We all absolutely love lower tx fees! Especially with bitcoins absurd fees and tx times, at times. So who would be opposed to getting faster and cheaper?
I would.
Because there is always more to the story. Building a network around a network is the same as putting a jacket on, and some jackets are like this-
You can't win if you can't move.
First, what the #lightning network claims to be.
A way for users to send funds cheaper, faster, and more effectively. By connecting users and leaving channels "open".
Say, you transacted with Bob before, and your friend Sara had already transacted with you. An off ledger contract could be sent to you by Sara, for you to give Bob that money and she'd pay you back.
The catch, you'd have to have those available #funds in your wallet, you'd get a small reward for the help, and Sara would save on the transaction time/ #fee from normal network.
However, lets think about this for a moment. Hmmm.. Centralized hubs that would need large amount of funds for "cheaper" "faster" transactions.. Where did we hear that one before?
That "cheaper transaction" idea would be the case until a few #locations got a #monopoly on the network. And by the time the effects kicked in, it'd already be too late.
But that's not the worst part.
On the #blockchain #network, big #miners can sensor #transaction by denying to mine them. But that's okay cause someone else will mine that #transaction. It's one of the key balancing elements of blockchain, HOWEVER... On lightning network, a #central #hub for transactions could singlehandedly #suppress a single person from transacting.
Nodes were a security #flaw enough. If you want to freely hand the blockchain to the banks and central networks, use the #lightning network!
It will be great for a year or two.. Until it is only affordable to transact with a few major hubs, then they could suppress anyone that didn't agree with them by merely not transacting.
How will you feel when your #funds can be #frozen in your wallet because what you believe in?
For those that are better audio visual learners.. Here's a decent video on the topic as well.
Solution: What we need to do, is AS a community keep putting our voting power with developers that are seeking the decentralization of blockchain. Where we put our investments is where blockchain will end up going! We vote with our money.
What's the most decentralized crypto you know? Comment in the comments below and it might get featured in an upcoming series! Stay tuned.. Coming up, the dark waters of Blockstream the truth of our beloved BTC.
I'm Jeff, and I'm @followbtcnews.
I'm a top 30 witness, along with my project partner @crimsonclad. Feel free to reach out to us on Steemit Chat or Discord any time! If we haven't earned your vote yet, please take some time to look at our tools and our work. We hope you decide to place a vote for followbtcnews at https://steemit.com/~witnesses