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1/ I just published Lightning is only the Beginning: The Emerging Bitcoin Stack
Thread summary below
link.medium.com/1KyYsfw5aW
Thread summary below
link.medium.com/1KyYsfw5aW
2/ Lightning is likely an important building block in the emerging Bitcoin stack BUT...
i) expectations for Lightning’s impact in the immediate short-term are excessively high
ii) Lightning will likely be one (important) layer among many in the emerging Bitcoin stack
i) expectations for Lightning’s impact in the immediate short-term are excessively high
ii) Lightning will likely be one (important) layer among many in the emerging Bitcoin stack
3/ To think Lightning will be the only layer, that fast/cheap transactions is all we can do with programmable money is like thinking the internet will only be used for sending messages faster — that email is the only use case & only the post office & fax machine will be disrupted
4/ Instead, Bitcoin’s components and protocols built atop the Bitcoin network will act as building blocks enabling “layer-3” and beyond.
5/ As the number of building blocks grows, the number of unique combinations from that suite of building blocks grows exponentially and the probability of useful combinations of those building blocks increases significantly.
6/Ultimately, lightning is an important component in the emerging BTC stack — but it’s only the beginning. As momentum coalesces around the Bitcoin protocol, we’re entering a unique period in BTC’s history w/ compelling opportunities to deploy capital w/ teams building on Bitcoin
