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PayPal’s former president David Marcus has showcased his enthusiasm about blockchain technology (again), stating that he will spend the rest of his life building on Bitcoin, specifically the Lightning Network. The former leader of Meta’s cryptocurrency and digital finance undertakings has been making moves in the crypto world.
JUST IN – Former PayPal President: "I've decided to dedicate the rest of my life in building on #Bitcoin and specifically on Lightning" 🙌 pic.twitter.com/MnjO8oJpQw
— Bitcoin Magazine (@BitcoinMagazine) May 18, 2023
Marcus’ tech infrastructure firm Lightspark, launched in 2022, introduced a network for Bitcoin’s Lightning Network, designed to onboard businesses to the platform. Also, he participated in creating Diem, a Facebook crypto product that failed after its suspicions attracted the United States regulators.
Meanwhile, renowned figures such as David Marcus showing their dedication to blockchain technology means a lot to cryptocurrency enthusiasts. For instance, @TajoCrypto stated that Bitcoin requires more individuals like Marcus. The former Paypal President believes Bitcoin and the Lightning Network are the correct answers for the world.
Understanding the Lightning Network
Lightning Network is a layer2 solution that utilizes micropayment networks to scale the Bitcoin blockchain’s proficiency and ensure cheap and efficient transactions. The technology solves glitches related to Bitcoin through the introduction of off-chain transactions.
Bitcoin creators envisioned the leading crypto as a P2P electronic cash system, meaning users could transact without intermediaries. Meanwhile, they focused on those aspects only, forgetting scalability & transaction throughputs.
While this wasn’t a massive challenge during Bitcoin’s inceptions, it has proven a hassle as years pass. It was commonly known as the Blockchain trilemma, as blockchain builders had to balance security, decentralization, and scalability.
Bitcoin price outlook
The crypto market continues to see positive developments, though prices are yet to reflect this with steady surges. For instance, Bitcoin remains below the $28K hurdle. However, the crypto community remained optimistic about the market, predicting an upcoming bull run.