thorough review of the design principles of Segregated Witness, how it solves the transaction malleability issue and eventually became the enabling technology for Lightning Network. The course will also engage in a comprehensive overview of Lightning Network. Participants will be able to see how a fast payment channel is established, how multiple payment channels are connected, and how transactions are routed across the whole Lightning Network.

Objectives

A. Knowledge and Understanding (Theory Component)

At the end of this course, participants should be able to:

  • Describe the structure and mechanism of Blockchains
  • Discuss the scalability issues on the Bitcoin blockchain and the need for SegWit
  • Explain the principles of Lighting Network, and its strength and weakness
  • Illustrate how SegWit and Lightning Network were activated on Litecoin

B. Key Skills (Practical Component)

At the end of this course, participants should be able to:

  • Create, send and receive Bitcoin/Litecoin transactions
  • Create an altcoin based on Bitcoin’s code
  • Use the Lightning Network

Topics

TimeAgenda
Day 1
09:00 - 09:152-Day Course Overview
09:15 - 10:45History of cryptocurrencies:
- Pre-history of cryptocurrencies
- Bitcoin Creation
- Litecoin Creation
11:00 - 13:00Deep dive into Bitcoin/Litecoin Blockchain structure
- Structure of a transaction
- Bitcoin/Litecoin addresses and base58 encoding
- Multisig transactions and smart contracts
- Merkle Tree
- Demo of blockchain explorer/transaction creation, sending and receiving.
13:00 - 14:00Lunch
14:00 - 15:30Consensus and mining
- What is consensus
- Proof of work
- Bitcoin and Litecoin's mining mechanisms
- Comparison and discussion on proof of work and proof of stake
15:30 - 15:45Break
15:45 - 17:00Bitcoin/Litecoin scalability and transaction malleability issues
- Transaction malleability / The bankruptcy of Mt.Gox.
- Block-size debate
- SegWit
- Soft-fork and hard-fork
- How the Litecoin team activated SegWit on Litecoin
- Bitcoin Cash
17:00 - 17:30Assessment
Day 2
09:00 - 09:15Overview of the Day
09:15 - 10:45Lightning Network - Bidirectional Payment Channels
- What is Lightning Network
- The application of Lightning Network & the implications
- Lightning Network transaction in one channel
10:45 - 11:00Break
11:00 - 13:00Lightning Network - Hash Time-Locked Contracts
- Lightning Network transaction between multiple channels
13:00 - 14:00Lunch
14:00 - 15:30Lightning Network - Completing a transaction and Routing
15:30 - 15:45Break
15:45 - 17:00Lightning Network - demo
17:00 - 17:30Assessment


Requirement

  • Attendees should have at least a basic understanding of programming
  • Attendees will need to bring their own laptop

Trainer's Profile

Dr. Xinxi Wang is the founder and CEO of Coinut.com and a co-founder of the Litecoin Foundation. He obtained his Ph.D. degree in computer science from the National University of Singapore in 2015 with a focus on machine learning/recommender systems. Before that, he obtained his bachelor degree from Harbin Institute of Technology in China. Xinxi had gained years of experience in automated trading in the forex markets before diving into the fascinating cryptocurrency world, combining his background in computer science and financial trading. In 2014, he founded Coinut.com, one of the most advanced cryptocurrency exchanges in the world.

In 2016, Xinxi joined the Litecoin Core development team and quickly realized that a shortage of resources was limiting Litecoin’s progress. With that in mind, he co-founded the Litecoin Foundation in Singapore and has helped raise more than $1M from the Litecoin community to support Litecoin's development. Xinxi lives in Singapore and enjoys traveling around the world.

Application Procedures

Please submit the following documents to Y2V0QHN1c3MuZWR1LnNn:

  1. Coloured copy (back and front) of NRIC for Singaporeans and PRs, or "Employment"/"S" Pass for foreign applicant
  2. Recent payslip or income statement (For WTS scheme only)
  3. Application form

Course Fee

International ParticipantsS'poreans (aged below 40) and PRsSkillsFuture Mid-Career Enhanced Subsidy1
(S'poreans aged 40 and above)
Workfare Training Support2
(S'poreans aged 35 and above, and earn ≤ $2,000 per month)
Enhanced Training Support for SMEs3
Full Course fee (A)$1100$1100$1100$1100$1100
SSG grant (70%) (B)-($770)($770)($770)($770)
Nett course fee (A) - (B) = (C)$1100$330$330$330$330
7% GST on nett course fee (D)$77$23.10$23.10$23.10$23.10
Total nett course fee payable, including GST (C) + (D) = (E)$1177$353.10$353.10$353.10$353.10
Less additional funding if eligible under various schemes (F)--($220)($275)($220)
Total nett course fee payable, including GST, after additional funding from the various funding schemes (E) - (F) = (G)$1177$353.10$133.10$78.10$133.10

1 Mid-Career Enhanced Subsidy: Singaporeans aged 40 and above may enjoy subsidies up to 90% of the course fees.
2 Workfare Training Support: Singaporeans aged 35 and above (13 years and above for Persons with Disabilities) and earning not more than $2,000 per month may enjoy subsidies up to 95% of the course fees.
3 Enhanced Training Support for SMEs: SME-sponsored employees (Singaporean Citizens and PRs) aged 21 and above may enjoy subsidies up to 90% of the course fees.


  • Participants are required to achieve at least 75% attendance and/or sit and pass any prescribed examinations/assessments or submit any course/project work (if any) under the course requirement.
  • The course fees are reviewed annually and may be revised. The University reserves the right to adjust the course fees without prior notice. Singapore University of Social Sciences reserves the right to amend and/or revise the above schedule without prior notice.

For clarification, please contact the Centre for Continuing and Professional Education (CCPE) via the following:

Telephone: +65 6248 0263
Email: Q0VUQHN1c3MuZWR1LnNn
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