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Author Topic: Is it possible to create PoS decentralized Lightning Network node(hub) And...  (Read 155 times)
justone123
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December 10, 2017, 10:15:01 PM
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So my question is, is it possible to create a system that works on top of Lightning Network that is Proof of Stake. Users "stake" their bitcoins(which are used to open a payment channel and serve as collateral) and they collect the fees from transactions that are happening on this payment channel.
(is this a side-chain?)

And the number two thing is; is it possible to create such system so people would be able to create a wallet on the lightning network itself. (To open a payment channel you have to pay a fee on the bitcoin chain). But what if you can not afford to pay the fee to open the channel. Could this be implemented on top of that "PoS" system that you can create wallets that would exist only on the PoS chain(but it would still be trustless and decentralized?->noone could take control of your coins?). So basically you would be an owner of Bitcoins without EVER transacting on the main chain, while still benefiting from the security of Bitcoin network(also relying on the security of PoS system as well)?


TLDR: My question is actually, could there be a blockchain-based-decentralized-trustless PoS Lightning network node("hub") on which you could create a wallet inside that system so you would theoretically own bitcoins, but you would never see them on-chain and never have to pay fees on the expensive bitcoin chain??
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Andre_Goldman
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December 10, 2017, 10:20:02 PM
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I though LN was kind of PoS already  Grin


https://www.youtube.com/watch?v=jUhe7J6-aG0

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justone123
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December 10, 2017, 10:34:50 PM
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I though LN was kind of PoS already  Grin


https://www.youtube.com/watch?v=jUhe7J6-aG0

Well as far as i know, how it works is you have to open a payment channel with somebody and then you can transact with them off-chain. So this is peer to peer. You can only send to people you have an open channel with, or if they have an open channel with somebody else, you can send the money through the person you have an open channel with, to that 3rd person.
But it will likely be more efficient if there are big, centralized nodes("hubs"), to which many people connect and then they can transfer between each other through that node(note that this is still completelly trustless. The node is not used to rely trust, but to make the transactions fast and cheap).

My question is actually, could there be a blockchain-based-decentralized-trustless Lightning network node("hub")?
lizardbtc
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December 10, 2017, 10:38:02 PM
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Yeah it was kinda built to be in this way so you open chanels with multiple people that will transfer value through you and you collect small fees for doing the serviece. So it kinda can be to reward the nodes +POW for miners. Only drawback is that it somehow gives centralization but it is good since you should be able to do this. Though I think that you will need good amount of bitcoin to set up a good hub which means that exchanges will have advantage over many of users with small amounts.


My question is actually, could there be a blockchain-based-decentralized-trustless Lightning network node("hub")?

Probabbly can but for this to work some other things needs to be coded in - for this you will just need to use multisig with multiple addresses but interesting concept. If not based on blockchain but theoreticly speaking decentralized hub should be feasible to do.

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December 11, 2017, 04:20:52 AM
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(is this a side-chain?)

Yes, what you're describing is a side-chain.
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