March 4, 2024

Rick Falkving: Lightning Network solution will never be ready for full implementation

Rick Falkving: Lightning Network solution will never be ready for full implementation

According to Rick Falkwinge, a prominent Bitcoin Cash proponent, the Lightning Network's long-awaited second-layer solution – This“deadlock”, since this solution is not able to solve the main problems of Bitcoin.

In his latest video, Falkvinge argued that unlike a normal project whose completion time decreases over time, the completion time of a LN project only increases.

To support the claim that the decisionwill never be ready, Falkvinge noted that at the end of 2015 or 2016, the Lightning Network was just six months away from launch, while in 2017 that time had increased to 18 months.

He also expressed the opinion that the concept“watchtower” is fundamentally wrong. Speaking about the deployment of “watchtowers” ​​to monitor intranet transactions, Falkving noted that this is unnecessary. One problem is that users must be online when receiving funds.

Falkvinge said that the decision that LNintroduced over the past 12 months, is that instead of users, a third-party ecosystem called “watchtowers” ​​will be available to detect and eliminate possible threats and other attackers. This is not a solution, he said, because Bitcoin does not require users to be online to make a transaction.

He also spoke about legal responsibility,associated with the nodes of the Lightning network, since each user, when depositing coins into the channel of another user, begins to act as a bank, and this bank requires a license to operate.

Additionally, calling it a design flaw of the layer two solution, Falkving said in the absence of cold storage, users on the network will not be able to store funds securely.