The alternative solution to the topic of time and costs for the user of the Bitcoin block chain is already in the kitchen on his plate and already ready to be served, if we use terms of normal use in the culinary environment. Through the final months of the 2017 all users suffered from the issue of delays and increased commissions on transactions with Bitcoin, especially if they represented small payments, the issue is that when we send money through the named Blockchain, the transaction immediately goes to a kind of waiting room that is called Mempool (Short Memory Pool), there you literally have to wait for any miner to take it to start the confirmation process, the problem you see, is the total Congestion that this chain could experience, this is dressing even more, because in front of the bottleneck that represents in the mempool, of it the miners choose the transaction that guarantees them a greater Commission, that is to tell if small quantities of toshis, These do not promise a sufficiently attractive reward and could literally stay in the Short Memory Pool for hours, days or even might be the case to get caught there for an indefinite time, unless the person who placed the transaction pays a kind of extra Commission or vaccine to accelerate your transaction, this is caused by certain levels of malleability of miners or mining pools
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This situation described in the previous paragraph, affection harshly to the market of Bitcoin, even giving a dose of depression to the users of btc, which in its majority did transactions of low amount, it is that, in the end, they are the ones that provide the validity necessary for Bitcoin, that is to say hypothetically we could look at in a given moment as the market undermines the trust that Bitcoin has many of the common at this time.
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This is where the scalability plays the role necessary to get out of this trap imposed by this new form of centralization, the network linking of blocks of Bitcoin can actually make an average of 7 transactions/sec, this takes an average of 10 minutes for the Verification of the transaction in the best of cases, taking into account the degree of difficulty, also depending on the state of congestion, can not occur.
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But that makes this something so complicated, when it should be more simple, let us consider that we are paying for a cup of coffee at an establishment that accepts btc for their products, what really happens is that after waiting for some miner to deign to pick up the mempool, your payment is settled in bitcoin for your coffee, immediately opens a code (hash) which identifies the first block where you will place all of the data relevant to your purchase of that first process and thanks to the cryptography will be a new and unique code, that would connect the previous block to the next block with another small code called a nounce and with the merger, of course after the process of competing among the miners to get such a code, allowing all the data of the transaction made by the beverage in question, are placed again on the new block, this process is repeated “N” times until the confirmation I know of completely, it is there when the coffee shop gets their money. It is iterative process where the miner must receive their pay by putting their computers to the order of the chain of blocks, then the results would be marked by slowness and high cost, perhaps at certain times you have to pay for example a 150% more in fees, about the cost of a cup of coffee. But then I wonder why the chain block in its entirety must learn that we bought a cup of coffee?, if only they know we must pay.
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Actually, and according to some developers, apparently, very serious, this need not be so, as there are transactions that only are interested in who receives the product or service and logically the one who expends. Some of them defend the idea that this type of transaction could be done outside the chain of blocks, using it only to what is strictly necessary, this idea could dramatically reduce the time of verification, the transaction costs dominant this time, and of course the suffering that the common user of btc experiences every time you use it.
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The proposal of Lightning Network would provide the novel, attractive and convenient transactional formula for users through bidirectional payment channels parallel to the bitcoin network, which would have its beginning and end in the same chain of blocks, the idea is that 2 users any open a payment channel by placing both a quantity of money for transactional financing within that channel, the transactions and rules established within the channel will be governed in their operation by an intelligent contract, something interesting is that this channel is not circumscribed to the two users who opened the channel as such, I explain if the transaction requires a payment channel with more financing than the original channel would have, this is searched in other channels in order for the transaction to be verified, in me opinion is an almost quantum idea, similar to the tangle (tangle) of IOTA, because as more channels of payment open up this form of tranza could become faster, it seems vital in the results sought, that more channels and more transactions enter it, this of course with the effect of being less expensive, since it would break with the sequentiality condition of the btc blockchain, in In these cases the blockchain would be used only in two blocks when the entry of the transaction is recorded and when it is verified as done, of course with exceptions of the financial dynamics that sometimes in our human condition we could promote, such as for example type of arbitration, in which case more blocks of the chain would be used. But also within the proposal of Lightning Network are rules that at a given time would be quite hard for the participant or opening of some payment channel that transgresses the rules.
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But in general terms, it is a great promise, already present, for all, even there are already proposals to create decentralized mining pools through the Lightning Network approach, so if everything happens as expected, it would be an important solution and it is there where possibly the price of Bitcoin increases even more, helping to discard in one more level the fiat money system, in saying this, I add that it is presumable that the current fall in prices, necessary, has been pushed by factors that moved their investments from btc to options like bitcoin cash for example would try to take care of their interests before the entry into force of Lightning Network, I think this proposal is crucial for the future of Bitcoin and the rest of Altcoins.
Original version in spanish : https://steemit.com/cervantes/@sellergenius/la-promesa-del-rayo
