bitcoin [BTC] and other cryptocurrencies have been used for anonymous transactions by a lot of services, be it for institutional purposes or for total anonymity on the Tor network.
A recent Twitter thread stated that the Tor project should use a Lightning Node for its functioning. The Lightning Network was in the news lately after the torch was passed from Iran to Israel as a gesture of peace.
The movement of the Lightning Torch from one country to another signified bitcoin’s transcendence of national boundaries and its complete decentralization. Famous proponents of the field such as Anthony Pompliano also came out in support of the Lightning Torch movement. He said,
“The Lightning Torch was sent to @Ziya_Sadr in Iran yesterday. bitcoin is uncensorable money. This is a prime example.”
Despite the advantages of the Lightning Network however, the Tor Project was considered an unfit candidate as it uses BitPay for accepting bitcoin donations. This was followed up with a new revelation by Sarah Stevenson, Fundraising Director for the Tor Project who tweeted,
“We are close to launching methods other than BitPay for donating cryptocurrency. Send me a direct message about LN so I can research more.”
bitcoin’s Lightning Network has received a lot of praise and criticism from several quarters of the cryptosphere. Andreas Antonopoulos spoke about how the Lightning Network encompassed one of the “most powerful and underappreciated features”- splicing. Antonopoulos stated,
“… splicing allows you to do is blend the open channel, close channel and on-chain bitcoin outputs into a single transaction.”
Additionally, Jiang Zhuoer, the founder of bitcoin mining pool BTC.TOP, had a contrary view of the Lightning Network. According to him, bitcoin’s long-running scalability issue will not be solved with the implementation of the LN as BTC will be locked in the LN channels. In his words,
“For example, most of funds flow from crypto exchanges to payment gateways in a unidirectional way and BTC is consumed in the channels in a short period of time. Thus, executing the open and close of the channel simultaneously in each transaction will increase transaction fees, dampening merchants’ willingness to adopt LN.”
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Published at Wed, 06 Mar 2019 10:12:06 +0000