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Author Topic: BIP-174 vs Lightning network  (Read 114 times)
MadGamer
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September 07, 2018, 02:01:27 PM
Last edit: September 07, 2018, 02:12:21 PM by MadGamer
 #1

I have read that BIP174 should come to bitcoin in 0.17.0 which shouldn't be long from now.

From an article I found:

Quote
If implemented soon, users will be able to perform offline transactions through a protocol that allows them to establish standard formats for signing transactions without having to immediately upload them to the Bitcoin network.

I'm going to assume that this is easier to implement than LN. If that's the case, how is this any different from Lightning network in a technical level? and why do we need to have multiple solutions If there are not much different from each other.

Apparently, this proposal was made by achow101 so I guess he's in the best position to answer this but everyone is welcomed, thank you!


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September 07, 2018, 02:12:38 PM
Last edit: September 07, 2018, 05:32:44 PM by ETFbitcoin
 #2

After quick read (on BIP github), there's few disadvantage things that BIP 174 can't do (compared with LN) :
1. Slower transaction time/confirmation
2. Can't update transaction/money flow many times unlike LN
3. IMO it's less user-friendly than LN

Since the one who propose/create the BIP 174 is moderator in this forum, you'll get your answer soon. Also, i wonder if this BIP compatible with Schnorr Signature/Signature aggregation?

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September 07, 2018, 05:17:35 PM
Merited by Foxpup (4), MadGamer (2)
 #3

BIP 174 and the Lightning Network are two completely separate and independent things. They are designed to achieve complete separate and independent goals. That article is wrong.

The Lightning Network is a scaling solution for doing transactions off chain.

BIP 174 is a transaction format for transactions that are not ready to be broadcast to the Bitcoin network yet. It is not a protocol nor is it a layer 2 solution for off chain transactions.

BIP 174 only helps for creating and signing on chain transactions. It is designed for inter-client compatibility and to allow easier hardware wallet and offline wallet setups.

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