Thank you for the link.
Amazing explanation was wondering about lighting network for a while. Fairly certain that i understand it.
Topic: Is the lighting network decentralized? (Read 174 times)
Can someone who is versed in the knowledge of the technology behind the Lightning Network put a scenario into layman's terms of how the LN could be of high-risk? I'm not referencing the actions of those ill-willed scammers and hackers, but a possible real-life scenario like a semi-large online merchant and how the LN could compromise the security of our bitcoin for purchases in their store. Would we have to completely put our trust in this second layer form? I guess it's a double-edged sword, from what I understand of LN. We have to put our trust in a centralized solution, and hope that it's a reputable company that we put our trust in, but that means that the technology behind it is far from being decentralized, which is the very reason why Bitcoin became so popular.
In your opinion (as someone who is well educated about LN; no noobs please), does the Lightning Network seem like a viable solution to the current blockchain difficulties with transactions?
In your opinion (as someone who is well educated about LN; no noobs please), does the Lightning Network seem like a viable solution to the current blockchain difficulties with transactions?
What is the security of the lightning network? It seemed that the immutable ledger is an important feature of bitcoin. If now transactions are going to go off-chain, then what verification is there that it took place?
From my understanding of the above link, the lightning network is possible with centralized hubs. What is wrong with that? Wouldn't anyone be free to create a hub? Since all transactions are routed from the sender to the receiver, is it possible for one of these hubs to do anything to the money while in transit?
From my understanding of the above link, the lightning network is possible with centralized hubs. What is wrong with that? Wouldn't anyone be free to create a hub? Since all transactions are routed from the sender to the receiver, is it possible for one of these hubs to do anything to the money while in transit?
But yes, it is never going to be about banks, so if you mean that with "centralized" then you are wrong.
I didn't say anything about banks. You are putting your coins in the hands on one entity that you have to trust rather then keeping them in your own wallet.
So I am right I think. Lighting is not decentralized.
It's not, but people have free will if they want to use the lighting network or not.
for more reference: https://medium.com/@jonaldfyookball/mathematical-proof-that-the-lightning-network-cannot-be-a-decentralized-bitcoin-scaling-solution-1b8147650800
for more reference: https://medium.com/@jonaldfyookball/mathematical-proof-that-the-lightning-network-cannot-be-a-decentralized-bitcoin-scaling-solution-1b8147650800
Nice information, i think that we all need to know how the lightning network is going to work, and i see that a lot of people are just very outdated about how it will work.
it is centralized only because it works by channels, not by normal payments.
Maybe it works as an "upgrade" for bitcoin, but you are opening, closing, and constantly doing the same thing over and over again with the same channels.
But yes, it is never going to be about banks, so if you mean that with "centralized" then you are wrong.
It's not, but people have free will if they want to use the lighting network or not.
for more reference: https://medium.com/@jonaldfyookball/mathematical-proof-that-the-lightning-network-cannot-be-a-decentralized-bitcoin-scaling-solution-1b8147650800
for more reference: https://medium.com/@jonaldfyookball/mathematical-proof-that-the-lightning-network-cannot-be-a-decentralized-bitcoin-scaling-solution-1b8147650800
Seriously thanks for that link, I wasn't aware about this until now either and was always vying for lightning network to implement. Now I am left wondering how can we lower fees, increase speed of transactions all while having a decentralized network? If this isn't possible then perhaps bitcoin is in some real hot water.
Brilliant, thanks for the link, explains it very well.
I couldn't work out how there's all this publicity about instant, free transactions, then came to conclusion it has to be in someone else's wallet.
So I guess my next concern is that you're trusting the lightning wallet not to be hacked. Opps sorry guys, guess I lost all your coins. Never mind.
So, i guess conclusion is that lightning isn't going to fix bitcoin.
I couldn't work out how there's all this publicity about instant, free transactions, then came to conclusion it has to be in someone else's wallet.
So I guess my next concern is that you're trusting the lightning wallet not to be hacked. Opps sorry guys, guess I lost all your coins. Never mind.
So, i guess conclusion is that lightning isn't going to fix bitcoin.
It's not, but people have free will if they want to use the lighting network or not.
for more reference: https://medium.com/@jonaldfyookball/mathematical-proof-that-the-lightning-network-cannot-be-a-decentralized-bitcoin-scaling-solution-1b8147650800
for more reference: https://medium.com/@jonaldfyookball/mathematical-proof-that-the-lightning-network-cannot-be-a-decentralized-bitcoin-scaling-solution-1b8147650800
I don't quite understand it but it seems to be a way of passing money between people on the same exchange so the coins stay in the same common wallet until you make a withdrawal.
Keeps it of the block chain but its not decentralized is it?
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