Bitcoin Lightning Network Is A Slow And Conservative Process

Bitcoin Lightning Network Is A Slow And Conservative Process


The die fighting on the scalability of Bitcoin continues for years now with discussions on SegWit, Lightning Network, the Taproot / Schnorr signatures. Ethereum , on the other hand, has also worked on its scalability problem. The ETH 2.0 upgrade is touted as a "two-in-one solution" to Ethereum's scalability and privacy concerns . Once Ethereum successfully completes the ETH 2.0 upgrade ,   Bitcoin  will face stiff competition from this altcoin in terms of scalability.

Elizabeth Stark, CEO of Lightning Labs at a recent session said that halving Bitcoin was a catalyst for LN and that developments would accelerate. In a recent podcast, Bitcoin lawyer Andreas Antonopoulos also said that progress is underway and will be implemented when it is ready. He stated,

“The initial review of Bitcoin improvement proposals has already been completed. The code is already being tested and continues to be; it has not yet been merged into the heart Bitcoin and even after its merger in the heart Bitcoin , it will not be activated until a activation process has not been selected [....] It is a slow and conservative process, like all developments in Bitcoin . "

Assuming developments around BTC scaling are on the right track, how exactly will it work with so many upgrade proposals on board? Will they compete or will they work hand in hand? Additionally, LN is the latest upgrade available on BTC , so will this be the ultimate upgrade on BTC ? These are some questions that Andreas answered,

"I think one of the biggest misconceptions in everything die fighting on the scaling is the idea that there is only one solution to the scaling. There is no quick fix for scaling. It is a process that is undermined by its success. So we don't yet know how all of these different solutions will compete for scaling up, but layer two is not the end, absolutely not. "

Interestingly, research on BTC and ETH scalability   that was conducted in 2018 predicted improvements in scalability on both parts by 2021. She predicted that Ethereum would perform better compared to BTC over time. years.

Source: Bitcoin Vs Ethereum transactions between 2016-2018, temtum

It also revealed that there would be a 500% increase in transactions in Ethereum [month-to-month] by 2021. However, given that the ETH 2.0 upgrade is expected to take place this year, forecast n is not far from reality.

Source: 
Source: Average monthly variation in transactions from month to month, temtum

The bitcoin is perhaps the kingcoin, but in terms of scalability, Ethereum could soon give a chance to the upper room.

How do you rate this article?


6

0


PassionCrypto in English
PassionCrypto in English

Interview, News, Faucet, tutorials, AirDrop and lexicon in English

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.