3 ms·

I'm trying but I don't understand your question

by VMG 9y ago

bitL 9y ago
My limited knowledge tells me that BTC will lose its main reason for existence - solution of Byzantine generals problem, allowing trustless store of value. With what I've read about SegWit, it's a practical solution to improve transaction throughput by moving transactions off blockchain, which in turn removes trustlessness from the equation. I'd like to know if my conclusion is correct.
- Empact 9y ago
  1) Segwit does improve transaction throughput, but it does so by improving the efficiency of transaction storage on the blockchain. 2) The Lightning Network improves transaction throughput by moving transactions off the blockchain, and requires segwit to be active for reasons apart from its transaction efficiency, specifically that it fixes the transaction malleability problem.
  - nicky0 9y ago
    1. Actually that is incorrect. SegWit transactions are several bytes larger than old style transactions.
- nicky0 9y ago
  You have been misinformed. SegWit does not move anything off the blockchain. It just rearranges things within the blocks.
- umanwizard 9y ago
  > With what I've read about SegWit, it's a practical solution to improve transaction throughput by moving transactions off blockchain SegWit has nothing to do with this — maybe you are thinking of Lightning Network?
  - bitL 9y ago
    Possibly. I guess I need to study it a bit more in depth, usual grad-level crypto & distributed algorithms aren't sufficient.
    - always_good 9y ago
      Why would they be? SegWit is a specific application you of course would have to read about to understand.
  - deleted 9y ago
    [deleted]
- joshschreuder 9y ago
  I think that's off-chain networks like Lightning, not segwit
  - VMG 9y ago
    Lightning is trustless and decentralized
- VMG 9y ago
  Segwit enables many things, one of them is Lightning Network. While that is an off-chain transaction system, it still is trustless and decentralized. In fact the transaction cost reduction could make custodial services like exchanges less attractive and improve decentralization.

I'm trying but I don't understand your question

by VMG 9y ago

I'm trying but I don't understand your question

bitL 9y ago

My limited knowledge tells me that BTC will lose its main reason for existence - solution of Byzantine generals problem, allowing trustless store of value. With what I've read about SegWit, it's a practical solution to improve transaction throughput by moving transactions off blockchain, which in turn removes trustlessness from the equation. I'd like to know if my conclusion is correct.

Empact 9y ago
1) Segwit does improve transaction throughput, but it does so by improving the efficiency of transaction storage on the blockchain. 2) The Lightning Network improves transaction throughput by moving transactions off the blockchain, and requires segwit to be active for reasons apart from its transaction efficiency, specifically that it fixes the transaction malleability problem.
- nicky0 9y ago
  1. Actually that is incorrect. SegWit transactions are several bytes larger than old style transactions.
nicky0 9y ago
You have been misinformed. SegWit does not move anything off the blockchain. It just rearranges things within the blocks.
umanwizard 9y ago
> With what I've read about SegWit, it's a practical solution to improve transaction throughput by moving transactions off blockchain SegWit has nothing to do with this — maybe you are thinking of Lightning Network?
- bitL 9y ago
  Possibly. I guess I need to study it a bit more in depth, usual grad-level crypto & distributed algorithms aren't sufficient.
  - always_good 9y ago
    Why would they be? SegWit is a specific application you of course would have to read about to understand.
- deleted 9y ago
  [deleted]
joshschreuder 9y ago
I think that's off-chain networks like Lightning, not segwit
- VMG 9y ago
  Lightning is trustless and decentralized
VMG 9y ago
Segwit enables many things, one of them is Lightning Network. While that is an off-chain transaction system, it still is trustless and decentralized. In fact the transaction cost reduction could make custodial services like exchanges less attractive and improve decentralization.