rich1.0npub13rv3raner7hu6npy7vxxvdswdapae65pnw8jjs4c80wtp2nmg4xq9cy5l4https://nostr.ae/npub13rv3raner7hu6npy7vxxvdswdapae65pnw8jjs4c80wtp2nmg4xq9cy5l4njumphttps://nostr.ae📅 Original date posted:2015-06-27 📝 Original message:Global network consensus means that there is global network recognition that a particular transaction has occurred and is irreversible. The off-chain solutions you describe, while probably useful for other purposes, do not exhibit this characteristic and so they are not global network consensus networks. Bitcoin Core scales as O(N), where N is the number of transactions. Can we do better than this while still achieving global consensus? On Sat, Jun 27, 2015 at 12:37 PM, Peter Todd <pete at petertodd.org> wrote: > On Sat, Jun 27, 2015 at 12:09:16PM -0400, Michael Naber wrote: > > The goal of Bitcoin Core is to meet the demand for global consensus as > > effectively as possible. Please let's keep the conversation on how to > best > > meet that goal. > > Keep in mind that Andresen and Hearn both propose that the majority of > Bitcoin users, even businesses, abandon the global consensus technology > aspect of Bitcoin - running full nodes - and instead adopt trust > technology instead - running SPV nodes. > > We're very much focused on meeting the demand for global consensus > technology, but unfortunately global consensus is also has inherently > O(n^2) scaling with current approaches available. Thus we have a fixed > capacity system where access is mediated by supply and demand > transaction fees. > > > The off-chain solutions you enumerate are are useful solutions in their > > respective domains, but none of them solves the global consensus problem > > with any greater efficiency than Bitcoin does. > > Solutions like (hub-and-spoke) payment channels, Lightning, etc. allow > users of the global consensus technology in Bitcoin to use that > technology in much more effcient ways, leveraging a relatively small > amount of global consensus to do large numbers of transactions > trustlessly. > > -- > 'peter'[:-1]@petertodd.org > 0000000000000000007fc13ce02072d9cb2a6d51fae41fefcde7b3b283803d24 > -------------- next part -------------- An HTML attachment was scrubbed... URL: <http://lists.linuxfoundation.org/pipermail/bitcoin-dev/attachments/20150627/4fed3514/attachment.html>