The Bitcoin BTC blockchain has continued to receive a huge barrage of criticism owing to the architecture of the layer 1 network and its proof-of-work consensus model which makes it inefficient in terms of Transaction speed and cost.
Bitcoin mining, which is the popular lingo for describing how transaction validation is carried out, has even been banned in some nations due to its enormous energy consumption and carbon emission… all of which poses a threat to main scale adoption of the network for transaction processing.
In solving this scalability challenge, the Lightning Network which is a “second-layer solution” was built separately on top of the Bitcoin network, but still interacts with it… and by skirting the main Bitcoin blockchain, it helps to speed up transaction process while reducing cost
Let's talk about Lightning Network. Could it be a solution to fix Bitcoin scaling problems while LN has a lot of bugs and huge design flaws? You can fix bugs, but you can't fix design flaws.
For a recent example look at the Luna network. The code worked just fine, but it had a design flaw that caused people to lose over 99% of their money in a matter of hours.
There were engineers that warned them about this design flaw, but they chose to ignore it.
The lightning network is basically a hyper-complicated Rube Goldberg machine designed to fool non-engineers.
Bitcoin mining, which is the popular lingo for describing how transaction validation is carried out, has even been banned in some nations due to its enormous energy consumption and carbon emission… all of which poses a threat to main scale adoption of the network for transaction processing.
In solving this scalability challenge, the Lightning Network which is a “second-layer solution” was built separately on top of the Bitcoin network, but still interacts with it… and by skirting the main Bitcoin blockchain, it helps to speed up transaction process while reducing cost
Let's talk about Lightning Network. Could it be a solution to fix Bitcoin scaling problems while LN has a lot of bugs and huge design flaws? You can fix bugs, but you can't fix design flaws.
For a recent example look at the Luna network. The code worked just fine, but it had a design flaw that caused people to lose over 99% of their money in a matter of hours.
There were engineers that warned them about this design flaw, but they chose to ignore it.
The lightning network is basically a hyper-complicated Rube Goldberg machine designed to fool non-engineers.