Post
Topic
Board Bitcoin Discussion
Re: What is actually use of SegWit?
by
achow101
on 29/11/2016, 02:55:42 UTC
In what way? The way that inputs and outputs work are still exactly the same.

Reference : https://bitcoincore.org/en/2016/01/26/segwit-benefits/[/color]
Quote
Wallet authors tracking spent bitcoins: it’s easiest to monitor the status of your own outgoing transactions by simply looking them up by txid. But in a system with third-party malleability, wallets must implement extra code to be able to deal with changed txids.
I assumed that you were talking about tracking as in de-anonymizing who is sending the transaction. Instead you are talking about tracking as in checking the confirmation status of a transaction. In the latter case (watching a transaction) it is easier to track because malleability is fixed.

he Lightning Network: with third-party and scriptSig malleability fixed, the Lightning Network is less complicated to implement and significantly more efficient in its use of space on the blockchain. With scriptSig malleability removed, it also becomes possible to run lightweight Lightning clients that outsource monitoring the blockchain, instead of each Lightning client needing to also be a full Bitcoin node.
I don't think that it is necessary for lightning to be a full node. It can still work without being a full node but with some additional complexity. Where in the lightning paper does it say that a full node is required?


Do you not understand the Word OFFCHAIN , BTC is only Locked on the ONLINE BLOCKCHAIN, it is not and can not be moved onto LN's network,
So you are trading BTC IOUs when you use LN.
The Lightning Network conducts transactions by creating Bitcoin transactions that can be broadcast onto the Bitcoin network at any time. There are no IOUs being traded, what is happening is that transactions are being created but not broadcast. Again, there is no separate thing where Bitcoin is being converted into some sort of IOU on lightning.

(In Theory : Using advanced features LN may even allow only certain miners to process the transaction Fees when Onchain BTC Transactions are required.)
(Giving LN Nodes the ability to starve miners not in Collusion with them of transaction fees. )
 Tongue
Now that is just FUD. How would LN only allow certain miners to confirm those transactions? That is just completely false.

One of the Concerns in the LN Network Whitepaper is that ,
Miners may Decline Certain LN transactions so their Locks timeout and the BTC can be Stolen.
If the above is possible, the reverse is also possible which makes what I said a Valid Theory.
That risk is based on miner collusion. The reverse would also require miner collusion, not some technical aspect of LN that makes it possible for only specific miners to mine those transactions. This is not just something related to LN but rather an issue that can already happen with Bitcoin as it is because it is just miner collusion and requiring human intervention in order for that to be possible.