There are some misconceptions being spread in this video about having to open payment channels for every new account. Many accounts can be preloaded with only a single blockchain input. The video also included parroted "blorgstream" propoganda. To those watching, please don't take this video as your single source of info on the lightning network. If you really want to learn more about the lightning network, docs are here, check them out!
Great video, I liked the way you explained it . I am new to crypto and with videos like this I get to understand more about it. Thank you for sharing and keep up the great work.
I don't fully understand lightening network but seems overly complicated and kinda dumb. Are there any other alternatives to speed things up and lower fees?
Hi, there are other scaling solutions but each have their own problems. Larger blocks lead to resource and bandwidth constraints on full nodes leading to node centralization.
The best way to scale is to increase the "efficiency" of the network by cramming more transactions into the same amount of space. Schnorr signatures would reduce the storage and bandwidth requirements of each transaction by 25%, freeing up that block space for other transactions. This is being designed and implemented right now in the bitcoin core main repo! Also side-chains and extensions blocks have been proposed as scaling methods but neither have seen very much development.
In my opinion, lightning network transactions hold the most promise as a medium to long-term scaling solution. But they are a little bit complicated to comprehend at first.
There are some misconceptions being spread in this video about having to open payment channels for every new account. Many accounts can be preloaded with only a single blockchain input. The video also included parroted "blorgstream" propoganda. To those watching, please don't take this video as your single source of info on the lightning network. If you really want to learn more about the lightning network, docs are here, check them out!
https://lightning.network/docs/
There are some really good resources as well at http://dev.lightning.community/
Great video, I liked the way you explained it . I am new to crypto and with videos like this I get to understand more about it. Thank you for sharing and keep up the great work.
I don't fully understand lightening network but seems overly complicated and kinda dumb. Are there any other alternatives to speed things up and lower fees?
Hi, there are other scaling solutions but each have their own problems. Larger blocks lead to resource and bandwidth constraints on full nodes leading to node centralization.
The best way to scale is to increase the "efficiency" of the network by cramming more transactions into the same amount of space. Schnorr signatures would reduce the storage and bandwidth requirements of each transaction by 25%, freeing up that block space for other transactions. This is being designed and implemented right now in the bitcoin core main repo! Also side-chains and extensions blocks have been proposed as scaling methods but neither have seen very much development.
In my opinion, lightning network transactions hold the most promise as a medium to long-term scaling solution. But they are a little bit complicated to comprehend at first.
paper money is the truth :P