I first knew about the Lightening Network in @Pmalek thread. I understood its concept, which is majorly to solve the problem created by PoW nature of bitcoin, which are;
1. To fasten BTC transaction processing time.
2. To curtail the transaction fee.
To continually enhance the adoption of LN, it is pertinent to make its algorithm less ambitious compared to the algorithm of the problem it tends to solve(bitcoin).
The complexity of blockchain and btc is actually a piss to many and a factor hindering its massive adoption.
I therefore urge us to be less technical in this thread in order to answer some unanswered questions, many answered and some unexpected questions(maybe worthless in the eyes of many).
Having acknowledged the works of Joseph Poon, Dryja and others for the success of LN, I also praise.
Can we please see the below questions together that may be running in the minds of most newbies in LN like myself.
1. Is Lightening Network only out to solve BTC problems? If no, are all altcoins eligible to use it, if not now maybe in the future when the need arises. Or would there be or is there solution to altcoins limitations?
2. Can the LN be used as a store of value? Which means that I can transfer some amount of btc there and leave it for a long time for saving purposes? If yes, any security risk?
3. Can a user add someones wallet address to the network without his knowledge? What I meant is that must the sender and receiver be authenticated before transaction? It would be better if there is a scenario that an organisation can pay her thousands of staff through LN without involving the staff in the network(since there might not be a time that the staff will send money to the organisation)Like, campaign managers paying users here through Lightening Network opened and closed from their end. I don't know if someone understands me.
4. Since the blockchain only records transaction at opening and closing a channel, will it be nice to have a mechanism that mirrors the transaction in the LN to the blockchain for on blockchain record keeping and security even when they are not charged transactions fees?
5. Can someone explain to me that LN is not centralization in decentralization?
6. The increase in the adoption of LN will invariably reduce the reward of the miners, Will this not amount to further increase in the on blockchain transaction fees?
7. In the off chain transaction, is it that there is a very low transaction fee or there isn't a transaction fee at all. If the former holds true, are there node operators in LN, if yes, how sufficient is their reward.
8. In the case of buying coffee. If I have to buy coffee from 5 different stores, do I need to open and close channel 5 different times? Isn't the cost of opening and closing these channels equal transaction fee on the blockchain?
9. Is there a demo version to try out the LN without using real btc in other to get acquainted with the process.
I am sorry if most of the questions are illogical or substandard and hence piss, I promise by next year, I might not get where I want to be in crypto, but I will not be where I am today.
Perfect Peace!