Bitcoin : For regular Lightning Network transactions, no proof of work is being performed, no miner has to mine anything and nothing is happening in the ACTUAL Bitcoin blockchain.
Let’s say you find a coffee merchant who accepts LN transactions, so you open a channel with him and fund it with $500. You’re hoping to get a $5 coffee everyday for the next 100 days (forget about the fees, let’s generously assume they’re negligible.)
After the funds have been spent up you’re planning to close the channel.
Question: In order for these 100 transactions to occur, how many transactions will actually be included in the Bitcoin blockchain, requiring proof of work to be done by miners?
Answer: Two. Just two. One when you open the channel and one when you close the channel.
For all the other transacting that is taking place, no actual Bitcoins are being moved, no actual proof of work is being performed and no miner has to do anything, at all.
Literally, miners will just be on standby to open and close the channels.
Another example:
Let’s say the demand for Bitcoin transactions in the future is 100 tx/s. Even generously assuming full segwit usage, the ACTUAL BTC BLOCKCHAIN is limited to 5 tx/s.
So what percentage of the transacting taking place on the network are actual Bitcoin transactions?
Answer: 5%. The other 95% of the volume would be happening OFF CHAIN, NOT being mined, NOT using proof of work, NOT detectable in the BTC blockchain.
It would seem to me that the scaling roadmap of BTC is COMPLETELY DIFFERENT than anything described in the white paper or any of Satoshi’s writings.
So for core proponents who claim Bitcoin BTC is closer to Satoshi’s vision than BCH is, can you please explain to us how restricting usage of the ACTUAL blockchain in order to arbitrarily push all volume onto a proprietary second layer solution which is NOT based on proof of work, does NOT need to be mined and is NOT visible in the blockchain is what Satoshi described?
Doesn’t that kind of seem to be removing the very essence of what makes Bitcoin, Bitcoin!?
The system is supposed to be **based** on proof of work, so how is doing away with proof of work, consistent with the Bitcoin system!?
Bitcoin
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Author: poorbrokebastard
Score: 19
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