Bitcoin scalability has drawn user's attention over the years since its inception more users, institutions have integrated the use of bitcoin for their daily business transactions as more users join the decentralized payment network its scalability seems to be reducing.
A lot of critics have pinned down this scalability problem insuring bitcoin is not yet fully ready to be adopted for commercial use, visa payment system can process thousands of transactions in seconds making bitcoin less scalable when it comes to executing fast transactions processing time.
Following El Salvador Bitcoin legal tender critics have drawn public attention that Bitcoin is too slow to be widely used for commercial purposes.
Lighting network
.png)
The lighting network is a Layer 2 solution payment protocol that is laid on top blockchain-based cryptocurrency networks to offer a more scalable fast payment system.
LN is designed to build fast transactions nodes among users using this layer completing transactions on the bitcoin base blockchain is improved, hence, the LN is here to stay to improve the bitcoin scalability problem.
The LN is a peer-to-peer network that operates alongside the bitcoin network it uses the bitcoin blockchain to secure its transaction developers use bitcoin smart contracts to power the LN this smart contract allows instantaneous and cheap bitcoin micropayment.
Vulnerabilities in LN
LN has its shortcomings so does every blockchain network, although developers have been working tirelessly to see most of these flaws countered to have frictionless blockchain functionality in terms of transactions processing.
Griefing; These types of attacks are common when a user is sending/transferring a crypto asset to another user when this attack happens a user fund gets frozen when sending bitcoin using the LN.
Eclipsing; It's an identity attack that tricks a victim/user to send bitcoin to the attacker.
Pinning; is a timing attack that leaves the victim in the middle of a transaction.
Flood and loot; it's a spam attack that can lead to loss of funds.
Lighting networks provide bitcoin networks with high scalability solutions users can complete transactions instantaneously using these integrated smart contracts.
Hi @mccoy02
There is no doubt that this scalability issue is one of the main negative points for adopting BTC. I can't imagine having to wait even hours to complete the payment of something I bought. So it is something to solve, maybe that other platform has already improved a lot the transaction time, but this makes the security is affected is a problem.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Hi, thanks for the feedback, bitcoin scalability have been a major issue even with LN not all users still understand how this process works there is need for more crypto education and improvement.
Best regards.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
@tipu curate
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Upvoted 👌 (Mana: 4/6) Get profit votes with @tipU :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit