Comments (5)
Misc question, is there an actual need or notable utility to allowing special LN-only divisions?
I personally think people underestimate how divisibility affects economics and inflation...
I'm not saying that it is OUR problem what an issuer chooses to support, but I've always been negative towards adding units, even as decimal places.
from lnpbps.
One of use cases for LN are micropayments. For instance, with USDT, we certainly would have payments <$1; especially with IoT becoming more common (like paying per second of video clip). This will be impossible if we would not support LN-style divisibility unit which must be different from mainnet unit in this case.
from lnpbps.
Is that to say that RGB doesn't already support decimal places in the genesis on chain? If so, sure, we need some decimal places, but I thought this is about having even more places on LN than on onchain, as your (msat) example.
For example, I do not think people will need $0.000 000 001 transactions ever, if they already have $0.000 000 01 as an option. At some point the cost of processing the amount in a verifiable cycle vastly exceeds the value of the txn.
from lnpbps.
No, this is not anyhow related to decimal places. Decimals are pure UI thing; internally all amounts are in smallest indivisible unit for a mainnet (like Satoshis in Bitcoin: you would not find bitcoins in bitcoin transactions). But yes; genesis defines how a large-scale unit can be composed from minimal unit with a special decimal parameter - exactly like it is done in Confidential Assets.
^^^
And this have nothing to do with the topic here, which is about micropayments in LN (equivalend of msats).
from lnpbps.
Follow-up from the dev call on the 7th of Oct 2020: we do not need a separate subdivision for this case: an issuer must carry about chosing the atomic unit (i.e. already existed divisibility of the main named unit of accounting)to be sufficient for micropayments (so in case of USDT it must be not a "cent", but "millicent" or something like that).
Related discussion: #60
from lnpbps.
Related Issues (20)
- Make data type constants part fo the standard HOT 1
- Upgrade LNPBP-4 with merke trees
- LNPBP-2 references to an outdated stage of commitment procedure of LNPBP-1 HOT 2
- LNPBP-1 lacks standardization of public key serialization format HOT 6
- Cover multiple instances of the same pubkey in LNPBP-1 and 2 standards
- Allow bulletproof implementation upgradability in RGB schema HOT 1
- LNPBP-31: ElGamal on Secp256k1
- Write Tapret commitments standard HOT 4
- Test vectors HOT 1
- Write specification for opret-based RGB in BOLT lightning
- ticker doesn't allow numbers HOT 2
- decide future of current RGB21 implementation HOT 1
- Add contract media global state HOT 2
- RGB: Use i64 instead of i32 for Timestamps in interface standards HOT 6
- RGB-21 Schema: What should be the limit of the length of the name field? HOT 2
- RGB-21 Schema: Custom token data formatting HOT 2
- LNPBP-2: Miniscript determinism can't be used for key tweaks HOT 1
- LNPBP-2: Upgrade miniscript version requirement to v5.0.0 tagged commit
- LNPBP-38: Add support for Bifrost
- RGBv2: Reduce anchor entropy bit size by merging with txid data
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