Could the lightning network solve the block size problem? - page 4.

Carlton Banks

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Quote from: Elwar on August 19, 2015, 04:27:21 AM

Quote from: Carlton Banks on August 19, 2015, 04:21:11 AM

It also has it's critics, and the most troubling criticism I have heard is that it creates centralisation pressures amongst the Lightning miners. I haven't investigated any of it yet, haven't had time, but I will do soon.

if you have the option of lightning or the blockchain then you'd probably have specialized reasons for using lightning nodes. Such as microtransactions or some place that you do a lot of transactions with in a short amount of time.

Hmmm, that implies it could be useful for permanent contractual arrangements, which could be set up on the main blockchain (with that "setup" transaction cleared on a decentralised network, with privacy intact if you wish), and then use the lightning network to keep the pissy details off the main blockchain. Ok.

RustyNomad

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Quote from: pedrog on August 19, 2015, 04:36:36 AM

If bitcoin is going to scale to the moon we need all these options, we need bigger blocks and the lightning network and Xapo and Coinbase.

It can be argued that lightning network developers have an agenda to keep blocksize small in order to increase lightning network usage, don't know if true, but seems plausible.

Agree, just like we have commercial banks, land banks, saving banks, retail banks, credit unions, building societies etc.... All perform essentially the same service but on different levels yet all tie back into the financial system.

So agree, we can do with these networks as long as they all tie back into the blockchain.

Carlton Banks

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Quote from: Elwar on August 19, 2015, 04:27:21 AM

Link is in the OP.

no excuses, I am a shameless skim reader sometimes.

Another criticism has been that it doesn't solve all scaling issues, but I've seen the early lightning concept explained by Joseph Poon a while ago, can't see why any of these criticisms make sense yet.

Edit: I think I see why.... this solution will work the hell out of every lightning transaction before it actually does get committed to the main chain, and those transactions are going to be complex mutlti-sig beasts. Does that really compress that much space? Could there be circumstances where it could possibly be more wasteful? Not sure yet

pedrog

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If bitcoin is going to scale to the moon we need all these options, we need bigger blocks and the lightning network and Xapo and Coinbase.

It can be argued that lightning network developers have an agenda to keep blocksize small in order to increase lightning network usage, don't know if true, but seems plausible.

Elwar

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Viva Ut Vivas

Quote from: Carlton Banks on August 19, 2015, 04:21:11 AM

It also has it's critics, and the most troubling criticism I have heard is that it creates centralisation pressures amongst the Lightning miners. I haven't investigated any of it yet, haven't had time, but I will do soon.

Link to the video you saw?

Link is in the OP.

It does centralize because the nodes require a lot of bitcoins to run peoples' transactions. But if you have the option of lightning or the blockchain then you'd probably have specialized reasons for using lightning nodes. Such as microtransactions or some place that you do a lot of transactions with in a short amount of time.

Carlton Banks

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It also has it's critics, and the most troubling criticism I have heard is that it creates centralisation pressures amongst the Lightning miners. I haven't investigated any of it yet, haven't had time, but I will do soon.

Link to the video you saw?

Elwar

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Viva Ut Vivas

I watched the presentation on the lightning network and if it allows regular payments along with the option for this side enhancement then it could help a lot with the block size problem.

The lightning network basically allows people to set up payment nodes to run transactions which can be as many transactions as you want in a certain amount of time without touching the blockchain. At the end of the time period the final balance of the transaction is posted to the blockchain. The people running the nodes have no way to interfere with the transactions and it allows for more anonymity.

I am cautiously optimistic about it.

https://www.youtube.com/watch?v=-aI4inWxBwk

Topic: Could the lightning network solve the block size problem? - page 4. (Read 3865 times)