Author: Peter Todd 2015-06-27 17:34:51
Published on: 2015-06-27T17:34:51+00:00
In an email conversation, Michael Naber asked about global network consensus and whether off-chain solutions could provide it. The response explained that hub-and-spoke payment channels and the Lightning network were not off-chain solutions but rather ways to use on-chain transactions more efficiently. Off-chain systems such as Changetip enable economic transactions without any blockchain transactions. It was mentioned that Bitcoin Core scales with O(N), and scaling to O(n) would require a trust-based system, which is not a global consensus system. It was suggested that building a trust-based system on top of Bitcoin's global consensus functionality would be a better approach.
Updated on: 2023-06-10T01:21:23.249766+00:00