December 9, 2022

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 Falkving, a well-known supporter of Bitcoin Cash, the long-awaited second-level solution to the Lightning Network is “Dead end”, since this solution is not able to solve the main problems of Bitcoin.

In his last video, Falkving claimed that, unlike a regular project, the completion time of which decreases over time, the completion time of the LN project only increases.

In support of the allegation that the decisionwill never be ready, Falkving noted that at the end of 2015 or 2016, the Lightning network was only six months from launch, while in 2017 this time increased to 18 months.

He also suggested that the conceptThe “watchtower” is fundamentally wrong. Speaking about the deployment of watchtowers to monitor intra-network transactions, Falkwing noted that this is unnecessary. One of the problems is that users must be online when receiving funds.

Falkving said the solution that lnpresented over the past 12 months, is that instead of users, a third-party ecosystem called the “watchtowers” ​​will be available, which will detect and eliminate possible threats and other intruders. According to him, this is not a solution, since Bitcoin does not require users to be online to complete a transaction.

He also spoke about legal liability,associated with the nodes of the Lightning network, since each user, when depositing coins into the channel to another user, starts acting like a bank, and this bank requires a license to work.

In addition, calling it a constructive flaw in a second-tier solution, Falkwing said that if there is no cold storage, users on the network will not be able to keep funds safe.