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Title: Question about LN and block size Post by: ABCbits on December 20, 2017, 04:39:33 AM Hello,
Recently i tried LN in bitcoin testnet and i was impressed with speed. However, as far as i know transaction in LN hubs eventually will be pushed to the blockchain/on-chain (either by the one who set up the LN hub or the users if they wish to). But that means transaction fees still the main problem if total bitcoin transaction in LN hubs is exploding (such as 1000 tps) and all LN hubs needs/want to push the transaction to the blockchain/on-chain. So, i wonder if that means we also need to increase block size to make sure all transaction from LN can be pushed to the blockchain/on-chain without much delay and low fees? Also, i wonder if this table which comes from Bitfury paper is accurate (Source (http://bitfury.com/content/5-white-papers-research/block-size-1.1.1.pdf)). Since if it's true i thought we could make sure most nodes meet required specification for increasing block size? https://steemit-production-imageproxy-upload.s3.amazonaws.com/DQmZNQRAAaGZSDPjMQp9UXwqz77Kdx2e8s5XGMmhpo9pefj Please correct me if i'm wrong since i still learning about LN :) Title: Re: Question about LN and block size Post by: TheQuin on December 20, 2017, 08:38:29 AM The whole point of Lightning Network is that most of the transactions happen off-chain. You only need an on-chain transaction to get your coins into the Lightning Network in the first place or at the time you want to close the channel and use them on the main network again.
https://cointelegraph.com/explained/lightning-network-explained Quote In the simplest terms, how it値l work is -- we値l open something called a payment channel between us and record its opening on the Blockchain. Now, you and I can transact any number of times through this payment channel and it can stay open for any number of hours, days, weeks or decades. The only time we would touch the Blockchain ever again will be when we would want to close the channel. Then, we値l write the final status of the transactions that occurred through the channel on the Blockchain. This is very much a means of scaling the network without increasing the block size as only a few on-chain transactions are required to enable a vast number of off-chain transactions. Title: Re: Question about LN and block size Post by: Xynerise on December 20, 2017, 12:47:07 PM The whole point of Lightning Network is that most of the transactions happen off-chain. You only need an on-chain transaction to get your coins into the Lightning Network in the first place or at the time you want to close the channel and use them on the main network again. https://cointelegraph.com/explained/lightning-network-explained Quote In the simplest terms, how it値l work is -- we値l open something called a payment channel between us and record its opening on the Blockchain. Now, you and I can transact any number of times through this payment channel and it can stay open for any number of hours, days, weeks or decades. The only time we would touch the Blockchain ever again will be when we would want to close the channel. Then, we値l write the final status of the transactions that occurred through the channel on the Blockchain. This is very much a means of scaling the network without increasing the block size as only a few on-chain transactions are required to enable a vast number of off-chain transactions. Thanks, i didn't know that someone need an on-chain transaction into LN and forget that connection between LN channel is possible. But i think block size still become the problem when users only make few transaction (2 or less) and they decide to use on-chain transaction and many users think this way. Why will block size be a problem? A lot of bitcoin transactions are dust transactions that do not really require the blockchain, like payments to merchants. If a lot of these transactions take place off-chain on the lightning network then the main chain will be cheaper to use. |