{"type":"rich","version":"1.0","author_name":"npub13rv3raner7hu6npy7vxxvdswdapae65pnw8jjs4c80wtp2nmg4xq9cy5l4","author_url":"https://nostr.ae/npub13rv3raner7hu6npy7vxxvdswdapae65pnw8jjs4c80wtp2nmg4xq9cy5l4","provider_name":"njump","provider_url":"https://nostr.ae","html":"📅 Original date posted:2015-06-27\n📝 Original message:Global network consensus means that there is global network recognition\nthat a particular transaction has occurred and is irreversible. The\noff-chain solutions you describe, while probably useful for other purposes,\ndo not exhibit this characteristic and so they are not global network\nconsensus networks.\n\nBitcoin Core scales as O(N), where N is the number of transactions. Can we\ndo better than this while still achieving global consensus?\n\n\nOn Sat, Jun 27, 2015 at 12:37 PM, Peter Todd \u003cpete at petertodd.org\u003e wrote:\n\n\u003e On Sat, Jun 27, 2015 at 12:09:16PM -0400, Michael Naber wrote:\n\u003e \u003e The goal of Bitcoin Core is to meet the demand for global consensus as\n\u003e \u003e effectively as possible. Please let's keep the conversation on how to\n\u003e best\n\u003e \u003e meet that goal.\n\u003e\n\u003e Keep in mind that Andresen and Hearn both propose that the majority of\n\u003e Bitcoin users, even businesses, abandon the global consensus technology\n\u003e aspect of Bitcoin - running full nodes - and instead adopt trust\n\u003e technology instead - running SPV nodes.\n\u003e\n\u003e We're very much focused on meeting the demand for global consensus\n\u003e technology, but unfortunately global consensus is also has inherently\n\u003e O(n^2) scaling with current approaches available. Thus we have a fixed\n\u003e capacity system where access is mediated by supply and demand\n\u003e transaction fees.\n\u003e\n\u003e \u003e The off-chain solutions you enumerate are are useful solutions in their\n\u003e \u003e respective domains, but none of them solves the global consensus problem\n\u003e \u003e with any greater efficiency than Bitcoin does.\n\u003e\n\u003e Solutions like (hub-and-spoke) payment channels, Lightning, etc. allow\n\u003e users of the global consensus technology in Bitcoin to use that\n\u003e technology in much more effcient ways, leveraging a relatively small\n\u003e amount of global consensus to do large numbers of transactions\n\u003e trustlessly.\n\u003e\n\u003e --\n\u003e 'peter'[:-1]@petertodd.org\n\u003e 0000000000000000007fc13ce02072d9cb2a6d51fae41fefcde7b3b283803d24\n\u003e\n-------------- next part --------------\nAn HTML attachment was scrubbed...\nURL: \u003chttp://lists.linuxfoundation.org/pipermail/bitcoin-dev/attachments/20150627/4fed3514/attachment.html\u003e"}