Author: Peter Todd 2015-06-27 16:37:31
Published on: 2015-06-27T16:37:31+00:00
Michael Naber, a member of Bitcoin Core, stated the goal of Bitcoin Core is to meet the demand for global consensus as effectively as possible. However, Andresen and Hearn suggest that Bitcoin users abandon the global consensus technology aspect of Bitcoin and instead adopt trust technology - running SPV nodes. Bitcoin core is mainly focused on meeting the demand for global consensus technology, but unfortunately, global consensus also has inherently O(n^2) scaling with current approaches available. The fixed capacity system mediates access by supply and demand transaction fees. Solutions like (hub-and-spoke) payment channels, Lightning, etc. allow users of the global consensus technology in Bitcoin to use that technology in much more effcient ways, leveraging a relatively small amount of global consensus to do large numbers of transactions trustlessly.
Updated on: 2023-06-10T01:19:59.012246+00:00