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RE: Atomic Swaps! Future of Crypto
Something I've seen, but rarely discussed, is the limited amount of transactions per second on the original BitCoin blockchain...
Would this help fix that?
Something I've seen, but rarely discussed, is the limited amount of transactions per second on the original BitCoin blockchain...
Would this help fix that?
Yes this would help fix those issues if it were able to be successfully implemented, however there are a variety of other solutions for BTC scalability. BTC would have to implement SegWit before Lightning is even an option.
What is SegWit?
Segregated Witness, often abbreviated to SegWit, is a proposed update to the Bitcoin software, designed to fix a range of serious issues.
Without getting technical, it makes transactions more efficient and would make further upgrades much easier and possible
What are the barriers to adoption? Does it require a fork in the blockchain?
It is my understanding that it would require a soft fork
"Once miners representing 95 percent of hash power (1,916 blocks) within a single difficulty period (2,016 blocks/about two weeks) include the right version bit, the soft fork is locked in. One difficulty period later, the soft fork is activated, meaning the remaining 5 percent of miners have about two weeks to upgrade."
Ah, fascinating...