Lightning Network is a layer 2 solution for Bitcoin which is meant to take Bitcoin off the chain and be used for instant payments with practically zero fees and unlimited scalability. Great on paper but there’s some serious issues with the current implementation.
One of the main issues is custody. Right now if you want to run your own node you need hundreds of megabytes of disk space and be somewhat tech-savvy which is just not an option for most users and impossible for mobile. So to combat this there’s custodial LN wallets like BlueWallet. So how is this an improvement over any other centralized payment service?
This is just one of many issues. Despite this there’s been lots of hype generated especially with celebs like Jack Dorsey promoting it and the “Lightning Torch” being sent around to different crypto influencers.
Anyway, my question is; can Nash become THE solution to Lightning Network utilizing its non custodial and off-chain protocols? With it should come many benefits like automatic currency conversion from and to crypto and fiat, stability and no limit on sending amount.
Just thinking of the many usecases Nash could have makes me so incredibly bullish. I think in the long term, we, the NEX holders will be very satisfied #TrustYourselves#Nash
Really? So how is the blue verified barge earned? I know many Twitter accounts with fewer followers than Nash that have got it.
I know a crypto company that got the barge late last year with under 50,000 followers.
This thread is over a year old when info was super limited, but thx @Harry…
Nash will instead be adopting LN which tbh is really disappointing, I was hoping state channels would ultimately be a better solution but alas, can’t win em all.
part of the reason its so excellent is ur early pick up ( its so old)
but i disagree … im certainly not disappointed i think for legal reasons its better to push the network off Nash ( use lightning and other payment networks) and then integrate with Nash state channels & Matching engine.
theres a few reasons why a proprietary payment network wont work imo … u want to piggy-back that aspect
Not sure about the logistics of using other networks together with state channels. I guess there must be a good reason for them to pursue this, time will tell
I think that second layer solutions should only cover niche products like cross-chain trading and not be all end all solution for scalability like what LN is doing.
someone is going to need to connect state channels. lightning is just one but there will be (larger imo) stable coin state channels to throw in to that mix
in regards to logistical reasons why i think they wont build their own network for payments
legal risks
they are already built
3.they build propietary software … payment networks are either member consortiums or open source
lol ill quoate u below… ur betting against this observation u made
This is just one of many issues. Despite this there’s been lots of hype generated especially with celebs like Jack Dorsey promoting it and the “Lightning Torch” being sent around to different crypto influencers.
Yeah… Early 2019 was a pivotal moment for me, my beliefs changed quite a bit. Onchain scaling first and second layer where necessary. And also LN is a legal nightmare, pretty sure nodes act as money transmitters.
second layer :
fast
free payments or close to free payments ( not cross chain state channels)
cross chain
in the future we can pivot … but that the next stage unless we drop btc for bch … merchant want fiat (another thing we can cover)
thinking about it …if ur a merchant u want to integrate with 1 blockchain protocol not 1 for each wallet.
if ur lightning integrated ur nash integrated (to a degree)
but u want fiat ? …“oh well we can add that service on for u sir” … we can literally poach these existing merchants on all these networks over to Nash via offering ligthning > fiat
Crypto to Fiat is key for merchants to start tapping into this market, but I’m still doubtful adoption will be quick, Nash needs to build a good track record before any significant use.
u can dominate the integration space by providing one crypto gate way to all merchants that end in fiat . and with bitcoin that means lightning exposure to merchants without the associated capital cost and u just get fiat
i dont even know if nash can negate those capital requirements for merchants regarding btc
