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IMO Lightning network solves a non-problem. It only sets up a transactionless channel between two parties. The whole promise of Bitcoin was secure transfer to a
by forgotpassagan 9y ago
IMO Lightning network solves a non-problem. It only sets up a transactionless channel between two parties. The whole promise of Bitcoin was secure transfer to anyone. Maintaining a balance between two parties is trivial and solved thousands of years ago.
The whole reason we have currency is to allow transactions between people that don't trust each other, so I don't think Lightning network will do anything significant
- Nydhal 9y agoMost transactions fall into the first -solved- category, a minority is in the second.
- ripberge 9y agoLighting network channels don't require you to trust the other party. Lighting network is also distributed, you don't need a direct channel between you and another party to pay them. You just have to find a route.
- tlrobinson 9y agoThis is incorrect. Lightning Network transactions are trustless just like Bitcoin [1], even over multiple hops. You set up a channel with one or a few peers and then can pay or be paid by anyone in the network [2] with no counterparty risk. 1. With the caveat that you (or a service you delegate) need to be prepared to broadcast a transaction within some time period if a peer tries to defraud you, which is unlikely since if they fail they lose their funds in the channel. 2. Assuming enough liquidity in the network