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I’m a relative crypto noob, but I did see certain “lightspeed” transactions which would allow for high-volume and “instant” transactions. Is this also considere
by stingraycharles 4y ago
I’m a relative crypto noob, but I did see certain “lightspeed” transactions which would allow for high-volume and “instant” transactions. Is this also considered an L2 chain, or not? If not, how does it circumvent the limitations of the bitcoin blockchain without sacrificing transparency?
- smoldesu 4y ago> Is this also considered an L2 chain, or not? I can't say for sure without actually seeing the tech, but if a company promises to scale cryptocurrency transactions then they're probably doing it on an L2 chain. The problems with this are obvious: trusting a single party to handle all of your transactions and not abuse that insider info is crazy. These people are going to use their power over the chain to eke out every cent they can, otherwise it doesn't make financial sense to operate in the first place. It looks attractive from a VC standpoint, but that's because it's a deliberate honeypot.
- aaaaaaaaata 4y agoWhat about a decentralized L2 with zk-proofs?
- smoldesu 4y agoI don't know, and I don't really care. Any sufficiently complicated technology is indistinguishably from magic, and I don't trust magic to manage my finances. L1 chains are simple and their trust models are transparent, I don't think any L2 chain is going to see widespread adoption when decidedly better alternatives exist.