Coinbase is considering adding support for the Lightning Network, a scaling protocol for Bitcoin that aims to improve transaction times and reduce fees. The CEO, Brian Armstrong, expressed interest in integrating Lightning, acknowledging that it is a complex task but worth pursuing. He also mentioned that Coinbase has onboarded more people to Bitcoin than any other company. However, former Twitter CEO Jack Dorsey called for more resources to be allocated to Bitcoin and layer two technologies. Armstrong did not provide a timeline for the implementation of Lightning, but a protocol specialist at Coinbase is leading the effort. Other industry leaders, such as the CEO of Binance and the CEO of Lightspark, have also highlighted the challenges of building on the Lightning Network, describing it as complex and difficult.
Key points:
– Coinbase is considering integrating the Lightning Network onto its platform.
– The CEO believes that adding Lightning is worth the effort and wants to see payments take off in Bitcoin.
– Jack Dorsey called for more focus on Bitcoin and layer two technologies at Coinbase.
– Building on the Lightning Network has been described as a complex and difficult task by industry leaders.
– Coinbase has a protocol specialist leading the effort to add Lightning support.
Hot Take:
The integration of the Lightning Network onto Coinbase’s platform could be a significant development for Bitcoin users, as it would enable faster transactions and lower fees. However, the challenges involved in building on the Lightning Network should not be underestimated. It will require substantial resources and expertise to successfully implement and navigate its complexities. Nevertheless, the potential benefits make it a worthwhile endeavor for Coinbase, and it will be interesting to see how they tackle this non-trivial task.
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