BIP 174 and the Lightning Network are two completely separate and independent things. They are designed to achieve complete separate and independent goals. That article is wrong.
The Lightning Network is a scaling solution for doing transactions off chain.
BIP 174 is a transaction format for transactions that are not ready to be broadcast to the Bitcoin network yet. It is not a protocol nor is it a layer 2 solution for off chain transactions.
BIP 174 only helps for creating and signing on chain transactions. It is designed for inter-client compatibility and to allow easier hardware wallet and offline wallet setups.
Topic: BIP-174 vs Lightning network (Read 209 times)
I have read that BIP174 should come to bitcoin in 0.17.0 which shouldn't be long from now.
From an article I found:
I'm going to assume that this is easier to implement than LN. If that's the case, how is this any different from Lightning network in a technical level? and why do we need to have multiple solutions If there are not much different from each other.
Apparently, this proposal was made by achow101 so I guess he's in the best position to answer this but everyone is welcomed, thank you!
From an article I found:
Quote
If implemented soon, users will be able to perform offline transactions through a protocol that allows them to establish standard formats for signing transactions without having to immediately upload them to the Bitcoin network.
I'm going to assume that this is easier to implement than LN. If that's the case, how is this any different from Lightning network in a technical level? and why do we need to have multiple solutions If there are not much different from each other.
Apparently, this proposal was made by achow101 so I guess he's in the best position to answer this but everyone is welcomed, thank you!
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