I do not think so, I guess it solves the scalability of Bitcoin off chain but it can also be implemented to other Altcoin which can also do the same effect. Aside from that LN as stated is still in development stage so a lot of experimentation and testing is require. I won't rely on it for the dominance, probably a more in built blockchain accelerators will be created or proposed even before LN is fully tested.
Sounds discouraging to the point that it implores a total ignore on the blockchain technology.
Using Bitcoin , I can wait 3 confirmations and consider a transaction complete after ~30 minutes.
Using Litecoin, I can wait 6 confirmations and consider a transaction complete after ~15 minutes.
Using LN offchain network that timelocks bitcoin or litecoin,
I have to wait whatever the time lock is set too (usually ~2 weeks or longer) for the final transaction to be completed /redeemed onchain.
While LN offchain IOUs are fast, they are still IOUs and not bitcoin, as LN can also work with litecoin and others.
Once LN reaches global acceptance , people will buy the LN IOUs for fiat , and cash out the LN IOU to fiat,
ignoring the underlying blockchain completely.
Where as some people buy btc or ltc and just hold it ,
with LN their is no point to doing this as it main purpose is a payment service where middle men make money off of fees.
Which is why LN users will eventually ignore the underlying blockchain completely, just as people that use checks never bother verifying the financial stability of their banks.
Using Litecoin, I can wait 6 confirmations and consider a transaction complete after ~15 minutes.
Using LN offchain network that timelocks bitcoin or litecoin,
I have to wait whatever the time lock is set too (usually ~2 weeks or longer) for the final transaction to be completed /redeemed onchain.
While LN offchain IOUs are fast, they are still IOUs and not bitcoin, as LN can also work with litecoin and others.
Once LN reaches global acceptance , people will buy the LN IOUs for fiat , and cash out the LN IOU to fiat,
ignoring the underlying blockchain completely.
Where as some people buy btc or ltc and just hold it ,
with LN their is no point to doing this as it main purpose is a payment service where middle men make money off of fees.
Which is why LN users will eventually ignore the underlying blockchain completely, just as people that use checks never bother verifying the financial stability of their banks.
Sounds discouraging to the point that it implores a total ignore on the blockchain technology.