The Lightning Network, Bitcoin’s second layer solution for faster and more efficient payments, was integral to the ecosystem’s third epoch — with a number of Lightning-focused projects iterating and expanding upon the technology to establish it as the most promising protocol built upon Bitcoin.
Further Reading: What Is the Lightning Network?
It became clear during Bitcoin Magazine’s BitcoinHalving.com live stream that this development is only poised to ramp up following Bitcoin’s third-ever subsidy halving. As leaders from the space’s Lightning-focused projects took the stage, they elaborated on the progress we’ve already seen from this relatively new technology and projected the evolutions that are to come.
Lightning Network in the Fourth Epoch With Elizabeth Stark
As Elizabeth Stark, CEO of Lightning Labs, explained during her BitcoinHalving.com session, the story of the Lighting Network and that of Bitcoin’s third epoch are largely one and the same.
“In reflecting on the past Halving, the 210,000 blocks, that was really when the first Lightning development started,” she told moderator Colin Harper. “So much has changed since then, it’s been wild to see things evolve since the last Halving.”
But even though the Lightning Network has seen powerful development and significant adoption during its life between the second and third Halvings, there are some obstacles still to be overcome. For Stark, this is first and foremost a question of bitcoin liquidity.
“With Lightning, you’ve got amazing speed, amazing scalability, very low fees, but you do have this liquidity aspect to Lightning,” she said. “You need inbound capacity in order to receive funds and, of course, you need funds outbound in a channel in order to send. So, to me, I see one of the challenges as ensuring that we have the proper liquidity.”
Stark and Harper went on to discuss the role of Lightning service providers, use cases beyond payments and more.
How the Lightning Network Changes the Game
To further explore how the Lightning Network has fundamentally changed Bitcoin and its potential for this next epoch, the BitcoinHalving.com live stream hosted a panel featuring Jack Mallers of Zap, Alex Leishman of River Financial, Chris Dannen of Iterative Capital and Will Reeves of Fold.
Each participant is doing more than their fair share to boost Lightning development and put the second layer protocol to work through innovative products and services. During the panel, they discussed the characteristics that make Lightning development effective and attractive, what it will take for more people to onboard and the next four years for Lightning.
Touching on just how nascent Lightning is as a technology, Mallers noted optimism about the potential of the second layer protocol while also pointing out that this third epoch will still be focused on figuring out what exactly mass Bitcoin adoption looks like.
“Bitcoin as a technology offers us many efficiencies, especially in consumer commerce which is generally a super inefficient system,” he said. “But I’m excited for the journey, quite frankly, and being one of those that’s on the ground fighting the fight. I think the answers will be clear in four years and between now and then is just time to figure them out.”
Of course, the answers will also be largely dictated by the use cases that emerge in the near future. The panel spent some time discussing the newer Lighting ideas that get them the most excited in this epoch
“I think one of the most exciting things is the LSATs — Lighting Service Authentication Tokens,” Dannen explained. “It’s going to be really interesting to replicate some of the token-based authentication schemes that we already have with centralized providers but do it with self-sovereign identity, which is pseudonymous and which is persistent across the network.”
To hear more about how the Lightning Network is poised to grow following Bitcoin’s third Halving, visit our YouTube page for the rest of our BitcoinHalving.com live stream panels.
The post How the Lightning Network Will Grow Following Bitcoin’s Third Halving appeared first on Bitcoin Magazine.
Ethereum Co-Founder Anthony Di Iorio Bets Big on the Future of Cardano and Polkadot
Anthony Di Iorio, a Canadian entrepreneur and the co-founder of leading smart contract platform Ethereum, said that he believes in the potential of Cardano (ADA) and Polkadot (DOT).
In an interview with crypto proponent Anthony Pompliano, Di Iorio, who is also the CEO and founder of Canadian blockchain startup Decentral and crypto wallet Jaxx, revealed that he has a diversified investment portfolio featuring several top projects, including Cardano and Polkadot.
A Big Fan of Cardano and Polkadot
“Now I’ve kind of fallen back to just simplicity. I’m in a number of different projects, but the majority of my stuff is in the top projects. I’m a big fan of Polkadot, I’m a big fan of Cardano.”
