Bitcoin’s Lightning Network: Users can lose all their money through no fault of their own, says Peter R Rizun

2019-4-8 19:00

Peter R Rizun, the Chief Scientist of Bitcoin Unlimited, was previously in the headlines following his comments about the Lightning Network, the second-layer protocol proposed to solve Bitcoin’s scalability problem. The Chief Scientist is in the news again after he claimed that a Lightning Network user can lose all his money, without doing anything wrong.

Lighting Network, the second-layer solution, allows users to make off-chain payments, thereby ensuring faster and cheaper Bitcoin transactions. The Lightning Network is dependent on the underlying technology i.e. the Bitcoin blockchain, and was mainly created to serve the needs of small transactions. It enables users to make payments without having to record them on the blockchain, until it is settled. Moreover, the Lighting Network can act as multi-currency routing network in the future.

Peter R Rizun had this to say about the LN on Twitter,

“A Lightning user can lose all of their money through no fault of their own, in an environment with high and volatile L1 fees. BTC’s block size limit ensures high and volatile fees whenever demand for block space spikes.”

To this, Emin Gur Sirer, a Professor at Cornell University, said,

“Satoshi did not design for blocks that are mostly full, and the devs who came afterwards have not been able to design a fee mechanism that leads to stable and predictable fees.”

Further, Jungans, a Redditor, questioned whether this was not the same for on-chain funds scattered across several UTXOs. Peter Rizun clarified that the two were different cases. He said,

Source: Reddit

The Lightning Network was in the crypto-space’s limelight recently after it crossed around $5 million per channel capacity, with the reason speculated to be the Bitcoin bull run. Further, the Lightning Network gained support from one of the leading cryptocurrency exchanges Zebpay, after it announced Lightning payments in around 131 countries.

The post Bitcoin’s Lightning Network: Users can lose all their money through no fault of their own, says Peter R Rizun appeared first on AMBCrypto.

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Источник: ambcrypto.com

bitcoin lightning → Результатов: 126


Bitcoin’s Lightning Capacity Soars, Why The U.S. Plays A Big Role

One of the largest Bitcoin Lightning Network (LN) node operators, River Financial, recently posted a report on this second-layer payment solution. Previously conceived as an experiment used by savvy BTC holders, the LN is quickly becoming a key component in this blockchain’s ecosystem and its potential ticket into the mainstream. Related Reading: NFTsNexo NFTs Dying? […]

2022-10-15 21:00


Bitcoin Scaling Layer Lightning Network “Works Like a Charm”, Says Bitfinex CTO

The first week of Lightning Network support at cryptocurrency exchange Bitfinex, has seen more than 800 transactions make use the Bitcoin payments layer. The company’s Chief Technical Officer Paolo Ardoino says customers have deposited more than seven Bitcoin (~$52,000) to the exchange since it added Lightning payments.

2019-12-10 23:00


'Bitcoin Jesus' Roger Ver Epically Trolls Lightning Shills

"Lightning fast" may eventually be a trademarked term for some crypto payments company or another, but "Bitcoin Jesus" Roger Ver used the phrase to hard-troll fans of the Lightning Network. Guerilla Marketing by Bitcoin's Favorite Jesus Turned Judas Saying "Bitcoin Cash is lightning fast" and posting a video where a transaction is "completed" within 15 […] The post 'Bitcoin Jesus' Roger Ver Epically Trolls Lightning Shills appeared first on CCN Markets

2019-8-8 17:26


These 13 Bitcoin Lightning Network Upgrades Will Solve Its ‘Biggest’ Hurdles

The Bitcoin Lightning Network will overcome some of its “biggest hurdles to use” in the near future as new features roll out from developers. From Experiment To Bitcoin Killer App That was according to Guy Swann, the presenter of the Cryptoconomy podcast, who this week dedicated two episodes to introducing Lightning and analyzing its upcoming changes.

2019-5-18 06:00


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