Author: CANNON 2018-02-18 16:20:13
Published on: 2018-02-18T16:20:13+00:00
The message is a response to a comment regarding corrections made to a previous communication. The writer comments on the accuracy of the use of BCH as the proper ticket for Bitcoin Cash and clarifies that Segregated Witness was a softfork and not a hardfork, which is backwards compatible and optional to unupgraded nodes. The increased block space made available through SegWit is not limited to just witness data but also enables advanced smart contracts and functions on top of bitcoin transactions. SegWit also increases signature security, and enables signature algorithms to be upgraded via a softfork, in addition to enabling the Lightning Network upgrade to Bitcoin, which enables instant and cheap transactions, which can handle micropayments and massive scaling of throughput of transactions per second.The majority of the "bitcoin" crowd believes that increasing the blocksize to accommodate all transactions would lead to dangerous centralization due to storage and bandwidth constraints. In contrast, micropayment channels and networks on higher layers are seen as the next step in scaling to handle the majority of transactions. The "bitcoin cash" supporters prefer to simply increase the blocksize to handle all these transactions. The paper titled "The Bitcoin Lightning Network: Scalable Off-Chain Instant Payments" outlines why increasing the blocksize to accommodate every global transaction as a scaling solution is not feasible and highlights the benefits of implementing micropayment networks. In summary, the message provides insights into the technical aspects of SegWit and its advantages, including enabling the Lightning Network upgrade to Bitcoin, which allows for instant and cheap transactions, while freeing up space on the blockchain. It contrasts the vision of the "bitcoin" crowd versus the "bitcoin cash" crowd with respect to scaling approaches, highlighting micropayment channels and networks as the preferred approach by the former and blocksize increases by the latter. The message ends with the writer planning to read the rest of the paper to see if there is anything else to add.
Updated on: 2023-06-13T00:18:19.565965+00:00