Published On: Fri, Feb 10th, 2017

Nick Szabo: Lightning Would Help Bitcoin Retain ‘Censorship Resistance’

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Smart contracts and digital currency pioneer Nick Szabo has added his voice to the Blockchain scaling debate, stating that the Blockchain itself cannot handle card network transaction numbers.
Szabo: Periphery Network ‘Needed’
In a blog post Thursday, Szabo eloquently described the needs of Bitcoin’s blockchain in order for it to retain its core unique selling point: “censorship resistance.”

“…Sacrificing performance in order to achieve the security necessary for independent, seamlessly global, and automated integrity, mean that the Bitcoin blockchain itself cannot possibly come anywhere near Visa transaction-per-second numbers and maintain the automated integrity that creates its distinctive advantages versus these traditional financial systems,” he wrote.
The best compromise, it appears, is for the implementation of the Lightning Network or similar protocol to handle smaller transactions, which would then be synched in one go to ensure authenticity.
Szabo continued:
Instead, a less trust-minimized peripheral payment network (possibly Lightning) will be needed to bear a larger number of lower-value bitcoin-denominated transactions than Bitcoin blockchain is capable of, using the Bitcoin blockchain to periodically settle with one high-value transaction batches of peripheral network transactions.
‘Nothing Impossible’ About Bitcoin, The Visa Rival

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