Author: Adam Back 2015-08-07 23:06:28
Published on: 2015-08-07T23:06:28+00:00
A conversation between Thomas Zander and Adam regarding off-chain transactions was posted on bitcoin-dev. Zander expressed concern about the push for off-chain transactions and the potential backlash if a properly working alternative is not produced. However, Adam noted that over 99% of Bitcoin transactions are already off-chain, with multiple companies offering consumer and retail services with off-chain settlement. He also mentioned that off-chain transfer systems already exist and are simpler and more rapid to adapt and scale compared to Bitcoin's protocol. Adam also indicated that indications show off-chain at scale with Bitcoin could be done through lightning and duplex payment channels. He suggested that someone interested in low trust, high-scale transactions should work on proposing an interoperability standard and API for wallets to access such off-chain services, along with periodic on-chain inter-service netting. Overall, the conversation highlights the potential benefits and challenges of off-chain transactions and the need for continued development and exploration in this area.
Updated on: 2023-06-10T18:26:48.424876+00:00