However, some views differ from Bankman-Fried’s opinions. The inception of the Bitcoin Lightning Network (LN), the second layer (L2) expansion protocol for Bitcoin that proposes very low transaction costs, might be a solution to the scaling problems that first-generation block chains like Bitcoin face when congested. This is the opinion of Paolo Ardoino, CTO of Bitfinex, who believes Lightning has the potential to turn Bitcoin into a feasible payment rail. He stated:
“Bitcoin’s Lightning Network is quietly emerging to make manifest Satoshi Nakamoto’s prophecy of a decentralized, peer-to-peer payment network. A case in point is El Salvador where the country’s adoption of bitcoin as legal tender has made the nation a laboratory for Lightning usage with global corporations integrating the technology.”
David Marcus, former crypto chief at Meta, recently launched Lightspark, a VC-backed company that will explore the capabilities of the Lightning Network for payments.
The protocol, which was proposed in 2015, has still not managed to gain mainstream support, and it sits at number 32 on the list of decentralized protocols with the most value locked, according to Defi Pulse, a decentralized finance index.
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