LN misconceptions

in #bitcoin6 years ago

The LN is not *centralized. Turns out even my some of my friends kinda got fooled or maybe just misinformed by this article:
https://medium.com/@jonaldfyookball/mathematical-proof-that-the-lightning-network-cannot-be-a-decentralized-bitcoin-scaling-solution-1b8147650800

Many times did I have to see this post always pointed at me citing this is why the LN is centralized.

One that assumes a lot of thing and two they are talking about the old LN.
The LN has since been upgraded with better tech.
But enough talk-time for proof right?
One here is a counter to that article:
https://medium.com/@noahruderman/a-response-to-jonald-fyookballs-article-mathematical-proof-that-the-lightning-network-cannot-be-a-5faadecab5c5

Anyway here is my take on the post of LN can't be decentralized scaling:
First you have to understand this:
The author assumes that LN is run on full nodes-wrong. The LN can be made so light you only need to download the LN part on your phone to use it. Bitcoin dev even went further and are planning on adding pruning in the bitcoin nodes settings to make it easier to run nodes.
https://bitcoin.jonasschnelli.ch/build/584
Pruning allows a node to free up storage space by removing transactions that are no longer needed to verify that the blockchain is in a consistent state (i.e. no bitcoins were created improperly).
This can make nodes much easier to run. You might only need to store at max 10 gb of the bitcoin network.
Second:
With phones now able to run LN-the capacity of the LN is further increased.
How many smartphones are out there? If only 5% ran the LN-dam....
Now to make the LN even more cheaper/lighter to use:

Introducing Mast!
Mast: makes transaction take much less space than including the whole script useful for LN. Read more about it in this link. https://steemit.com/busy/@sames/mast-making-the-ln-even-cheaper

Now another part of LN that many anti LN are against is the watchtower aspect of LN. Watchtower watch to make sure LN channel are not being cheated.

Introducing eltoo:
Eltoo is a genius hack that repurposes old time stamps as atomic counters. Eltoo changes the game theory around channel cheating but in a good way that gives more options to check while making it easier for nodes to run it.
Read more about it here:
https://steemit.com/bitcoin/@sames/eltoo-ln-made-better

And second a stimulation has been done on an old LN tech:
https://hackernoon.com/simulating-a-decentralized-lightning-network-with-10-million-users-9a8b5930fa7a
With more LN nodes from phones,pruned nodes and full Nodes running LN with better LN tech-the scaling will be greater in a decentralized way :)

However what most people don't get the LN still requires a big block increase a max of 10mb block increase might need to happen to further increase the scale of the LN and make LN be more mass usable.

Ok now for a counter to people seeing the banks bought bitcoin video. Here a counter to that:
https://steemit.com/bitcoin/@sames/how-the-banks-did-not-buy-bitcoin

Anyway learn about the LN:

Each LN channel can process 500 Transactions per second with current tech.
Ln channel at min are 2 nodes.
You can create a bunch of LN channel from one node.
More than than thousand
Their is no limit on how much the LN can scale.
Source:
https://coinjournal.net/scaling-layer-2-and-cryptographic-innovations-discussed-at-consensus-2018/
Hope you guys learned more about the LN from my posts :)

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Nice educational article about LN. How many LN nodes we have at moment?

About 1100 active LN nodes

Fun fact if all 1100 nodes opened LN channels with each other.
1100* 1100=1210000 Ln channels
And each LN channel gives 500 Tps(saving bandwidth and stuff later on you can change the LN nodes setting to accept more if you are on desktop OS,mobile will be capped at 300-500)
1210000*500=605,000,000 tps
That is alot!

seems likes nodes and masternodes will be the future of cryptocurrency it is why I have started my up own in a few cryptos last month and hope to expand even further.

Agree masternodes coin I believe are the only one that can truly do all onchain Txs.
Node based system aka bitcoin using the LN and others types do so much txs it not even funny. Plus nodes can also earn from it as well.

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