Post
Topic
Board Development & Technical Discussion
Merits 7 from 2 users
Re: Lightning Network Discussion Thread
by
BitCryptex
on 10/07/2018, 20:35:11 UTC
⭐ Merited by dbshck (5) ,Anon136 (2)
I believe there is no worthy android app still using the LN. Moreover I can hardly found of an worthy android app already with Segwit too. Mycelium the most popular android wallet still doesn't uses it Segwit. LN is still a whole long way to go.

Talking about its proof issues how do you feel it will affect the price of bitcoin? I mean I have rarely seen anyone talking about its impact over the price of bitcoin. Because obviously LN might make BTC ready for a immediate mass adoption at a cost of bit of centralization or maybe channelization would be more appropriate.

If you are only interested in a Bitcoin SegWit Android wallet then check out Samourai. The developers are mainly focused on the security and privacy, it supports both nested and native SegWit. Mycelium became a bit shady some time ago.

I feel that LN will have a huge impact on the Bitcoin price in the future but we are still suffering from FUD and probably price manipulation. Also, we should not focus on the price, adoption is the most important factor here. Why do you think that LN is a bit centralized? Because of the people who connect to nodes which a huge amount of channels? Once LN network grows, it won't be a problem.

I have a pretty dumb question maybe. These channels which we obviously know will be on the bitcoin network. So won't any opened and later unclosed channels act as a mighty traffic over the blockchain? I mean if it happens that will again bring us to the same issue.

That's true, you still have to broadcast a transaction to open and close the channel, but it's paying off if you are often paying some bitcoins to a specific service (instant and cheap transactions). There is a service which offers conversion from LN to on-chain funds and vice-versa without reopening a channel. As far as I remember, there is an idea which can help us to lower the size of the initial transactions - Schnorr signatures, new BIP related to this has been recently released. You should also check out Channel Factories.

Opened channels do not have any impact on the Bitcoin Network beside coins being locked up in multisig addresses.