Bitcoin’s [BTC] Lightning network is a serialized mempool, says Bitrefill’s John Carvalho

Bitcoin’s [BTC] Lightning network is a serialized mempool, says Bitrefill’s John Carvalho

The Chief Communication Officer of the Sweden-based cryptocurrency exchange, Bitrefill, John Carvalho, previously asserted that digital assets would play a more significant role in the global payment infrastructure after leveraging bitcoin and its second layer scalability solution, Lightning Network.

But the recent usage of the word “Abacus”, by bitcoin Unlimited’s Peter Rizun, to define the LN’s structure, drew its own share of criticism.

Many in the crypto community called Rizun’s idea of the Lightning network to be “oversimplified and misleading”. In a recent talk session held by “letstalkbitcoin“, Carvalho was asked if he liked Rizun’s metaphor.

In response, the BTC proponent admitted that it’s appealing at first, but said that there was a need to understand the concept of how liquidity and Lightning work. Comparing it to the ledger, Carvalho said that “Abacus” was limited. He stated,

“In abacus, things move from the one end to other, you know it’s just one bar. But the problem is that it actually an array of abaci. And its abaci of abaci. So everybody is keeping track of who controls what.”

The CCO further asserted that he would rather call the bitcoin scalability layer 2 solution as a “serialized mempool” and added that it is almost like an “organized mempool”.

According to Carvalho, it is extremely “redundant” for bitcoin to be “cheap and free” when it is so secure and added that solutions like layers and side chains will eventually play a more significant role in the future.

The post Bitcoin’s [BTC] Lightning network is a serialized mempool, says Bitrefill’s John Carvalho appeared first on AMBCrypto.

Published at Sun, 05 May 2019 23:38:34 +0000