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RE: Crypto Academy Week 3 Homework Post for [@gbenga] Segwit Bitcoin Network or Legacy Bitcoin Network?

in SteemitCryptoAcademy • 3 years ago

This is quite an interesting contribution, thanks for participating in this week's task.

Question: If you were to make an upgrade to the Bitcoin network without tampering with the blockchain, what would it be?

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3 years ago in SteemitCryptoAcademy by
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     3 years ago 

    From what I read it will be the Lightning Network which is an ingenious solution to the Bitcoin scalability problem and has definite advantages:

    • The transaction fees are tiny (currently 1 satoshi per transaction), which allows micro-payments.
    • Transactions are almost instantaneous since their validation depends only on the latency time of the network. This is where the network - Lightning takes its name: payments are made at lightning speed.
    • Transactions are much more confidential than transactions on the chain.
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