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EnglishCan you ELI5 how lightning network storage works that fixes BTC scaling?

I am aware of the 2017 blocksize debate and the plan to keep the block at 1MB and that with SEGWIT it can reach to almost 2MB on BTC. What I can't understand is how transactions are being recorded through the channel. Don't they require MB in space? Where are the lightning txs recorded, do you have them on your hard drive like a Bitcoin Node? Do others keep the same data as you? How are they verified? Most precise answer, will be given the BCH tip. Thanks

maciaveli1990 3 weeks ago
    Tags:
  • Bitcoin
  • Lightningnetwork
  • Sidechain
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Samuel 2 weeks ago
Utreexo and the associated assumeUTXO project mentioned in this article are both absolutely critical for bitcoin scaling. Utreexo allows the size of the UTXO set to grow as large as it needs to without increasing the amount of resources machines need to use as it grows. Utreexo plus assumeUTXO could allow the initial sync time to be reduced by an order of magnitude, which could allow us to safely increase the block size also by an order of magnitude. You can read the related analysis here: https://github.com/fresheneesz/bitcoinThroughputAnalysis/blob/master/README.md#assume-utxo

While this is true, it's also true that we will eventually want accumulator snapshots to be committed into the block header by miners, so that it has the full security of the PoW and can be used with the assumeUtxo snapshot to jumpstart the IBD in a way that decouples the time IBD takes from the total length of the chain (making it so the time needed for IBD is only proportional to the transaction rate, rather than the total number of transactions). Getting Utreexo snapshots from a handful of peers opens you up to worse eclipse attacks than can be currently done on an SPV node, since a malicious snapshot can do things like create counterfeit bitcoins.

Also, I'm curious why the RSA accumulator requires a soft fork in a sense that Utreexo doesn't.

Also, to the mods: this might be a good article to sticky.