Topic: Can the lighting network eliminate most of the cryptocurrencies? - page 2. (Read 245 times)

The introduction of Lightning Network technology in Bitcoin Will not destroy most altcoins, as they have a completely different purpose and most of them do not claim to be bitcoin.

There isn't even anything to scale. Why would you scale upwards if the block scarcity only goes through the roof during spam attacks or extremely short term usage peaks? Currently 1MB blocks are doing well enough.

I'm sure that if ever there is a need for an increase in block space, it will happen. It will only happen when the majority consistently shows that Bitcoin needs an upgrade, not because a minority of wealthy bullies want it.

You are constantly looking for ways to talk down on everything related to Bitcoin, and that for a very long period of time. You're either a troll of nature, or a paid shill (not sure what's worse).

Lighting is tired of waiting for what will happen when. If it comes, come now.

i can guarantee you that anyone hyping up LN as a bitcoin solution has never actually usd LN..

even the LN devs are trying to get people to stop hyping the utopian falacy..
LN has limitations. faults, risks

its design is that of the gold industry.. lock gold in vaults and play with unaudited uncontrolled receipts of value.

LN is to be used for multiple coins.

which people will eventually when they wake up to the fact that bitcoin devs have been screaming that they have halted bitcoin main net scaling and said bitcoin cant scale. the users will end up settling to alternate coins that are easier cheaper and faster to settle to.

LN wont make bitcoin better because LN has already stalled bitcoin progress.
devs have given up scaling mainnet. and now they are stupidly wanting to scale down mainnet with lots of extra bytes for silly transaction formats that reduce tx/block averages.

No, Lightning network will not eliminate most of the altcoins it even doesn't have any bad effects on other cryptocurrencies, it is just a solution to Bitcoin's scaling problems and does have anything to do with other coins. As we already know some there are some cryptocurrency that are just almost the same with Bitcoin (like Bitcoin fork coins) those coins will eventually not survive the market even without lightning network, but coins with continues development and focuses on other things will of course survive.

Not really, LN is another type of blockchain system and it's quite isolated. And thus it doesn't influence most of the cryptocurrencies so it won't be able to eliminate most of them anyway.

My answer is no because Lighting Network has no chance to remove crypto currency based on this it is just hype nothing else they are doing this for altcoin it is mainly an alternative way of blockchain technology.

I don't think the lightning network will reduce the number of crypto currencies because most of the altcoins were used for the purpose of bump and dump then making profits so increasing the transaction time won't have any effects.

The lightning network is a second layer working over the blockchain to solve the scalability issue. So, I think it has nothing to do with any cryptocurrency and will not eliminate any crypto.

it will always come down to usability.
in reality everything that bitcoin has been doing, altcoins have been copying. LN will not be an exception to that either. and so far altcoins have never been used by being a copycat of bitcoin. but bitcoin is used. and LN will increase that usability while altcoins copy it for getting hyped up.

regarding BCash they can implement LN (there are many other second layer payment channels like LN proposed in the past too) without SegWit but they have to code around the malleability problem and eventually fail because it is nearly impossible to do so.
my guess is that if they want to implement LN they will first do a soft fork and activate SegWit but they will never call it SegWit, instead they will run a campaign telling everyone it is not SegWit but a solution that their very wise decentralized developers created which is better
then add LN but never call it LN, they call it some new name and again say their wise devs created this themselves and is better

The Lightning Network is a second layer solution that are built on top of Bitcoin code and some other coins like LiteCoin use very similar code, so coins like this can easily implement the Lightning Network too. So this is not specifically meant to only run on Bitcoin .

Some of our competitors like BCash have already mentioned that they are open to the idea to implement the Lightning Network too, if it is successful and they cannot compete with their Block size upgrade scaling strategy.  >

nobody uses altcoins even before LN, with LN things will remain the same! the only difference would be the fact that the altcoins can not longer be advertised as faster, cheaper,... in an imaginary competition with bitcoin where in reality they are just advertising it.

Lighting network is basically works as a third party which cannot easily interupt the process of strong crypto currencies. But, the weak currencies can be eliminated by this networking system.

If it the LN goes well and successful, then most probably; in the cryptocurrency payments category at least. What are the coins that will survive(meaning, coins that will NOT possibly be eliminated due to LN)? Coins that doesn't aim to be a payment currency(dapps, supply chain, etc): ETH, NEO, and similar coins.

no it will not and it has nothing to do with what LN is, but it is all about what altcoins are.
there is only two purposes for an altcoin to exist in my experience:
1. a useless hyped up thing to be pumped and dumped so that the creators/pumpers/etc can make profit
2. an alternative way of exploring the blockchain technology and try out new things that are not possible to add or try in bitcoin.

both of these will continue to exist because with or without LN or any other future addition/improvement to bitcoin they still have their own purpose to fulfill.

No. Lightning Network is a 3rd-party off-chain scaling solution proposed to alleviate the burden of transactions on the main chain and doesn't have something to do with other cryptocurrencies. It is said that LN will provide an efficient, secure and cost-effective solution to the growing number of transactions the bitcoin network is facing everyday. Needless to say, it does not meddle with other cryptocurrencies since it's an isolated blockchain channel from other blockchain systems.

Lightning network is a 3rd party offchain payment system.
Any coin that activated segwit, can be used on Lightning network.
Litecoin or groestlcoin could be use on LN since they activated segwit.

LN has many flaws which have yet to be fixed , which is why they are basically still in beta mode over a year since segwit activation.
Lost of funds being the major flaw.

Other issues are that since the onchain transaction fees of bitcoin are subject to change, their is no way to be sure the LN fee structure will be cost competitive in the future.

( LN fees are also variable and each LN Hub used will charge an additional fee.)
(One LN Transaction may require multiple hubs to complete, each charging their own fee.)

Altcoins using Proof of Stake ,
cost millions less per month to maintain and can have a fixed onchain fee which as time passes may prove to be faster & cheaper than LN,
especially when it comes to actually completing the final transaction.
IE: LN require time locking of hours or weeks or months.
An Altcoin could fully settle a transaction in less than an hour with reasonable certainty the transaction can not be reversed.
With LN, their is no guarantee of redemption of transacted funds until the final onchain transaction , which due to the time locking may be days or weeks.

Altcoin's Onchain Networks are superior in finalizing transactions since they do not require time locking like LN offchain payment system.


FYI:
Exchanges can also act as a 3rd party offchain payment systems, while having none of the flaws of LN,
and many more advantages such as not requiring time locking for extended periods beyond the transactions being made.

And if the answer is yes, what are the coin that will survive thanks to a technology that can be replaced from LN? I was thinking for example about the STRATIS coin, the platform is very particular and even if it's based on blockchain I think that it's very different from the blockchain of bitcoin, or not? Thank you, I'm not an expert on blockchain code