Busses vs. Private Shuttles:
Lightning Network and the DAG-Drug
In Slack the question of Lightning Network was raised, too. Here is a snipet.
Bakibyte: The essence is not in DAG, the essence of the scaling. Everyone screams that their technology is steeper, only the technology can not be modeled, it can be copied. There is no reason to assume that the DAG is the solution to the scaling problems. Bitcoin can be scaled simply by increasing the block and this will increase the data for storage. Byteball will also be scaled by increasing the storage of transaction data, what's the difference? Do not always repeat the DAG, as if pronouncing a drug. There are crypto-currencies with good technologies, but generally with a poor implementation.
The bitcoin can be scaled as follows. The use of LN will give any number of transactions and if you fix transactions in the block chain of the transaction once a month and increase the block to 50 megabytes, you can serve 500 million users.
Me: We can bath in as much essence as you want. Lets have a lightning drug session then:
You just got a private key bounced your way. Haven't changed a thing to the underlying Blockchain. Public ledger need not update. No further mining required - until you do.
But don't worry. It will take the next Blocks (picture busses) when they:
1. Have free space
2. You payed for a ticket
3. They leave the station.
Is that as elegant as a private fast shuttle that leaves when you need it?
The LN transactions will have to prove their safety in the market first. LNs stopped scaring me a while ago. Put them into action please!
The great once a month mining sounds a bit like my monthly paycheck. All proper accounted for - once a month.
And the once a month mining will not scale Back the hardware or the fees, otherwise 51% attack becomes a problem again.
Look, Blockchains successfully threaten the world economy by decentralisation. But at a price of running around with a handgranade without a fuse. It is its fate waiting at the gates. No amount of LN will get them out of this chinese fingertrap. And there is no LN without an underlying Blockchain.
And at that moment of "the great accounting" you will have to wait extralong for all other transactions. Somehow it does not sound that appealing to me.
*takes another toke of DAG... Jummy*