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Both the "congestion" and "storage" paradoxes fail to even mention Lightning Network (LN): http://lightning.network http://lightning.network LN operates on a
by apo 8y ago
Both the "congestion" and "storage" paradoxes fail to even mention Lightning Network (LN):
http://lightning.network http://lightning.network
LN operates on a different kind of network from the Bitcoin P2P mainnet. More users with more open channels means in principle faster routing, lower fees, and fewer dropped transactions.
There's a big caveat, however. LN security degrades in the event of mass channel closure in which the mainnet P2P network can become flooded with transactions that fail to confirm quickly enough, leading to loss of funds.
- creato 8y agoI've been hearing about the Lightning Network for many years, but is it a real thing that can actually be used to solve a problem (high transaction fees/long confirmation times/?) yet?
- esotericn 8y agoIt's been about three years since the original release of the whitepaper. It is getting there slowly. One thing that's frustrating in the Bitcoin ecosystem is that it turns out barely anyone actually wants to fund development of the lower levels of the protocol. Most work in "blockchain" is either on complete fluff like ICOs or other white collar scams, or on the exchange side, where you're mostly building fast centralized databasey stuff (trading backends).
- myWindoonn 8y agoSo what you're saying is that Lightning has showstopper failure modes? And you wonder why it wasn't mentioned!