Quote from: Carlton Banks on November 26, 2016, 12:23:07 AM

Quote from: krishna1 on November 25, 2016, 11:55:28 PM

will the privacy and the irriversable feature still be like now?

Privacy will be enhanced: the individual Lightning transactions are not recorded in the blockchain, so the ledger will be more opaque than before.
Surveilling all Lightning transactions would be difficult, you'd need a surveillance node in a majority of channels

Quote

centralized - The software is fully open source.
Any one can start up a node, put some Bitcoins in and start offering their service to the network and earn some fees for doing it.
This low barrier to entry and ease of use should provide enough competition and enough nodes to make it decentralized.

There are some caveats:
people will have to put some funds into the node that are at risk if the device gets hacked
(initially possibly through bugs in LN, but in general through any malware or badly secured and outdated operating systems).
This might be a slightly centralizing force as security is relatively cheaper to do at scale.

Hub Owners could sell your Private transactions data to marketing firms , just like banks sell your credit card transactions data.
This means all a hacker has to do is compromise a Hub to access your info.
Easier for courts to subpoena a hub to get your records.
Hire someone on the inside of a hub to funnel information. (How the Mob does it)

It will be less private, by far because LN will have more data to Cross Reference. Tongue