Author: Tom Harding 2015-07-10 02:55:15
Published on: 2015-07-10T02:55:15+00:00
A discussion between Raystonn and Gavin Andresen on June 28, 2015, centered around the viability of lightning network as a scaling solution for Bitcoin transactions. While Raystonn expressed his doubts about the effectiveness of lightning for different addresses, Gavin Andresen acknowledged the potential of the technology, but did not believe it to be a scalable solution for present-day Bitcoin transactions. Adam Back supported the Lightning Network, stating that it allowed Bitcoin to scale without any block-size increase. However, there are certain under-appreciated aspects of LN that require significant control of the money sent and received. To achieve any consolidation, both sender and receiver must be willing to lock their funds in a multisig payment hub channel. Therefore, LN only “solves” the scaling problem if the receiver’s hub has pre-committed sufficient funds to cover receipts and is willing to endure being unable to spend money received for a period of time directly related to the scaling factor unless his payment hub signs off on his spend instructions.
Updated on: 2023-06-10T01:18:22.490003+00:00