Peter Todd [ARCHIVE] on Nostr: 📅 Original date posted:2015-06-27 📝 Original message:On Sat, Jun 27, 2015 at ...
📅 Original date posted:2015-06-27
📝 Original message: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 --------------
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/f62ccdee/attachment.sig>;
📝 Original message: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 --------------
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/f62ccdee/attachment.sig>;