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In a recent exchange on X (Twitter), Brian Armstrong, the CEO of cryptocurrency exchange Coinbase, and Jack Dorsey, former CEO of Twitter, discussed the potential and future of Bitcoin and its Layer-2 solution, the Lightning Network. This cordial conversation between two influential leaders from the tech and cryptocurrency sectors demonstrates the growing interest in and movement towards Layer-2 solutions for Bitcoin.
Brian Armstrong And Jack Dorsey On Bitcoin Lightening Network
Dorsey initiated the conversation, querying why Coinbase seemed to be overlooking Bitcoin and the Lightning Network. Armstrong responded, stating that Coinbase is considering the best way to integrate the Lightning Network, a task that he admits is not trivial but worth doing. He further emphasized Coinbase’s commitment to Bitcoin, claiming that his company has introduced more individuals to Bitcoin than possibly any other.
Acknowledging Coinbase’s contributions to Bitcoin’s proliferation, Dorsey suggested that Coinbase should allocate more resources towards Bitcoin and Layer-2 technologies. He also hinted at the potential for a collaborative effort, promoting the concept of an open protocol for monetary transmission that isn’t under a single entity’s control.
Binance has since revealed its decision to integrate the Lightning Network to manage potential base-layer fee spikes in the future. However, despite calls from significant Bitcoin proponents, including Michael Saylor of MicroStrategy, Coinbase has yet to announce similar plans.
In the past, Dorsey criticized Ethereum and Solana, dismissing them because of their centralized control and potential for corporate takeover. Spiral, a Block subsidiary under Dorsey’s umbrella, has crafted tools that aid developers in incorporating the Lightning Network more seamlessly into their apps. Moreover, CashApp, their popular payment service, has adopted Lightning Network integration.
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The Need For Lightening Network
Lightning Network, is a Layer-2 solution, that addresses the scalability concerns with Bitcoin. By processing transactions outside of the main Bitcoin network, it makes transactions almost instantly and essentially free. After a surge in Bitcoin-based meme coins in May led to high transaction costs and slowed withdrawals at Binance, this technology attracted greater attention.
The Lightning Network’s adoption and potential are still expanding despite these difficulties. Galoy, a provider of infrastructure for Bitcoin, has created “Stablesats,” a method for efficiently exchanging “dollars” over Lightning. Additionally, Stably just released the first-ever base-layer stablecoin for Bitcoin, utilizing the recently adopted BRC-20 token standard.
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