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RE: Scaling plans for cryptocurrency
Increasing blocksize is not a proper way to scale in the long term and the lightning network makes bitcoin too centralized for me, adoption of the LN is going to be a mess, just like segwit was.
All this bad-aids are being put in place just because bitcoin was not built to scale to millions or billions of transactions a day, it was built as an experiment and it was successful, but the tech is obsolete and you can keep putting bandaids and patching it up, but at the end of the day, it will break apart, bitcoin needs major tech upgrades to compete on the 2018 crypto space and i just don't see the dev team changing course.
Well I do disagree with the you saying that LN is centralized, I do see that adoption of LN if it like segwit will be a pain. However even Eth and many other coins know it will have to use some type of LN. I guess using idea that bitcoin is a experiment then LN will be the second experiment that bitcoin pioneers. For your upgrade what kind of upgrade do you mean-also every coin uses the same tech as bitcoin just in diff ways. None of these scaling plans efficiently and effectively have been added to coins yet. None of these scaling plans are bandages-segwit and schorr is the bandaid used in bitcoin. For the LN to work mainstream a blocksize will need to happen. But what i mentioned if done right will bring bitcoin to the Dapp wars and 2018 crypto space
Its a pretty long read but if you have the time, i base my opinion on the lightning network being a centralized entity on this article: Mathematical Proof That the Lightning Network Cannot Be a Decentralized Bitcoin Scaling Solution...
I'm not sure what sort of improvements could be made to bitcoin or ethereum under their current circumstances and i believe it is because the proof-of-work algorithms have reached their maximum capacity and need a big revision... Vitalik is aware of that and is slowly transitioning eth into a proof-of-stake system.
Not even a POS system is a change from bitcoin tech it just a change in how fast blocks are made. POW can have the same level of blocks using the ghost protocol so no that is not how eth is scaling. Eth plans on scaling by sharding , LN and sidechains. Now for a counter on the post you gave me?:
https://medium.com/@noahruderman/a-response-to-jonald-fyookballs-article-mathematical-proof-that-the-lightning-network-cannot-be-a-5faadecab5c5
I read/saw the post you gave some many times I got tired of seeing that.
Also even more incorrect the LN has improved way more than made in whitepaper that it scales and more DOS resistant then ever. Alos he 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 added pruning in the bitcoin core nodes to make it easier to run nodes. With phones now able to run LN the capacity of the LN is further increased. Also the LN will as i stated to be made more mainstream will need bigger blocks on the main chain. Mast will further make the LN lighter The watchtower part of LN is now weakened with the Eltoo proposal thus allowing more nodes to be watchtower lowering centralization risks.
The LN today is diff what was proposed. As time goes on the LN will be made to be more decentralized. However if the LN is ready for mass use and bitcoin still did not add big blocks well a huge % of the community will be mad and leave. 10 mb is the min max we want in the future.
Also 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 better LN tech the scaling will be greater
Thanks you shed some light on certain pieces of information I didn't have, to be honest, at some point I discarded the LN because I felt it was not possible to work around it but I was not aware of the recent developments it had and those simulations look pretty tasty.
I guess we just need to wait and see how it works in tyre real world and cross our fingers for a more successful adoption speed than what segwit had.
I do agree while the LN has been proven to work now-only the real world can prove it. I am betting money that LN will work but the biggest barrier will be adoption. If segwit took 1 year to go 30% i am afraid of the LN adoption rate. FYI: Roger Ver loves the LN but he wants huge blocks- I mean huge which won't work on the LN. I shall make a post one of these days on why it won't work on big block chain aka BCH. But Ver was wrong in one part he said it would take the LN to 2020 to be made from theory to product guess he was wrong there :)