jetcrypto (OP)
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August 14, 2018, 04:58:59 AM
Last edit: August 14, 2018, 12:29:20 PM by jetcrypto |
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Speaking about how slow Bitcoin is. Why Bitcoin can't be just settlement layer for different fast protocols without legers? What will drive developers to code for those various "without own ledger" protocols in this case ?
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"In a nutshell, the network works like a distributed
timestamp server, stamping the first transaction to spend a coin. It
takes advantage of the nature of information being easy to spread but
hard to stifle." -- Satoshi
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freebutcaged
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August 14, 2018, 05:14:46 AM |
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Because Bitcoin is not centralized, no one can decide that not even the developers. Bitcoin is slow, sometimes too much slow.
It also has some high fees sometimes, but that's not an excuse for any change like making it a settlement layer, simply put
You can never decide what to do with Bitcoin's code, that's the whole point of being decentralized, however you can use
Lightning network as the fast protocol and use Bitcoin as a settlement layer.
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jetcrypto (OP)
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August 14, 2018, 08:40:15 AM |
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Because Bitcoin is not centralized, no one can decide that not even the developers. Bitcoin is slow, sometimes too much slow.
It also has some high fees sometimes, but that's not an excuse for any change like making it a settlement layer, simply put
You can never decide what to do with Bitcoin's code, that's the whole point of being decentralized, however you can use
Lightning network as the fast protocol and use Bitcoin as a settlement layer.
I mean, how to motivate more teams to develop various fast and useful protocols (Iot, scoial apps, etc) which will use Bitcoin as settlement layer? Usually teams are motivated by issuing their own coin/token and sell it to investors (shitty ICO model). |
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avikz
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August 14, 2018, 11:54:03 AM |
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Speaking about how slow Bicoin is. Why Bitcoin can't be just settlement layer for different fast protocols without legers? What will drive developers to code for those various "without own ledger" protocols in this case ?
That can be done in centralized environment very similar to the visa and MasterCard network. Where they are the providers of settlement layers and their APIs are being used by various participating bodies. Bitcoin is decentralized and unlike other settlement layers, it has its own value. However, I have seen some ICOs trying to build private and customizable blockchain. But it is not achievable for bitcoin. |
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charlotte04
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August 14, 2018, 12:00:17 PM |
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Because Bitcoin is not centralized, no one can decide that not even the developers. Bitcoin is slow, sometimes too much slow.
It also has some high fees sometimes, but that's not an excuse for any change like making it a settlement layer, simply put
You can never decide what to do with Bitcoin's code, that's the whole point of being decentralized, however you can use
Lightning network as the fast protocol and use Bitcoin as a settlement layer.
This would be the answer for that question. We ought to say that we should do this we should do that. We just have to support Bitcoin as it is today to help it grow nice and big. |
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blackandwhite89
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August 18, 2018, 03:30:16 PM |
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Actually this is not possible in bitcoin. We know that bitcoin is decentralized and so no one can influence it even the developers cannot do that. It is advisable to use some faster network for avoiding such problems.
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redrose8226
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August 18, 2018, 04:40:32 PM |
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Given that it runs on a decentralized system, it will not be possible to achieve that. It will be better to look for other alternatives.
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Seundavid
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August 18, 2018, 05:00:36 PM |
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My opinion Bitcoin is not centralized, no one can decide that not even the developers. Bitcoin is slow, sometimes too much slow and it can High at anytime.
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Crystalcoin24
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August 18, 2018, 07:07:52 PM |
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Only because it is not on a centralized market, rather runs on a decentralized system instead, it cannot be that.
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BitCoinGuy10
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August 18, 2018, 08:51:31 PM |
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Bitcoin sometimes has high fees and requires longer time to transfer. Bitcoin is the first crypto and there has been numerous updates and developments to it. If the devs decided to put their effort on bitcoin more rather than going for useless forks then things would have been better. But not all hope is lost, give it time and it will get better.
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jetcrypto (OP)
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August 19, 2018, 05:52:36 AM |
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...Bitcoin sometimes has high fees and requires longer time to transfer....
I'm talking about settlement layer. It means that not each transaction must be immediately written into Bitcoin ledger! |
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jetcrypto (OP)
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August 19, 2018, 05:56:54 AM |
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Only because it is not on a centralized market, rather runs on a decentralized system instead, it cannot be that.
If I'll do the protocol (app) without its own ledger, it could agragate data and write it once or twice a day into Bitcoin ledger. |
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jetcrypto (OP)
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August 19, 2018, 05:58:57 AM |
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Given that it runs on a decentralized system, it will not be possible to achieve that. It will be better to look for other alternatives.
What alternatives are decetralized with theirs nods and have 51% attack high resistance? |
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Qaimmadug
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August 21, 2018, 01:49:51 AM |
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Though bitcoin cannot be settlement layer but there is a option left to use it as settlement layer and that is lighting network. You can give that a try. Bitcoin in not centralized so it’s code is not something you can decide on.
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Coushon
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August 21, 2018, 02:07:32 AM |
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You will find some ICO who are working on making their customized blockchain where it is probably possible. But in case of bitcoin settlement layers cannot be done due to it’s being decentralized system.
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Giardina
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August 21, 2018, 02:49:30 AM |
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It is a very difficult problem and it is unknown whether the developers will be able to solve it.Bitcoin is decentralized, and this is its main feature.Yes, the Commission is quite high..maybe someday the situation will change,but for now you need to look for alternatives.
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Exhim1940
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August 21, 2018, 03:08:55 AM |
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It is because bitcoin is a decentralized system. There is no one behind it controlling the bitcoin. Even the developers can't control it. The transaction mainly control it's price, which is not in anyone's hand. If bitcoin was a centralized system, it would be setteled, but bitcoin can't be centralized.
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jetcrypto (OP)
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August 21, 2018, 04:37:36 AM |
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It is a very difficult problem and it is unknown whether the developers will be able to solve it.Bitcoin is decentralized, and this is its main feature.Yes, the Commission is quite high..maybe someday the situation will change,but for now you need to look for alternatives.
I can use bitcoin as settlement network easily no matter how it's decentralized |
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