[2018-03-12] Lightning Network Mainnet Passes 1000 Nodes As Release `Nears’

legendary

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Quote from: Schirer on March 14, 2018, 06:48:38 PM

You have pointed out some things that i haven't thought of yet. Thanks.

The implementation of LN could in fact mean death of a lot coins.

it won't make the slightest difference. no one is actually using almost all of these coins for anything. it's not about transaction speed or capacity.

all those coins exist for one purpose only - take more bitcoin or dollars. there's no way anyone will give up pumping them and there's no way dreamers will stop believing that the freshest shitcoin is the 'bitcoin killer'. for better or worse they're here to stay.

Schirer

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Quote from: richardsNY on March 12, 2018, 05:53:53 PM

Quote from: FrueGreads on March 12, 2018, 06:04:41 AM

If everything goes well, then I agree when they say that bcash will become obsolete. It kind of is right now, but it should "die" for good, along with money other alts.

If LN succeeds, bitcoin future should be bright. This is a very important step for BTC, hope it goes well.

Indeed, basically every altcoin will become obsolete when LN becomes what we expect it to become, aside from those who are solving a problem that isn't related to faster and cheaper transactions, like coins offering privacy features, etc. It will cause a massive outflow of capital sitting in altcoins right now, which will steer Bitcoin to newer highs even further beyond what we currently deem to be realistic. Off-chain scaling is the way to move forward, even though some people may not agree with that, but they will have to agree once they acknowledge the impact it has. If people still aren't convinced, then Bitcoin is just not the coin for them....

You have pointed out some things that i haven't thought of yet. Thanks.

The implementation of LN could in fact mean death of a lot coins.

I personally agree that this is a way to move forward and i am excited to see it launch .

European Central Bank

legendary

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Quote from: Palmerson on March 12, 2018, 07:45:48 AM

I have no illusions about the lightning system. It will not solve the transaction problem. It seems to me that there is no need to increase bandwidth. It is necessary to change the system of confirmation of transactions. If the popularity of bitcoin will grow then lightning will not help. The number of transactions can increase by several orders of magnitude.

has it occurred to you that something like the lightning networks will open up a universe of new use cases? it's not all about vanilla transactions. something like this could create a ton of brand new ones.

and we don't know how these upper layers will be implemented yet. it's possible if you go through coinbase you spend all of your time in a lightning network and never transact on the main chain at all. it's still bitcoin.

FrueGreads

legendary

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Quote from: Stegobit on March 12, 2018, 10:48:49 PM

Maybe someone knows what is expected LN mainnet release date?

There is none, and I don't we will ever have an "official" release date. Most developers are working on it in the test net, but some decided to start trying it out in the main net. There is also more than one team developing LN, and most of them actually oppose the tests that are being made on the main net already. The big exception are the devs behind c-lightning that decided to take it to the next level and keep using it successfully on the main net.

Since LN doesn't require any type of activation or change from bitcoin, I think we will just see the LN nodes on the main net growing as it gets developed, and wallets and services will start offering the option to make payments that way.

Stegobit

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Maybe someone knows what is expected LN mainnet release date?

richardsNY

legendary

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Quote from: FrueGreads on March 12, 2018, 06:04:41 AM

If everything goes well, then I agree when they say that bcash will become obsolete. It kind of is right now, but it should "die" for good, along with money other alts.

If LN succeeds, bitcoin future should be bright. This is a very important step for BTC, hope it goes well.

Indeed, basically every altcoin will become obsolete when LN becomes what we expect it to become, aside from those who are solving a problem that isn't related to faster and cheaper transactions, like coins offering privacy features, etc. It will cause a massive outflow of capital sitting in altcoins right now, which will steer Bitcoin to newer highs even further beyond what we currently deem to be realistic. Off-chain scaling is the way to move forward, even though some people may not agree with that, but they will have to agree once they acknowledge the impact it has. If people still aren't convinced, then Bitcoin is just not the coin for them....

Rustamm

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Bitcoin lover!

The network of lightning must definitely be modified and implemented in bitcoin. Earlier it was repeatedly said that in this network everything is not in order with safety and in connection with this the lightning network can be used for small transactions that will be implemented almost instantly and with symbolic commissions or even without them.

Palmerson

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Live cams shows pimped with cryptocurrency

I have no illusions about the lightning system. It will not solve the transaction problem. It seems to me that there is no need to increase bandwidth. It is necessary to change the system of confirmation of transactions. If the popularity of bitcoin will grow then lightning will not help. The number of transactions can increase by several orders of magnitude.

FrueGreads

legendary

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This article touched a lot of important points, but it didn't analyzed them in great depth. I also believe that the release of the LN is near, but to be honest I don't mind waiting more time, so that the LN comes out as a robust development. Like they said in the article, segwit adoption, and the growth of the LN are not doing that much for the price, and there is no reason to rush things. Even if the LN comes this year, the price and adoption of BTC will only increase, if it's release comes followed by adoption news (from retailers, amazon, Microsoft, etc).

They talk about some criticism to it's safety, and I've read that article to. It doesn't say much, but I do hope they are wrong, because as soon as the LN hits a stable version, and gets implemented on the main net, all over the world, I'm sure it will be putted to the test by hackers, so we need it to be really stable, otherwise bitcoin will crash.

If everything goes well, then I agree when they say that bcash will become obsolete. It kind of is right now, but it should "die" for good, along with money other alts.

If LN succeeds, bitcoin future should be bright. This is a very important step for BTC, hope it goes well.

FollowSynergy

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The Lightning Network (LN) has passed 1000 active nodes on its Bitcoin mainnet implementation, marking a major milestone for the scaling solution.

Lightning: 1003 Nodes, Almost 2000 Channels

Data from monitoring resources show 1003 nodes online at press time March 12, with a record high 1892 open channels.

The news comes as commentators speculate from technical progress by LN developers that the first mainnet version of the protocol may soon see an official release.

Lightning has achieved significant growth, both on its testnet and mainnet implementations, since these launched in December 2017. Despite criticism from some senior figures in Bitcoin, the number of nodes choosing to join the networks continues to increase.

At the same time, criticism is focusing on concerns the protocol is not yet technically robust enough to handle mass user transactions without the potential for them to lose funds due to loopholes.

Full article: http://bitcoinist.com/lightning-network-mainnet-1000-nodes/

Topic: [2018-03-12] Lightning Network Mainnet Passes 1000 Nodes As Release `Nears’ (Read 232 times)