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What layering has Eric Voskuil in mind in this passage of Cryptoeconomics?
252 sats \ 2 comments \ @denationalized 23 May bitcoin
On page 93 of his Cryptoeconomics he writes:
Layering preserves the cryptodynamic principles of decentralization, while “backing” is full abandonment of them. Bitcoin cannot be sustained as predominantly a backing money for central bank notes. People must trade with it for it to be secure.
He refers the reader to the following explanation of the term layering:
Trade using a sequence of Unconfirmed Transactions that can be Settled by either party
From my understanding 2-of-2 multisig and presigned transactions are building blocks of lightning. Does Eric refer here to a scaling solution such as lightning?
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2 sats \ 0 replies \ @justin_shocknet 23 May
Yes, but probably not specifically... the concept of payment channels pre-dates the network element of it
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0 sats \ 0 replies \ @harrigan 23 May
I believe so. He views layering as the best way to scale Bitcoin: higher-level systems that eventually settle to the base layer. He says that users are making "a local and time-limited security compromise" when using such systems, but this is better than making "a system-wide and permanent compromise". Although not mentioned in the book, this would include Lightning and similar systems.
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