2018-10-6 17:59 |
Roger Ver, who founded Bitcoin.com was formerly a strong Bitcoin enthusiasts, until he lost interest in Bitcoin after it’s transaction fees went high and the duration for confirmation of transactions getting longer, which led to the hard forking of Bitcoin to Bitcoin Cash in the third quarter of last year.
That made Roger Ver, to switch his alliance to Bitcoin Cash which he has since then been positive about irrespective of what some major players in the crypto market believe about it.
Bitcoin was created as a peer to peer electronic cash system, but Roger Ver in a recent debate with Litecoin founder, Charlie Lee believes that Bitcoin is presently not fulfilling this in it’s network structure.
Charlie Lee had to make a tweet on his official Twitter handle, to state how “Bitcoin with Lightning Network more closely fits the Bitcoin whitepaper’s title: ‘A Peer-to-Peer Electronic Cash System’.”
Charlie Lee believes that Roger Ver was right with his position, by stating since a recipient could only receive a payment after it had been broadcasted to the Bitcoin blockchain by the Bitcoin miner, that on-chain Bitcoin payments could not be a peer to peer payment.
Charlie Lee added that:
“This is facilitated by a p2p network where transactions are broadcasted.”
He continued by saying that Bitcoin broadcast network is peer to peer even though it’s payment is not, since the sender doesn’t have to communicate with the recipient before the later receives the payment and that the recipient doesn’t need to be online to get the payment once the Bitcoin network had sent it.
He noted that:
“The sender can ignore the p2p network and directly communicate the transaction to miners to sender.”
Charlie Lee added, “Ironically, on-chain payments resembles more closely to a hub and spoke model where the mining pools are the hubs and users just need to connect to those hubs to send payments.”
But for Lightning Network for Bitcoin payments, Charlie Lee believes, it could be either peer to peer or not. He made this known through his tweet that reads:
“LN payments have to be sent from peer to peer to get from the sender to the recipient. Both have to be online, just like other p2p networks like BitTorrent.”
He concluded by writing that:
“Because LN payments are peer-to-peer, they can work if the peers involved are disconnected from the rest of the internet and that Lightning Network closely fits Satoshi’s vision that’s mentioned in the Bitcoin whitepaper.”
The post Lightning Network is Satoshi Nakamoto’s Vision for Bitcoin: Charlie Lee appeared first on ZyCrypto.
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