i dont know how Lightning works , how it will effect adoption? i saw Twitter added Lightning,idk if its trustless or not.
But how is Lightning effect ,Grins payment channels or electronic cash motto? Any correlation or conflict rival thing? Any idea?
Lightning makes bitcoin more anonymous, and makes it possible to spend smaller amounts by being affordable. Lightning is trustless, but you have to option to trade it being trustless for convenience.
Technically you could implement a lightning network using Grin as the base layer as well (as far as I know). You could even implement atomic swaps between the two lightning networks (I think?), effectively forming into a super-lightning network like Voltron.
You might argue that Grin becomes obsolete because of Lightning Network making transactions private on Bitcoin, but for larger amounts (above $500) it’s challenging to use Lightning Network, and probably more or around as expensive as using base-layer transactions.
wow,thnx for info. i didnt know Lightning N. makes tx private…it is micropayments below $500 and if its trustless and private ,that can make Grin obsolete maybe, idk if LN is scalable also.
I did read somewhere else that lightening network backed by Blockstream and other companies so basically about the private part, it won’t be 100% private.
Lightning is definitely not private, and 90% of people using it are using custodial solutions for it.
More importantly, Grin won’t be obsolete because it has a fundamentally different emission strategy that is superior to Bitcoin.
The Lightning Network is convincing pea brain bag holders to spend their Bitcoin while the whales (smart people) are just amassing more and more.
You’d have to be crazy to ever actually spend Bitcoin considering that it has a hard supply cap.
i had the idea of Grin becoming the 2nd layer for Bitcoin ,a payment coin for internet shop,merchant but lightning is welcomed already. Thus now Grin should have a 2nd layer like grinbox or somethng i wonder.
Nobody talks about LN and merchand ,net shopping at Grin community.
Lightning payments are private indeed, although the underlying bitcoin transactions are most likely not (although you can perform measures to anonymize your bitcoin outputs with mixing or other means). So after you’ve opened a lightning channel, and you make a payment, then any information about who receives the payment is anonymous.
Some information is leaked to your channel peers, but using routes with multiple hops over nodes obscure this information, and your peer will not know if you are simply routing for someone else, or if you are making a payment yourself.
When you close your channel you will also reveal that the amounts have changed, but you could have processed a very high number of payments on the lightning network during the life of the channel, so the information revealed is minimal.
True, if you use a custodial wallet, then you are at the wallet provider’s mercy for your privacy, but you can run your own lightning wallet.
So I would definitely say a Lightning Network on Grin would be even more private, but Lightning Network on Bitcoin is quite private as well.
Is there any reason that the second layer couldn’t be something like federated mints? Blockstream Sponsors Minimint, a Privacy-Focused, Community-Led Scaling Solution for Bitcoin
Let’s say that Lightning is 100% private. I still see the supply cap in Bitcoin as a big flaw.
The idea that “bitcoin is time” falls apart when blocks are no longer mined at predictable intervals.
And after it’s all mined, it is actually more prone to manipulation and panic, not less.
I don’t see why blocks would not be mined at predictable intervals?
In terms of what happens after the block reward is gone I guess we’ll just have to see. We’ll get an indication of the trend as the block reward reduces, so it might give hints at whether or not miners will disappear. I’d guess it depends on the value of Bitcoin tokens and the popularity of spending on the network, which has feedback loop characteristics in both ways, negative and positive.
i checked a Bitcoin Lightning wallet named ‘Breez’ i put SS ,it amazed me it looks like just Grin slatepack.
Have a look at. ¯_(ツ)_/¯!
edit. fotos arent in order. sorry.