Di Iorio went on to narrate why he was so sure of the future of these two projects. He had joined the Ethereum development team earlier in 2012 when he met Vitalik Buterin at a Bitcoin conference.
He has formed strong relationships with other co-founders of Ethereum, including Vitalik Buterin, Cardano’s founder Charles Hoskinson, and Polkadot’s current CEO Gavin Wood.
Di Iorio admitted that while he worked with these men, he knew that they were goal-oriented and would help push these projects further.
“Big fan of Charles, let’s say that. You know, taking some different approaches in the way that they’re doing things, much more on the academic side of what he’s done and bringing stuff forward. Real big fan of Gavin Wood… Knowing those guys from the days back at Ethereum – and knowing their drive and knowing their competitiveness and their smarts – I was able to see those projects for the last few years and know that they were gonna get to where they’ve gotten up to.”
Not Getting Lost in DeFi
Despite all the recent hype about DeFi, Di lorio pointed out that he is keeping his investments simple and investing in larger projects.
“Most of my stuff is in the top few things, Ether, Bitcoin, Cardano, Polkadot. I like Cosmos as well. And there’s a few others, but I’m not getting lost in all the DeFi stuff. I just think there’s not enough time, not enough energy. It’s a full-time gig to be running a lot of that stuff and keeping on top of stuff, so I’ve simplified my life quite a bit over the past few years.”
Featured image courtesy of Business Insider
Large, Luxury Penthouse in Miami Sells for $22 Million in Crypto
One of America’s most luxurious penthouses just sold for more than $22 million – and the deal was completely finalized through cryptocurrency. The home consists of four bedrooms and is located within a condo building known as Arte by Antonio Citterio, which is situated in Miami Beach, Florida and designed by real estate developers Alex Sapir and Giovanni Fasciano.
Miami Real Estate and Crypto… A Perfect Match?
While crypto-real estate deals have been occurring over the past seven years, they are not common in any way, shape, or form. Typically, in America, all deals close through USD, but both Sapir and Fasciano expressed their excitement over the event and said in a recent interview that they always felt real estate and crypto went hand in hand… It was just a matter of time before people realized that, and as a result, they have consistently been open to homebuyers looking to pay their way with digital currency.
Sapir explains that there were several offers made on the residence, many of which would have also been done with crypto. He explained:
There is a strong, pent-up demand for cryptocurrency transactions that are seamless and secure for both parties, and the deal at Arte is a prime example of that. We were overwhelmed by the amount of calls we received from qualified buyers just after announcing our ability to facilitate cryptocurrency transactions. Real-world crypto transactions have not made their way fully into the mainstream yet, so it is quite clear top holders around the world pay attention when new opportunities to transact open up.
Fasciano says that with this sale, he has no doubt Miami could become a leader in crypto-based real estate sales, and he is hopeful that this will attract more digital investors to the housing mix. He says:
We are making Miami real estate history with this sale, as we were the first new development to facilitate this kind of cryptocurrency transaction, and to do so successfully so quickly after announcing. Cryptocurrency is the future of wealth, and we believe this is only the beginning. Arte has set the precedent for what these sales can look like and how fast they can take place. We are proud to have laid the groundwork for this new, burgeoning world.
Why Crypto Works Well
Sapir further stated what it was that inspired them both to accept crypto in the first place:
When we first set out to develop a boutique, resort-style oceanfront condominium for only 16 owners, no one had ever heard of anything so luxe and at such a small scale in Miami. It did not deter us, and we wanted to get ahead of a future world where half the world’s billionaires could have easily made their wealth from cryptocurrency. The quick sale of the Lower Penthouse at $22.5 million proves the success of the concept.
Ripple execs file new motion – What does it mean for their XRP sales contention?
The ongoing lawsuit filed by the SEC against Ripple Labs and its execs is showing no signs of slowing down or ending anytime soon. Ripple’s latest defense now challenges the SEC’s jurisdictional authority over the exchanges that Brad Garlinghouse and Chris Larsen sold XRP to. As a matter of fact, the SEC, in its amended complaint, sought disgorgement for the two billion units of XRP sold by the execs on digital asset trading platforms located outside the U.S.
