Author: James Hilliard 2021-06-28 08:23:00
Published on: 2021-06-28T08:23:00+00:00
A developer named Raymo proposed a cryptocurrency protocol called Sabu, and asked ZmnSCPxj why he did not trust the Gazin wallet which would be used to implement Sabu. Raymo said that Sabu would be implemented in the react-native language to support both Android and iPhone, it would be open source, and there was a repository for it on Github. Raymo claimed that Sabu would be better than Lightning because it eliminates the need to open and close channels, which dramatically reduces transaction costs, increases node distribution, and improves privacy levels. He also noted that Sabu has no routing, and only the issuer and creditor know about a transaction. Raymo believed that economically rational decisions by issuers and creditors are the basis of Sabu's benefits, not trust assumptions.ZmnSCPxj did not think that Raymo effectively addressed any of the inaccurate assumptions made regarding mining in his proposal, so he assumed that the proposal was not viable in practice. ZmnSCPxj suggested that trusting the Gazin wallet is equivalent to using a custodial wallet like Coinbase, and Lightning was still superior because it allowed for non-custodiality while achieving high global TPS and low fees. ZmnSCPxj also questioned whether Gazin was open-source, and pointed out that even if it was open-source, he could download the source code and make a local copy that gives him separate access to the keys, allowing him to sign any transaction he wants. In contrast, Lightning allows for n-of-n to form smaller sub-moneys from the global money, without the risk of stealing funds from the counterparty.
Updated on: 2023-06-14T22:48:28.551132+00:00