Author: Benjamin Mord 2017-11-17 14:10:48
Published on: 2017-11-17T14:10:48+00:00
In this email exchange, Benjamin Mord discusses the idea of maintaining an inventory of unproven mathematical assumptions and cryptographic primitives to help the cryptocurrency community respond more quickly and transparently to cryptanalytic surprises that may arise. He also suggests that the ideal end state would be to only assume existence of a preimage-resistant hash function, and to code such that one function could be quickly swapped with another and thus update entire system. Christian Decker responds by discussing the current state of routing in the Lightning Network and the possibility of hubs forming in the network. He argues that creating such a hub is extremely costly and the fees must cover the opportunity cost of allocating all of those funds to channels instead of investing them somewhere else. He also mentions a technique for off-chain channel rebalancing based solely on Bitcoin that he and Conrad just published. Finally, they discuss the transaction fees and how aggregating payments off-chain can reduce the load on the on-chain network sufficiently to allow timely on-chain settlements. They are building automations that should take care of this so the user won't have to do anything to improve the network topology.
Updated on: 2023-05-24T03:16:49.606496+00:00