Author: Michael Naber 2015-08-11 18:59:26
Published on: 2015-08-11T18:59:26+00:00
Lightning network is dependent on global consensus to function which means a global consensus network is required to use it. The cost to participate in global consensus needs to be decided that whether it will be limited above or below the capability of technology. In a world where anyone can fork the code, it is difficult for anyone to artificially set the price of participating in global consensus higher than what technology can deliver. Lightning and hub and spoke don't meet the requirements for users wishing to participate in global consensus as they are not global consensus networks. However, Bryan Bishop argues that consensus on the lightning network is not needed as bitcoin consensus is used anyway. Commitment transactions are deep enough in the blockchain history that removing them from the history is impractical. The remaining guarantees are ensured by the properties of the scripts in the transaction.
Updated on: 2023-06-10T18:23:32.543960+00:00