Can someone please give me some insight as to when LN will be fully operational on the bitcoin network.
Additionally, as outlined in the 2008 Nakamoto whitepaper, the solution to the double-spend problem is clearly addressed and solved, however, given that with LN supposedly ‘Billions of transactions per second’ may happen off-chain, then what are the implications for how the double-spend problem is addressed?.
This is presumably handled in the software layer, under the knowledge that people must firstly stake a quantity of bitcoin in order to support the electronic IOU’s.
If the above is correct, which it may not be (please correct me if I am wrong), then doesn’t LN essentially become almost in a sense a ‘Bitcoin backed’ new cryptocurrency?
