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0 sats \ 1 reply \ @nullcount 11 Mar \ parent \ on: Payments below dust limit not trustless lightning
Hot take but... All the LN is just BTC-backed IOUs being traded back-and-forth. Its almost like wBTC except there's no blockchain and no central issuer. Every LN node is like a private sidechain, they can each issue "LN-enabled BTC tokens" which are fungible with one-another and include more decimals of precision. Nodes track the txns of these tokens on their own internal ledgers, periodically pegging in/out with "real BTC".
Its a set of tradeoffs that many seem to think makes LN "not a shitcoin" and it works to solve many of the practical problems that people have when transacting with onchain BTC.
wrong. Are not IOU. Are real sats that are not yet broadcast on the chain.
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