Author: Erik Aronesty 2021-05-24 21:55:14
Published on: 2021-05-24T21:55:14+00:00
The conversation centers around the level of security needed for transactions on the blockchain. The idea that 99% of transactions don't require a high level of security is presented, but it's countered that if security is only given to the 1% that need it, then all transactions must have the same level of security. Additionally, the security created by miners isn't based on individual transactions, so an attack would affect all bitcoins, regardless of the transactions they were part of.The solution proposed is lightning, which can secure the 99% of transactions that don't require billions of dollars and years of lead time for security. Despite some known issues, lightning is deemed acceptable for small transactions at current prices.
Updated on: 2023-06-14T22:06:52.560225+00:00