[2016-02-26] The Lightning Network is so Great that it Has all Kinds of Problems

[LiteCoinGuy]

The Lightning Network is so Great that it Has all Kinds of Problems

I wanted to make a quick post about the Lightning Network for the community.  Let me begin by stating that I think the idea behind the Lightning Network is brilliant.  It is a truly incredible application of ‘smart contracts’ that is capable of achieving a new kind of financial system I don’t believe the world has ever seen before.  It is based on technical concepts which simply cannot exist in the ‘real world’ of corruptible banks and courts. 

http://codesuppository.blogspot.de/2016/02/the-lightning-network-is-so-great-that.html

[arcticlava]

I would like to see more discussion of The Lightning Network in the forum. The basic idea is trustless chains of Hash-Locked Contracts, for smaller transactions, in off-chain channels. It appears to solve scalability problem. It could even be used as an argument to REDUCE the size of blocks, instead of increasing them (on the blockchain). If block sizes were smaller, this would create a time-delay in on-chain transactions, and thus a strong incentive to use the off-chain channels for smaller transactions.

[gentlemand]

Let's see some type of working implementation before casting judgement. Sounds great in concept but there are definitely some details that need clarifying and ironing out. It could be all we hoped for or clunky old rubbish. Let's support the people with the ideas and see what they can deliver.