Author: odinn 2015-08-10 17:03:28
Published on: 2015-08-10T17:03:28+00:00
The email thread in this context discusses the Lightning Network and its features. It was noted that Lightning only requires transaction malleability to be fixed to work and that it should support relative locktime opcodes so that long-lived micropayment channels would be able to be created. However, these discussions are likely to take a while due to current basic development issues not being resolved. The email also points out that unless certain changes can be made in Bitcoin that reduce fees and cost to transact, solutions such as Lightning will fill the gap whether or not they are wanted. The conversation also covers how Bob will receive money using the Lightning Network, with the two possible sources of funding for Bob's increased claim being: (1) A deposit from Bob's payment hub, which has no default risk but is worse than the current banking system, and (2) Bob's previous spends, which can be re-increased but incentivizes centralization. This leads to the conclusion that Bob will need a powerful middleman to send and receive money effectively, which is uninteresting to the writer. Additionally, the email mentions donation or microdonation use cases and suggests designing wallets to accumulate donation micro-amounts according to donation settings of a user as an internal accounting feature. When enough donation value is accumulated, the recipient can receive it by piggybacking on one of the user's daily transactions. Finally, the email signs off with information about ABIS, a protocol concept to enable decentralization and expansion of a giving economy.
Updated on: 2023-06-10T19:05:32.639096+00:00