On-chain scaling still required with Lightning Network?
On-chain scaling still required with Lightning Network? As I understand it, Lightning Network defers the settlement of Bitcoin to the public blockchain, whereby micropayments that are made during the lifetime of a channel are bundled into a single transaction and processed at once when the channel is closed. At that point these bundled transactions are broadcasted to nodes and verified through consensus. Would this not still require layer-1 scaling to handle massive levels of deferred payments? http://ift.tt/2DrSOpv