About 7 transactions per second on bitcoin, is it? 7 * 60 * 60 * 24 * 365 = 220752000 So about 220 million transactions per year. At 7 transactions per second every one of 8 billion people could have an on-chain transaction every 36 years.
What are some bitcoin lightning scaling scenarios you see as realistic / practical / workable in the current tech landscape? E.g. increase the blocksize 10-fold and have every person move funds between checking account and saving account on average every 4 years. Or an uncle Jim model where most people never touch on-chain. Or a model where large trusted stores offer lightning banking functionality and most people never touch on-chain. Or ...
Another question: What innovations or inventions would be most convenient in the context of bitcoin scaling which also are not out of the question / totally implausible in your view? Which constraints that exist today might conceivably or even likely be weakened significantly in the coming years and decades? e.g. some new way to compress trasnaction data some way to very efficiently batch lightning channel open or close etc
this territory is moderated
This is the topic of many long form debates. In short, almost nobody thinks you can scale layer 1 to support the entire planet without undermining decentralization. That is why so much effort is being put into layer two solutions like Lightning and Liquid and others. In my opinion, there will be many viable layer two networks, each with their own use case and tradeoffs. The chain itself should only be touched in rare circumstances.
reply