this post was submitted on 03 Feb 2024
398 points (94.8% liked)
Technology
72360 readers
3254 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related news or articles.
- Be excellent to each other!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, this includes using AI responses and summaries. To ask if your bot can be added please contact a mod.
- Check for duplicates before posting, duplicates may be removed
- Accounts 7 days and younger will have their posts automatically removed.
Approved Bots
founded 2 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Are you paid to post that nonsense?
For those in blissful ignorance: This uses so-called channels between participants. Opening a lightning channel means, basically, putting bitcoin in "escrow" on the blockchain. This requires multiple transactions on the blockchain. Bitcoin doesn't even have enough capacity to open a channel for each baby being born.
The amount that both sides put in "escrow" is the max payment imbalance that a channel can accept. Say, you want to use a channel to buy a car for $20k, then you need a channel that both you and the other guy have put in $20k in bitcoin.
If some calamity happens, these funds are lost in nirvana.
While Lightning doesn't need you to open a channel for every new recipient and has smart routing through other participants, I still think it's an inconvenient solution we don't have to take.
We have Solana, a 300.000+ TPS Layer-1. We have much smarter Ethereum Layer-2's that don't require this bullshit. We have many ways to tackle this problem, it's the hyperfocus on Bitcoin that, in my opinion, makes people go for Lightning network anyway.
Solana currently has 1777 validators - which doesn't look like much compared to Bitcoin, but is actually way more than enough for any practical intents and purposes.