Lightning network is not enough

the lightning network seems super cool solution to scaling, opening and closing payment channels take up space too. Currently with 1mb blocks the main net can handle maybe 7 transactions per second. If we assume a average person does 3 transactions per day, the main net can support about 200k users.

This is speculative at best but with the lightning network bitcoin can support about 50 million users if weassume that average user opens and closes a payment channel two times a year (220 million transactions per year / 4). This feels optimistic too.. So a block size of maybe 200mb + lightning would support 10 billion, which is ridiculous and from what I understand, increasing it compromises the original idea of decentralisation..

So bitcoin is only at beginning of it's journey and these problems don't exist in near future but are there any projects working on further scaling solutions or any ideas about this? Did I do the math right?

Bitcoin | 👁 879 | Posted 2018-11-20 | Share on Facebook | Twitter | Google+

| Modified: 2018-11-20 | Author:


ElephantGlue 2 years ago

What if in the future, most lightning nodes never settle on the blockchain?

joesmithcq493 2 years ago

Why do I need to close my LN channels?

poopiemess 2 years ago

Correct, LN is not the be all and end all solution. Lots of fine optimizations coming up! Not as extravagant as LN, but each bit helps!

Salzinator 2 years ago

Im gunna have to disagree with you on this one.

rdavis101 2 years ago

Bitcoin can support 7 transactions per second. So...if the number of transaction on the lightning network that need to be recorded on the blockchain ever exceeds 7 then thats a problem. Im sure this argument has a problem. What is it?

bitmegalomaniac 2 years ago

The necessary block size increases are already in the whitepaper. It was always the plan. The reason you don't know it is because of all of the misinformation being spread about LN but you can just look.

chilebob 2 years ago

Disagree. LN is a huge step in the right direction, and a giant leap for crypto.

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