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Welcome to this episode of Ivan on Tech. In this episode you will hear Ivan discuss Lightning Network. Stellar's Lightning Network is a off-chain layer 2 solution for the Bitcoin Blockchain. Bitcoin scaling solutions There are a few options available for scaling the Bitcoin Blockchain.
On chain solution is to create bigger block-sizes
Issue here is bandwidth, it would be difficult if not impossible to get a gigabit size block across the entire network. This would create future centralization as only a few nodes would be able to accomplish this.
Off chain SQL commonly known as balance
Issue here is that their is a centralized point of failure and also censorship. Because centralized exchanges have control over the transactions and hold onto users private keys they ultimately have control.
Off chain layer 2 such as Lightning Network
There is no way to censor, there is no way to double spend, and there is no single point of failure. Lightning network incentives users ($) to connect nodes together to strengthen the network. There is no Bitcoin hard fork required for Lightning Network.
Disclaimer: Statements on this page do not represent the views or policies of anyone other than the person who says or writes them. The information presented to you on this site is made available for discussion purposes only, and is not cryptocurrency investing or any other type of investing recommendations or advice. Under no circumstances does the information on this page or site represent a recommendation to buy or sell cryptocurrencies and crypto securities. All product and company names are trademarks™ or registered® trademarks of their respective holders. The use of them does not imply any affiliation with or endorsement by them. By using this site you agree to our website terms and privacy policy found at watchcrypto.media/terms-privacy. This page contains sponsored content, affiliate links, and/or other forms of paid promotions, as do all pages on WatchCrypto.Media, If you would like to view more details on the sponsored nature of any given page please contact us.
