Lightning Network Question

So I had a few quick questions regarding the lightning network

1) what is your idea of a fully adopted lightning network look like? From my POV and understanding I’d imagine that it would still look like modern day banking systems. Where everyone forms a connection with big banks who have connections with everyone else and transactions flow through them. Solves problems of opening a node with a “coffee shop” or ecommerce store (as depicted in online examples). Opening and funding each individual connection seems tedious and complicated (I may be wrong in my thinking so please tell me if it works some other way) also solves the fear where you won’t be able to make a transaction if a node is down because basically all the banks would have to go down for that problem to occur

2) what would happen to the main blockchain if 90% of transactions were done on the lightning network? Considering that it’s faster and cheaper and you only need to use the blockchain to open and close the connections, everyone would only need to do 1 time payments to connect to major nodes. Reduced traffic on the blockchain and I assume less fees for miners, leading to miners shutting down, leading to less hash rate and risk for 51% attack. (I know difficulty would also decrease but just curious of the relevance of the main blockchain outside of opening/closing connections under complete adoption)

Bonus question) how do you think super computers will affect Bitcoin? Difficulty will likely increase but do you think a few big miners getting their hands on super computers, pushing out smaller miners would make the chain more centralized?

Love to hear your thoughts and I’d love to learn something new!



Submitted July 17, 2020 at 03:12PM by Curi0usCrypto https://ift.tt/3jbqfBm

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