The crypto landscape continues to evolve with innovators like former PayPal President, David Marcus, who is working at the forefront of the new generation of startups.Currently the CEO of Lightning Network infrastructure firm, Lightspark, Marcus’s vision is transforming Bitcoin into a global payment network – a realm where emails and texts have found their place, but money is yet to.
Shedding light upon how payments are still stuck in the fax era, Marcus sheds light on his plans of bringing Bitcoin to the forefront to resolve this. He outlined plans to adapt Lightning Network into a unique protocol for online financial transfers, much like texting is for communication. The eventual currency would still be national currency like Dollars, Yen or Euros. However, the way they are moved across the globe could fundamentally change.
A key component of the plan is the usage of a fraction of a Bitcoin on the lightning network, which Marcus compared to a small data packet on the internet. He dismissed the idea of Bitcoin overtaking traditional currency for everyday purchases, but suggested its potential as a mechanism of value transfer to be quite high. This will make cross-border transactions more efficient and cost-effective.
However, along with the transformative vision, Marcus also highlighted the challenges. The technical complexities of the Bitcoin Lightning Network make development on it abnormally difficult when compared to other protocols. Despite the struggles, Lightspark is resolved to navigate through the complexities, striking a balance between leveraging Bitcoin’s unique characteristics and dealing with Lightning’s technical intricacies.
Co-creator of Diem and holding a boatload of crypto experience, Marcus’s conviction in making this vision a reality stems from one belief – it’s time for the world to have a universal open protocol for payments. Whether Bitcoin can be the answer to this vision is something that only time will tell. However one thing is certain, the investment in the technology and unwavering belief in its potential is a major boost for Bitcoin’s quest to establish itself as a reliable value transfer mechanism in the future of financial systems.
Source: Cryptonews
