On 27th July, Roger Ver, the Co-Founder of Bitcoin Cash [BCH] released a video on the official YouTube handle of Bitcoin.com and spoke about the Lightning Network and use cases of BCH. A part of the video gave an insight on what the BCH Founder thinks of the Lightning Network.
Roger Ver addressed Andreas Antonopoulos, a Greek-British Bitcoin [BTC] advocate and a host on the “Let’s Talk Bitcoin” podcast. Antonopoulos said:
“It is the idea that routing on lighting network is not a solved problem and that is absolutely right. In fact lighting network is still under heavy development and is in it very early early stages of development and most of the clients are still in BETA category. They’re pre-production software and even though you can run lighting on Mainnet it is still not really suitable for production use, there are bugs too..”
According to Roger ver, this was similar to the things he had been saying for years. He had earlier said that Bitcoin was working amazingly well and told the Lightning network developers, “don’t break it but instead they broke it in the intent of forcing everybody onto the lighting network, which is unproven technology that does not work yet. It has more than 99% chance of failing for payments over $100”
He further explains that it went from something that worked amazingly, to something where sending money to anyone around the world instantly for free has a 99% chance of failure if you try and send more than a $100.
One of the Bitcoin Cash supporters with Roger Ver sarcastically exclaimed, “Let’s risk a whole project [Bitcoin] just so that the black shrimp[Lightning Network developers] had a chance of making something that benefits them”
Roger Ver further stated that he does not understand why everyone is excited for Lightning Network. He said that “lightning network experience is way worse than what Bitcoin usage experience” was from 2009-2014. Until 2016, they made the blocks feel like they are reinventing the wheel, but in this case, the reinvented wheel is a square and it “hardly works”.
Lightning Network operates on top of a blockchain and is the second layer payment protocol. Theoretically, it is said to enable fast transactions between the nodes and has been raised as a solution to the scalability issues of Bitcoin. The current TPS [transaction per second] of Bitcoin is 7 and Lightning network aims to scale and increase it.
The whitepaper of Lightning Network states:
“If we presume a large network of channels on the Bitcoin blockchain, and all Bitcoin users are participating on this graph by having at least one channel open on the Bitcoin blockchain, it is possible to create a near-infinite amount of transactions inside this network. The only transactions that are broadcast on the Bitcoin blockchain prematurely are with uncooperative channel counterparties.”
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