Author: Robin Linus 2020-01-14 02:19:55
Published on: 2020-01-14T02:19:55+00:00
The security of Bitcoin does not require verification to scale quadratically with users. Only a small minority of users verifies the blockchain, but an honest economic majority is sufficient for Bitcoin to work well. It is advisable to run your own node if possible, but most people will never do it. Bitcoin-backed PoS-sidechains scale just like any other blockchain, but security is better because double-spends are impossible. For most end-users, such sidechains' security is superior to today's Lightning Network experience. The most popular Lightning Network apps are fully custodial and have to be custodial because there is no way to make the Lightning Network usable for regular users on unreliable phones. Any payment channel that requires you to be always online or potentially requires you to pay high on-chain fees excludes most people. Thus, Channel Factory constructions will not match most people's requirements and we will keep falling back to custodial solutions. The Lightning Network is awesome as a settlement layer, particularly for anything like bitcoin banks. However, why use 1000 trusted Excel tables when we can have 1000 trustless sidechains?
Updated on: 2023-06-13T23:13:10.295085+00:00