THELOGICALINDIAN - Is Lighting Network the additional advancing for Bitcoin or the advancing of absorption Andreas Antonopoulos states his case for the above in his latest video
A lot of misconceptions accept arisen about the Lightning Network and the aftereffect it will accept aloft Bitcoin. Look about the internet, and you’ll acquisition videos such as this alms advice on the Lightning Network that may not be accurate. To that end, Andreas Antonopoulos has created a video to detail the abounding things critics are accepting wrong, which we accept listed below.
“Lightning Network will centralize bitcoin, apperception ability with a few big players.”
This assumes that Bitcoin is not already centralized in some way. Without additional band technologies, there are two means to boldness issues with accommodation and added demands.
So the best isn’t amid a absolutely decentralized or absolutely centralized system. It is a best amid off-chain clandestine and off-chain accessory layers with arguable systems.
“Lightning Network requires anniversary transaction to accessible and abutting a new channel.“
Many bodies anticipate that anniversary transaction operating on the Lightning Network needs to accessible a new channel. The amount of allotment and clearing anniversary transaction in this case would be huge. A transaction absolutely aloof needs a path, and Lightning Network audience can accord with the acquisition of affairs automatically.
Some additionally accept that channels charge be bankrupt to get settlement, but this is additionally not true. Payments can be fabricated again, so funds can break aural the arrangement and don’t accept to be cashed out. Most of this will be done with wallets and not manually.
People accept taken these misunderstandings and created the consequence the arrangement will accordingly accumulate into a hub and batten analogy. This will become clearer in time, but there are several alt-chain options for those who adopt on-chain scaling.
“Lightning Network uses the ‘Hot Potato’ archetypal of routing.”
In this model, anniversary bulge passes the ‘Hot Potato’ to the abutting bulge accommodating to booty it afterpiece to it’s destination. Anniversary average knows the antecedent and destination of the packet, but Lightning Network uses an absolutely altered archetypal alleged antecedent routing.
The basic bulge receives advice about all accessible nodes, such as accommodation and fees. It again creates an optimal aisle based on these parameters, such as everyman all-embracing amount of route. This avenue is again encrypted at anniversary footfall and onion-skinned. Anniversary average knows alone the bulge which the transaction has accustomed from. It again removes a band of onion and discovers the abutting bulge that it charge be beatific to.
The final destination bulge is the alone one which knows that it doesn’t charge to go any further. The basic bulge is the alone one which knows that it didn’t access from about else.
“If anniversary approach needs allotment to break open, that will lock up a lot of amount in the system.”
Yes, anniversary approach needs abundant amount at your end to accelerate the accommodation of affairs required. But channels can be refilled to accomplish greater payments, for example, by sending bitcoin to the Lightning Network address.
In fact, this goes some way to anticipate centralization. Trying to actualize a bulge abutting abounding channels captivation a lot of bitcoin amount becomes a ambition for hackers. It is added benign to accept added channels to added nodes in a cobweb arrangement than actual highly-funded centralized nodes.
“Node operators will face a lot of accident from AML regulation.”
Not necessarily. In best cases, Lightning Network is advised for the alteration of abate amounts. In best places, money laundering alone applies to money breeze of abundant beyond amounts.
It would be difficult to acquisition and arraign individuals active software on their home computers. If this does become a problem, again it will alone accomplish the arrangement become stealthier.
“Lightning-enabled wallets appear with all the abashing about channels and the charge to accessible and abutting them.”
It is accurate that aboriginal implementations of Lightning Network did accompany abstruse abstracts to the apparent and apparent elements that should accept been hidden abaft a user interface.
Lighting-enabled wallets should and will attending absolutely like multi-currency wallets. Sending and accepting will be accomplished through QR codes, and the wallet will be able to acquaint if the abode is for Bitcoin or Lightning Network. Everything should be done for you.
If you are absorbed in active a lightning node, again there are three which are BOLT complaint. This agency that they will assignment with anniversary added to anatomy a unified network. Look for advice on LND (lighting arrangement daemon), clightning, or eclair on GitHub or Main Net.
As you can see, Andreas Antonopoulos sets the almanac beeline on a cardinal of misconceptions about the Lightning Network. One should consistently be accurate in that misinformation is consistently amphibian about on the net and calmly found.
What do you anticipate about the rebuttals offered by Andreas Antonopoulos? Do you accede with him or not? Let us apperceive in the comments below.
Images address of YouTube/@aantonop and Bitcoinist archives.
