After Peter Todd, Founders of Bitmain and BTC.TOP Also Criticize on Lightning Network…
Bitcoin Core developer Peter Todd demonstrated his point of view of Lighting Network on Twitter last week and he suggested that it is technically insufficient at current stage. Todd emphasized that, c-lightning segfaults a lot, writing in C language is also too dangerous to be a good idea. He also predicted that the current form is vulnerable to DoS attacks both at the P2P and blockchain level.
As one of the most popular solution to the bitcoin scalablility problem, Lightning Network also draws Chinese mining giants’ attention. After Peter Todd tweets about Lightning on test-net, Jiang Zhuoer, founder of BTC.TOP, also made his comments on Weibo.
He said:”even Peter Todd lose his confidence on the Lightning Network, and it seems like that this ‘second layer’ payment protocol still needs another 18 months to improve. However, the biggest problem of Lightning Network is not the technology, but its business model.”
Jiang Zhuoer argues that, scale effect is the core of the usage of a payment network. Alipay becomes a mobile payment giant in China because of its huge scale effect, instead much of the technical advantage. Alibaba Group and Tencent has put millions of dollars on promotion of their payment network, with loss of 10 RMB in each transaction, to attract users and build their scale effect. Instead of bringing favorable prices, Core wants to boost the scale effect of Lightning Network with high transaction fees, and that is ridiculous.
Jihan Wu, the co-founder of Bitmain also retweets Jiang Zhuoer’ s appraisal on Lightning Network, he added: “Technology that used in Lightning Network is very complex, and it would be very useful after been fully developed. The development team needs more patience and persistence, and then, they may achieve success.”
Jihan Wu stated that, he has truly recognition of the potential value of Lightning Network, However, this technique has been politicized and has been used in denying the necessity of block scalability.
Both of Jiang Zhuoer and Jihan Wu demonstrated their dissatisfaction on Lightning Network is not just for telling others that Lightning is a multi-centralized production. They want to protect their own interest.
Bitmain and BTC.TOP run the largest bitcoin-mining collectives in China, they desire to ramp up blocks for larger capacity, but Segregated Witness and Lightning Network cannot bring much benefit for miners.
Their criticize on Lightning Network still behind the interest. Blockstream Core fights for rights of user charging while miners fight for keeping advantage of PoW and their control of all PoW cryptocurrencies.