thecoinrepublic.com
- Lightning Network is a Layer 2 protocol
- Lightning Network can help scale Bitcoin to billions of users
- Lightning Network can allow users to use bitcoins as a currency for daily needs
The outcome of the vote to make Bitcoin the legal tender in the El Salvador Legislative Assembly was expected to be in favor. Still, the scale of support for the move surprised even the most optimistic. 62 members of the 84 member El Salvador Legislative Assembly voted in favor of the bill. Regardless of its action, the small nation’s embrace of Bitcoin makes it one of the most critical events in Bitcoin’s history.
Fructification of Satoshi’s dream
This move will no doubt not make much difference to the El Salvador farmers, nor will their bank balance surge to the moon, nor was it a decision based upon a BTC index fund. However, it is also not about speculation. El Salvador is a nation with a 70% cash economy. Villagers and farmers are sending tiny amounts of bitcoin to fulfill their daily requirements like buying bread or eggs. It is the fructification of Satoshi’s dream of a peer-to-peer vision of bitcoin.
It makes it easy to send small amounts of Bitcoin quickly and economically
It has been possible due to the strike app from Jack Maller, which makes it easy to send small amounts of Bitcoin quickly and economically. Strike runs on the Lightning Network, also known as the Layer 2 protocol. It enables carrying out transactions “off-chain,” via a growing network of user-hosted channels and nodes that dramatically reduces the time and fees to send bitcoin.
Calling Lightning’s layer two solutions one of the more remarkable improvements in money as technology in human history, Mallers said that he was never in doubt that he’d use Lightning to fuel Strike. Lightning is the engine that runs the spike in the adoption of Bitcoin, and it is also one of the most critical components of a blockchain. The team which created Lightning’s layer two solutions is led by CEO and co-founder Elizabeth Stark. However, she has kept a low profile and buried herself under work, and avoided media attention.
A new topic for discussion about how bitcoin is going to be used
In the last few days, the crypto scene has been dominated by a never-ending debate about price, price, price, Elon Musk, price, China, price, price, Elon Musk. Lightning Network is a new topic for discussion, and it is all about how bitcoin will be used and not about being lapped up by investors and not about use as digital gold.
The aim of Satoshi when he created bitcoin was to enable it to be used as a currency by billions of people for their everyday needs. The Lightning Network to tap into the very nature of what bitcoin can do. Bitcoin is programmable money, and the Lightning Network can help scale it to provide access to billions of people across the world.
Lightning is here and is working.
This dream is going to be realized. Lightening is not about the future, but it is here and is working. Desiree Dickerson, Lightning Labs’ vice president of operations, said that Lightning is speedy and has a maximum throughput of 25 million transactions per second, almost 3.5 times faster than on chain’s throughput of seven transactions per second. As the network grows, the speed will increase and make transactions almost immediate in real-time instead of 10 to sixty minutes on-chain. Lightning is going to change how people interact with and use bitcoin.