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Author Topic: Do We Embrace Sidechains?  (Read 234 times)
pooya87
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November 12, 2021, 06:48:04 AM
 #21

I do not know how many people are running Lightning Network nodes,
There are currently 30,020 LN nodes so I guess at least 28k-29k people are running LN nodes (some may run more than one like a company).

BTW LN is a second layer not a side-chain.

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but I can tell you... the average computer literate person will be challenged to run it successfully.
It is not that hard, and people who find it hard to run an LN node are the same people who find it hard to run a bitcoin node and end up using custodial wallets. I wouldn't call them "computer literate".

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November 12, 2021, 01:17:50 PM
 #22

Could you give us an example of such industry and an example of the functionality the additional smart contracts could solve in real world that is not gambling or fundraising?

Smart contracts help in transforming traditional financial services in multiple ways.

Smart contracts provide a secure environment making the voting system less susceptible to manipulation. Votes using smart contracts would be ledger-protected, which is extremely difficult to decode.

Smart contracts can be used for inventory management and the automation of payments and tasks.

In the case of insurance claims, they perform error checking, routing, and transfer payments to the user if everything is found appropriate.

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pooya87
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November 13, 2021, 06:48:42 AM
Last edit: November 13, 2021, 06:58:52 AM by pooya87
Merited by titular (2)
 #23

Smart contracts help in transforming traditional financial services in multiple ways.

Smart contracts provide a secure environment making the voting system less susceptible to manipulation. Votes using smart contracts would be ledger-protected, which is extremely difficult to decode.

Smart contracts can be used for inventory management and the automation of payments and tasks.

In the case of insurance claims, they perform error checking, routing, and transfer payments to the user if everything is found appropriate.
All 3 of your examples do not need complex smart contracts and also they all need some sort of centralized authority for intervention. For example voting can never take place on a decentralized public ledger ever without a centralized authority making sure of the healthy election. Using blockchain is also the least efficient way of doing any of the examples above.

P.S. I was hoping for a better reply, like an actual use case not some generic response copied from the internet.

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