Babbitt Original | Mainstream exchanges support Lightning Network, what does this have to do with ordinary users?

In the lackluster days of lack of hotspots, one thing is worth noting: Bitfinex supports Lightning Network starting today (December 3).

The Lightning Network is a Layer 2 payment protocol built on the Bitcoin network. It places transactions outside the Bitcoin main chain, enabling users to deposit Bitcoin with lower fees and higher efficiency.

For this news, there are many voices on the market. Some people say that "this is a result of good news, it seems to be a small step for the exchange, but also a big step for the promotion of Lightning Network", and some people think that "Lightning Network is not secure and anti-human. Use ", and some people made some suggestions on the security issues of building a lightning network.

Babbitt interviewed several people in the industry and collated the different views of the community.

Opinion 1: Eliminate the hassle of user currency exchange withdrawals

Well-known financial blogger "Blockchain William" said: For users, the real need of Lightning Network is the deposit and withdrawal of exchanges. I believe that everyone will generally not choose BTC for deposit and withdrawal, but choose a lower withdrawal fee and transfer Faster currencies like ETH XRP TRX. If BTC withdrawals and recharges are fast enough, many people will not have to switch to another currency. In addition, users should not have learning costs. The exchange provides Lightning Network services, which reduces the risk of messing around and losing coins.

Reporter's comment: However, the author interviewed several users in the currency industry. Everyone did not have the habit of "exchanging deposits and withdrawals." Some of them were small, some were simply troublesome, and others said that they didn't mention them …

Viewpoint # 2: Lightning Network as an Infrastructure

Xiong Yue, the dean of Binxin Research Institute, said: This is good news for Bitcoin. This is the first mainstream exchange that supports the Lightning Network. It will force other large exchanges to support the Lightning Network. In addition, several large wallets already support the Lightning Network. Even if the Lightning Network is an infrastructure, it has initially landed.

Reporter's comment: The wallet side's attitude towards this matter is relatively positive, and it has spontaneously carried out publicity. I suspect that many people are accustomed to placing coins on the exchange. One of the reasons is that the withdrawal fee is high, and those who plan to invest in Bitcoin will accumulate some coins for one-time withdrawal. If the exchange supports the Lightning Network, will everyone more easily add coins to their wallets? More secure after all. In response to this question, Xiong Yue said: "Everyone should still be accustomed to putting coins on exchanges, because the main use cases are still there, but indeed the exchange mentioned that it is easier to transfer money between wallets or exchanges."

Opinion 3: Individuals need to pay attention to risks

Bitfinex's news announcement wrote that “If you set up your own Lightning Network node, you can also connect to Bitfinex.” But the official community of DecredProject reminded on Weibo: Be aware that individuals need to set up a Lightning Network with a public IP, and most domestic households Public network ip, ipv6 use dynamic ip need to operate on demand, otherwise it will be "lost", although it can be retrieved, but it is more troublesome.

Reporter's comment: On October 24, Reddit user INWHY lost 4 bitcoins due to a mistake in operating on the Lightning Network. The reason was that his network was offline due to a power failure, and he issued a command to shut down his active nodes. At the time, there were voices questioning in the industry. Is the Lightning Network's rules too strict? However, the risks caused by setting up a network usually have little to do with ordinary users. Now that you have actively set up, you should be able to understand and handle the corresponding rules.

Opinion 4: Little impact on traders

The author asked two traders, TD stated that the interests were irrelevant and had little effect. However, it should be beneficial for traders who carry spreads, because it can reduce the fees and time for deposit and withdrawal of coins. However, L, who is engaged in high-frequency quantitative trading, also said that there is no frequent demand for deposits and withdrawals, so he pays little attention.

Reporter's comment: At present, there is no strong demand user with immediate interests. The most serious problem that Lightning Network faced in the promotion process was also “prefer not to be seated”, that is, everyone said that it has fast transfers and low fees, but nothing. For people. Of course, this is also related to the fact that Lightning Network has not been fully rolled out as infrastructure.

Opinion 5: Is the Lightning Network redundant?

In general, the industry has a positive attitude towards the exchange supporting Lightning Network. However, Leibei Mining Pool CEO Jiang Zhuoer criticized Lightning Network outright: "Without lightning, users can simply recharge to the exchange. Use lightning. First, a main chain transaction must first open the channel (to deposit money into the channel), and then the exchange needs to get the coin, and a main chain transaction must close the channel (withdraw coins from the channel). Unless it is a reciprocating constant deposit and withdrawal Deposits and withdrawals, but very few such users, otherwise lightning is more than necessary. "

In response to the author's quantitative needs, Jiang Zhuoer made a metaphor: "The Lightning Network is like two people playing cards, first putting 100 yuan each on the table. Playing each circle in the middle is just accounting, do n’t move that 200 yuan. At the end of the card game, calculate the middle bookkeeping and divide the 200 yuan. Quantitative transactions need to cross the exchange, you can get coins, coins are in the channel, both sides ca n’t get it, so the quantitative If you want to get the money to another table, you must close the channel. Otherwise, there is no difference between placing an exchange and placing a channel. "

In response to the demand for deposits and withdrawals to the wallet, Jiang Zhuoer said: "The wallet packs a large number of users' deposit and withdrawal requirements, and opens channels for the exchange. It can also save a certain number of main chain transactions, but it is very risky for users. In addition to the exchange risk, you also need to bear the risk of a wallet accident. If you use an offchain wallet, it is better to use the exchange directly as a wallet. The maximum capacity of the network payment channel is set to 0.168 bitcoins, so it is not available to users Requirement for package issuance. This value is not enlarged, but the main concern is the security of online currency, including various system bugs. "

Reporter's comment: As the KOL of BCH, Jiang Zhuoer's evaluation of Lightning Network has always been negative, and the voices of cheering and questioning should be conveyed to everyone and treated dialectically. From the perspective of ordinary users, under the same transfer amount, the transaction fee through Lightning Network is lower and the time is shorter, and wallets and exchanges will help users smooth out the difficulty threshold of the operation. Why not?