Hacker News new | ask | show | jobs
by kordless 3334 days ago
I would modify that slightly and say Litecoin is back because of the Lightning Network, which benefits greatly from features provided by Segwit, and which itself leverages payment channels backed by multi-sig addresses. While Lightning can be enabled without Segwit, it's far more trustworthy with it, than without it.

https://www.youtube.com/watch?v=MpfvhiqFw7A
3 comments
QML 3329 days ago
Yeah there's no way to the transaction rate of PayPal or Visa without the use of side chains -- modifying the blockchain protocol only results in linear changes to scalability.
link
flyingfences 3334 days ago
> which benefits greatly from features provided by Segwit

Which is only possible because of the features provided by SegWit.

link
kordless 3334 days ago
Actually, that's not technically true. FWIU, Lighting could be run on both Bitcoin and Litecoin today, but issues with transaction malleability could cause it to be less than trustworthy, for some use cases. So, Segwit, which fixes transaction mailability by moving the header in the transaction to it's own section, enables a higher trust Lightning network to be deployed, on top of a more trustworthy blockchain.
link
flyingfences 3334 days ago
Your understanding is correct AFAIK. However, the entire point of Bitcoin (and cryptocurrencies in general) is that it's a system that does not have to rely on trust. A "less than trustworthy" implementation is not a tenable implementation. In order for L2 solutions to be truly, universally usable we need a fix for transaction malleability.

Don't trust. Verify.

link
hammock 3334 days ago
WTF is any of this, and where do I learn about it. Like, where did you find that video?
link