Lightspark Aims to Turn Bitcoin into a Global Payment Network
Lightspark, a company focused on the Bitcoin Lightning Network, has set its sights on transforming Bitcoin into a real global payment network. The goal is to establish Lightning as a universal protocol for money on the internet, similar to how texting is for communication. The network will facilitate the transfer of fiat currencies, such as Dollars, Yen, or Euros, making cross-border transactions easier and more efficient.
Although Bitcoin itself may not become a popular payment method, Lightspark believes that using a fragment of a Bitcoin on top of the Lightning Network is comparable to a small data packet on the internet, but specifically for value. The company acknowledges the challenges of building on Lightning and Bitcoin, but remains committed to realizing the network’s fullest potential and creating a universal open protocol for payments.
Bitcoin Lightning Network β Overcoming Obstacles
Building on the Lightning Network and Bitcoin presents unique difficulties, according to Lightspark co-creator, David Marcus. He noted that it is about five times more challenging than developing on other protocols. However, Lightspark chose to build on Bitcoin due to its exceptional qualities as the underlying network. The company is determined to overcome these obstacles and fulfill the potential of the Lightning Network, recognizing the need for a universal open protocol for payments.
Hot Take: Lightspark’s Vision for Bitcoin as a Global Payment Network
Lightspark aims to revolutionize the payment landscape by transforming Bitcoin into a global payment network. By utilizing the Lightning Network as a universal protocol for money on the internet, the company seeks to enable seamless cross-border transactions with fiat currencies. While Bitcoin may not become a mainstream payment method, using a fragment of a Bitcoin on top of the Lightning Network offers an efficient and low-cost solution for value transfer. Lightspark acknowledges the challenges of building on Bitcoin and Lightning, but remains committed to realizing the network’s potential and establishing a universal open protocol for payments.
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