The individual defendants in the case have filed a motion seeking the court’s approval to request documents from over a dozen digital currency exchanges located “all over the world.” By doing so, the defendants want to establish that the XRP sales they made were beyond the jurisdiction of the regulatory agency. The individual defendants also argued in their motion that Section 5 of the Securities Act only applies to “domestic” sales and offers of securities.
Justifying the ultimate reason behind their international discovery request, their motion noted,
“The evidence to be obtained from the digital asset trading platforms is probative of the issue whether “irrevocable liability” was incurred outside the US with respect to these transactions.”
The third parties in question here include prominent exchange platforms like Upbit, Korbit, Huobi, Coinone, and Bitstamp. Additionally, the defendants’ letter stated,
“We understand that the Plaintiff, the Securities and Exchange Commission, does not object to this motion.”
With this motion, the defendants have requested the court to issue the attached letters of request for international judicial assistance and compel the aforementioned entities to produce documents. Here, it should be noted that the Court has the authority to request any competent authority of another state to obtain evidence. This motion is quite important for the defendants because it has the potential to provide them with concrete evidence before the close of fact discovery.
The Letters of Request to the entities seeks the assistance of the Central Authorities of Singapore, South Korea, Hong Kong, the U.K, Cayman Islands, the British Virgin Islands, Seychelles, Malta, and Northern Ireland to obtain documents relevant to the case that are otherwise unobtainable through other means from the entities.
“The Individual Defendants seek foreign discovery on the basis of their good faith belief that the listed entities possess unique documents and information concerning this case.”
According to the aforementioned motion, the entities could potentially produce evidence that specifically dealt with the transactions of XRP on their respective foreign digital trading platforms.
“There is good cause for the Court to issue the Letters of Request. The information sought in the document requests is narrowly tailored to obtain relevant information related to the case.”
Subscribe to our Newsletter
World Economic Forum Seeks to Offer Clear Policy Landscape For DeFi
The Colombian President’s Advisor to Peter Schiff: Stop Talking and Short Bitcoin
Pokemon GO: How to Get Alolan Slowpoke
World Economic Forum Releases a DeFi Policy Toolkit for Fair and Executable Regulations
How watching LoL Esports rewards viewers in summer 2021
Battlefield 2042 officially revealed
How Does Bitcoin Mining Work? Is It Profitable in 2021?
Where to find all the Alien Artifacts to unlock Kymera’s custom style in Fortnite Chapter 2, Season 7?
1,100 people arrested by Chinese Police on crypto-related money laundering charges
Axie Infinity Price Prediction 2021-2025: AXS Token Can Hit $40 by 2025
XRP lawsuit: Is the SEC ‘triply wrong’ about its latest filing?
XRP lawsuit: What’s the ‘existential threat’ Ripple is facing?
Troy Gayeski von SkyBridge: „Fiat-Investoren könnten alternativ auf Bitcoin setzen“
Trouble Looms For Bitcoin As U.S Looks to Bar Holders From Converting Crypto To USD
The Classic Meme Behind Dogecoin (DOGE) to Be Auctioned as an NFT
Doge meme Shiba Inu dog to be auctioned off as NFT
The UNICEF is investing in five crypto startups via Ethereum (ETH)
Third-Party Results of Credits’ Blockchain Speed Test
MT5 Will Phase Out MT4, but It Will Take Time
Gaugecash – The world’s first Decentralized Monetary System.
News1 week ago
Norton Adds Ethereum Mining To Its Suite of Antivirus Software Services
Blockchain1 week ago
I Bought and HODLed Bitcoin Since 2012: Legendary Skateboarder Tony Hawk
Uncategorized1 week ago
Localbitcoins Adds Bitcoin Cash and Other Cryptocurrencies as Payment Methods
Blockchain1 week ago
GTA 6 may Pay Players With In-Game Cryptocurrency Rewards
1 week ago
Overwatch League to host first live homestand with fans in 2021
Blockchain1 week ago
Philips to Accept BTC and ETH in a Banksy Auction
Uncategorized1 week ago
Did Elon Musk Just Pump…CumRocket?
Uncategorized1 week ago
Ethereum Co-Founder Has His Doubts Over Cardano’s “Scientific Method”