rich1.0npub1m230cem2yh3mtdzkg32qhj73uytgkyg5ylxsu083n3tpjnajxx4qqa2np2https://nostr.ae/npub1m230cem2yh3mtdzkg32qhj73uytgkyg5ylxsu083n3tpjnajxx4qqa2np2njumphttps://nostr.ae📅 Original date posted:2015-06-27 📝 Original message:On Sat, Jun 27, 2015 at 01:25:14PM -0400, Michael Naber wrote: > 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. Hub-and-spoke payment channels and the Lightning network are not off-chain solutions, they are ways to more efficiently use on-chain transactions to achive the goal of moving assets from point a to point b, resulting in more economic transactions being done with fewer - but not zero! - blockchain transactions. Off-chain transaction systems such as Changetip allow economic transactions to happen with no blockchain transactions at all. > Bitcoin Core scales as O(N), where N is the number of transactions. Can we > do better than this while still achieving global consensus? No, Bitcoin the network scales with O(n^2) with your above criteria, as each node creates k transactions, thus each node has to verify k*n transactions, resulting in O(n^2) total work. For Bitcoin to have O(n) scaling you have to assume that the number of validation nodes doesn't scale with the number of users, thus resulting in a system where users trust others to do validation for them. That is not a global consensus system; that's a trust-based system. There's nothing inherently wrong with that, but why change Bitcoin itself into a trust-based system, when you can preserve the global consensus functionality, and built a trust-based system on top of it? -- 'peter'[:-1]@petertodd.org 0000000000000000007fc13ce02072d9cb2a6d51fae41fefcde7b3b283803d24 -------------- next part -------------- A non-text attachment was scrubbed... Name: signature.asc Type: application/pgp-signature Size: 650 bytes Desc: Digital signature URL: <http://lists.linuxfoundation.org/pipermail/bitcoin-dev/attachments/20150627/7e726f75/attachment.sig>