mirror of
https://github.com/lnbook/lnbook
synced 2024-11-18 21:28:03 +00:00
minor improvements to chapter "Comparison with Bitcoin" part 2
- more details - etc
This commit is contained in:
parent
43ce57298b
commit
5f876a4c59
@ -512,18 +512,22 @@ Instead, they are paying fees to the users routing their payments, and different
|
||||
Naturally, routers who are charging lower fees for the same capacity will be more attractive to route through.
|
||||
Thus a fee market exists where routers are in competition with each other over the fees they charge to route payments through their channels.
|
||||
|
||||
==== Public Transactions on the Blockchain vs Secret payments
|
||||
==== Public Transactions on the Blockchain vs Secret Payments
|
||||
|
||||
On the Bitcoin network, every payment is publicly visible on the ledger.
|
||||
On the Bitcoin network, every payment is publicly visible on the ledger, i.e. the blockchain.
|
||||
While the addresses involved are pseudonymous and are not typically tied to identity, they will still be collected and validated by every other user on the network.
|
||||
Professional companies collect and analyse this data en-masse and sell it to interested parties such as exchanges or governments.
|
||||
|
||||
Lightning Network payments, on the other hand, are completely private.
|
||||
Typically only the sender and the receiver will be fully aware of the source, destination, and amount of bitcoin transacted in a particular transaction.
|
||||
Typically only the sender and the receiver will be fully aware of the source, destination, and amount of bitcoin transacted in a particular payment.
|
||||
However, it is not required for the receiver to even know the source of the payment.
|
||||
As payments are onion-routed, the users who route the payment will only be aware of the amount of the payment, but not the source or the destination.
|
||||
This is because the security model of Lightning only requires users to be aware of the balances in their channels.
|
||||
As payments are onion-routed, the users who route the payment will only be aware of the amount of the payment, but neither the source nor the destination.
|
||||
This is because the security model of Lightning only requires users to control the balances in their channels.
|
||||
They are not required to be aware of the state of the entire network.
|
||||
|
||||
In summary, Bitcoin transactions are broadcasted publicly and stored forever. Lightning payments are executed between a few selected peers and information about is privately stored and only until the channel is closed.
|
||||
Creating en-masse analysis tools equivalent to the ones on the Bitcoin network will be impossible on Lightning.
|
||||
|
||||
==== Waiting for Confirmations vs Instant settlement
|
||||
|
||||
On the Bitcoin network, transactions are only 'settled' once they have been included in a block, in which case they are 'confirmed' in that block.
|
||||
|
Loading…
Reference in New Issue
Block a user