Lightning's Next Act: Decentralizing Bitcoin Mining?

Carlton Banks

legendary

Activity: 3430

Merit: 3080

Quote from: davis196 on September 08, 2017, 06:29:14 AM

How can bitcoin mining decentralization help the average bitcoin user?
Will it lower the transaction fees and increase confirmation time?

Well, you've been around bitcointalk a long time for you to know so little about it.

A suggestion: mining decentralisation is a good idea, but to convince yourself, you should find out why. It involves learning the basics about how Bitcoin works Roll Eyes

Quote from: davis196 on September 08, 2017, 06:29:14 AM

I appreciate all the new ideas and efforts for improving bitcoin and the blockchain,but i don`t trust
Lighning Network.There are many LN haters here and i`m one of them.

Do you have any reasoning to provide? Why do you hate a transaction network layer, seems a little... weird.

davis196

hero member

Activity: 3192

Merit: 939

How can bitcoin mining decentralization help the average bitcoin user?
Will it lower the transaction fees and increase confirmation time?
I appreciate all the new ideas and efforts for improving bitcoin and the blockchain,but i don`t trust
Lighning Network.There are many LN haters here and i`m one of them.

sanjeev.lamani@

member

Activity: 63

Merit: 10

Developer Chris Belcher thinks he's found a way to fix bitcoin mining – and it notably takes its inspiration from the network's much-discussed Lightning Network proposal.

The idea is notable in that it showcases both the evolving nature of bitcoin as a technology, as well as how its developers are finding new ways to explore long-established issues. For example, while the Lightning Network was proposed for tackling bitcoin's infamous scaling hurdles, Belcher believes the concept could help decentralize mining, thereby strengthening the protocol's value proposition as an censorship-resistant money.

It's an idea not without precedent. At least one mining pool, P2Pool has already tried to decentralize mining, but less than one percent of miners use it, primarily because it doesn't pay out miners in a timely way compared to more centralized options.

But using the "hub-and-spoke" payment channel model behind Lightning Network could help the pool increase how often payments are made, in turn making the pool more attractive to miners, according to Belcher, who's also the developer behind bitcoin privacy mixer JoinMarket.

https://www.coindesk.com/hub-and-spoke-could-bitcoins-lightning-network-decentralize-mining/

Topic: Lightning's Next Act: Decentralizing Bitcoin Mining? (Read 238 times)