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The tables activated Bitcoin Doomsayers. This according to Elizabeth Stark, co-founder of Lightning Labs in a conversation with Yahoo Finance The Final Round.
In a tour of events, cryptocurrencies began to steal the show again away from blockchain. It is far from the early days of the San Francisco start-up where Lightning decided to remove "bitcoin" from its marketing resources because at the time blockchain was king.
"Now I have the impression that we have entered a world" bitcoin, not blockchain ", where people understand the value of cryptocurrency technology and what It can bring, "Stark told Yahoo. work and public / private key cryptography that "make special bitcoin."
Stark reflects on the rise of the blockchain before apparently the price of bitcoin, the latter becoming taboo in financial services. At the time, Lightning was developing bitcoin software, and Stark and other developers knew that the decision of the banking industry to avoid bitcoin was misinformed.
Other veterans of the blockchain have already pointed out that "blockchain does not exist without bitcoin" because of the network powered by the miners.
Stark and Lightning were justified by the rise in market capitalization not only of bitcoin but of all the major cryptocurrencies at the end of the 2017 year. While prices have since declined, this is not the case. is not such a bad thing when you are a developer in bitcoin space. "The big price increases are not good for technical people who are growing," Stark said, adding that she "wants things to be calm."
Network of lightning
Lightning is behind the Lightning Network software, which is in beta format. It sits atop Bitcoin to deliver faster transactions and more of them. Lightning Network is also accessible via mobile.
You hear a lot about the use of bitcoin as a stock of value and payment, which has been problematic in the midst of long and costly transactions. But the Lightning Network is trying to solve this problem by facilitating transactions out of the blockchain between the buyer and the seller instead of relying on volunteers to check each transaction. But it's still pretty close to the blockchain if it's needed. It opens the door to more possibilities for bitcoin and micropayments, as suggested by the Yahoo panel.
Stark gave an overview of the Lightning network roadmap, including "several thousand transactions per second and maybe even a day, even millions per second," which eclipses Visa's capabilities. No wonder Visa executives feel threatened by Bitcoin. Especially if we consider that it remains the first runs for bitcoin.
"Bitcoin is a marathon, not a sprint, people wanted it to be a sprint," said Stark.
Featured image of the Flickr / PICNIC network.
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