Researcher Noam Levenson Talks About The Lightning Network And Bitcoin On Reddit R/BTC
Researcher Noam Levenson Talks About The Lightning Network And Bitcoin
The Lightning Network (LN), the ultimate scaling solution for Bitcoin (BTC), continues to expand in the market. Although a final version has not yet been released, developers are working in order to make it easier to use and to integrate. The goal is to allow Bitcoin to reach a large number of transactions and reduce the congestion in the main Bitcoin network.
Noam Levenson Talks About LN
In a recent Reddit post, Noam Levenson wrote an observation in which he talks about high-cost on-chain Bitcoin transactions could attract users. He has talked about the difficulties of maintaining a network map and which are the challenges related to it. He said that there are some problems with it due to the eventual large size of the topology and the number of messages that would need to be sent in order to determine the topology.
Mr. Levenson has also suggested some solutions to these issues, saying that the network could be used for microtransactions or the users would have to rely on centralized hubs so as to maintain the sustainability of the network.
About relying on centralized hubs, he talked about the high cost of on-chain transactions for Bitcoin.
On the matter, he commented:
“This is especially relevant to any transactions that fall under the “dust” level of BTC (i-e- the cost of on chain transactions). If a transaction falls under this metric, time lock hashes cannot be used and the transaction ceases to be trustless.”
Users could be affected by a large number of on chain transactions after paying large fees. If one hub turns out to be untrustworthy, they would not be able to move to another hub. Executing a new on chain transaction in order to open a new channel could be expensive.
The Lightning Network has been criticized many times for not being as secure as on-chain transactions. At the same time, Bitcoin Cash (BCH) supporters are in favor of on-chain scaling capabilities by increasing block sizes, something that Bitcoin is currently not following.