Have they solved the distributed routing problem? I watched many videos on the LN, and it's never addressed, it's always this hand-wavy explanation that a route is somehow found, on a network that changes, potentially, thousands of times per seconds, and has tens of millions of nodes.
Show HN: Lightning Network Search and Analysis Engine
21–30 of 104 posts
Re: Show HN: Lightning Network Search and Analysis Engine
#22BCH, it should be noted, has nothing to do with Bitcoin other than appropriating the name...
And forking the BTC blockchain.
Re: Show HN: Lightning Network Search and Analysis Engine
#23Re: Show HN: Lightning Network Search and Analysis Engine
#24Earlier quoted context omitted.
I think the same could be said of any bitcoin node.
But a regular bitcoin node isn't transferring money. It's simply tracking the state of the network. A lightning node is creating transactions and financial agreements with other nodes in the network.
Bitcoin nodes propagate transactions created by users as well.
Re: Show HN: Lightning Network Search and Analysis Engine
#25Earlier quoted context omitted.
Where does the $10 come into play? Can they only transfer up to $10's worth of currency?
From what I understand--yes. They would need to "settle" their transfer on the blockchain and then open a new channel. The solution to this from what I've read is an IOU mechanism and a third party that has a channel with almost everyone. If the third party is rich then each channel is theoretically huge. ALICE --(IOU to bob for 10k)---> CAROL --(IOU from alice for 10k)--> BOB
What happens to the engine trustless selling point of bitcoin when the only plausible scalability solutions entail reintroducing trusted third parties?
Re: Show HN: Lightning Network Search and Analysis Engine
#26Re: Show HN: Lightning Network Search and Analysis Engine
#27What are the regulatory hurdles to operating a lightning node in the US? It makes you a money transmitter, right?
If FinCEN rules that operating a lightning node constitutes acting as a money transmitter, it would be unenforceable. It may still discourage operating an intermediate node in the US and shift the majority of nodes to other countries.
Re: Show HN: Lightning Network Search and Analysis Engine
#28What are the regulatory hurdles to operating a lightning node in the US? It makes you a money transmitter, right?
https://coincenter.org/files/2018-01/federalalternativev1-1.... talks about the general picture (I only skimmed it). It wants reform to "include a safe harbor for novel businesses that do not create the sort of
risks to consumers that money transmission licensing is meant to address (but which may be
treated as money transmitters under a loose interpretation of some state statutes)."
Re: Show HN: Lightning Network Search and Analysis Engine
#29Earlier quoted context omitted.
But a regular bitcoin node isn't transferring money. It's simply tracking the state of the network. A lightning node is creating transactions and financial agreements with other nodes in the network.
Bitcoin nodes propagate transactions created by users as well.
They relay information about transactions, but do not receive and resend value as a lightning node does.
Re: Show HN: Lightning Network Search and Analysis Engine
#30Earlier quoted context omitted.
From what I understand--yes. They would need to "settle" their transfer on the blockchain and then open a new channel. The solution to this from what I've read is an IOU mechanism and a third party that has a channel with almost everyone. If the third party is rich then each channel is theoretically huge. ALICE --(IOU to bob for 10k)---> CAROL --(IOU from alice for 10k)--> BOB
What happens to the engine trustless selling point of bitcoin when the only plausible scalability solutions entail reintroducing trusted third parties?
The great thing about lightning is that it doesn't introduce trusted third parties: it only requires that nodes have commited funds.