[AUDIENCE] One comment [you made], which I loved…
you said Lightning was a bit like proof-of-stake.
I just wanted to know, how does everything
feed into that? How will things change?
…with those questions presented again. Sorry, babbling.
[ANDREAS] That is something I said in the past.
[What I meant] is, the Lightning Network involves doing
local validation of the same consensus rules as Bitcoin.
But you earn fees by committing funds into a channel,
which sounds very much like proof-of-stake to me.
It represents a tremendous opportunity for
users who want to run a Bitcoin full node.
It takes quite a lot of commitment in
data storage, CPU, RAM, and bandwidth.
Not many people do that. There are probably five
to fifteen thousand users [running full nodes].
You are running one right there, I am running one as well.
Great. How many people here are running a full node?
Ten people, wow. Go Singapore! [Laughter]
It takes a commitment in resources
and you don’t get paid to do this.
How many of you would run a full node if you could
also run a Lightning node, commit some bitcoin,
and earn fees? Now you see… about twenty people.
Clearly, incentives matter. Lightning is one way we
can incentive [people to] run fully validating nodes…
and full archive nodes.
Potentially, this could be a really
important development in Bitcoin.
I am very much in favour.
You would think that miners, who run full validating
nodes to collect transactions [from the mempool],
would look at the Lightning Network and think,
‘We could earn more fees by running
Lightning on [existing] infrastructure.’
‘We could extend into this space and be “hubs”
for payments.’ Why are they not doing that?
Because running Bitcoin and Lightning nodes
[at that scale] would require software maintenance,
system administrators, and security professionals.
[They need to worry about] configuration,
upgrades, and all kinds of things.
You can’t simply pay someone to rack and mount
hardware [for that purpose]. It is an alien world.
It is not better or worse, it is just on the other side
of that culture divide, which explains why miners…
aren’t jumping up and down saying,
“Yeah, I want to run Lightning!”
“We are best-positioned to be running hubs.”
It is not the same as racking mining hardware.