Are cryptocurrencies ready to handle large number of transactions?
James A. Donald
jamesd at echeque.com
Sun Dec 24 16:00:45 PST 2017
What I mean by "large" is "prepare to conquer the world and displace
major existing asset classes, including the US$.
And the existing architecture is not going to be able to do that.
The lightning network might be able to do that, but we will have to see
what happens in practice. At present the lightning network is still pie
in the sky.
The way it might work is that there are seven billion client wallets, a
thousand important peer wallets, a hundred very important peer wallets,
and ten very important peer wallets.
Every client wallet has a lightning connection to a peer wallet, usually
an important peer wallet.
Every peer wallet has a lightning connection to an important peer
wallet, and often two or three important peer wallets,
Every important peer wallet has two or three lightning connections to
very important peer wallets.
Every very important peer wallet wallet has a lightning connection to
every other very important peer wallet.
Worst case money transfer is that your client wallet talks to an
important peer wallet, the important peer wallet talks to a very
important peer wallet, which talks to another very important peer
wallet, which talks to an important peer wallet, which talks to the
client wallet of the person you are paying.
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