Author: ZmnSCPxj 2020-01-14 02:59:25
Published on: 2020-01-14T02:59:25+00:00
The security, integrity, and censorship-resistance of Bitcoin is dependent on sophisticated actors who are willing to take on the risk of running fullnodes and providing hash power. However, it is not required for most people on this planet to run a bitcoin full node. Bitcoin-backed PoS-sidechains scale in terms of verification and storage just like any other blockchain. Security is strictly better because double-spends are impossible. A single honest validating user guarantees that attackers cannot do more harm than halting a sidechain. Thus, end-users won't have to validate all of each others' transactions at all. For most end-users, such sidechains' security is strictly superior to today's Lightning Network experience. The most popular LN apps are fully custodial. Any payment channel that requires you to be always online excludes 99% of the world's population. Any payment channel that potentially requires you to pay high on-chain fees excludes most people, too. On-chain fees keep rising. Therefore, no matter what Channel Factory constructions we build, they will not match most people's requirements. We will keep falling back to custodial solutions. It is suggested to replace 1000 trusted Excel tables with 1000 trustless sidechains. However, ZmnSCPxi argued that replacing the banking system with centralized large-scale blockchains would gain the drawbacks of blockchains without gaining its benefits.
Updated on: 2023-06-13T23:13:47.052993+00:00