David Marcus, CEO of Lightspark, which develops enterprise-level payment solutions on Bitcoin, spoke to the press about the network operation. Marcus touched upon the disadvantages of working on the Bitcoin (BTC) Lightning Network. The crypto expert stated that building software on this protocol is at least five times more difficult than traditional layer-1 protocols.
Marcus, who previously held important positions at Paypal and Meta, discussed the issues of the BTC Lightning network. Although Bitcoin has significant potential as a decentralized and secure payment network, it has many disadvantages. In addition to these factors, BTC also brings restrictions such as low transaction speeds and high transaction fees. The Lightning Network, on the other hand, offers an alternative to the Bitcoin network to speed up payments and reduce transaction costs.
What’s wrong with Bitcoin Lightning Network?
The Lightspark founder explained that the biggest disadvantage of Lightning is the difficulty of producing a project on the protocol. The crypto expert attributes this situation to the rigid structure of the Bitcoin network:
“The Tier-1 Bitcoin network is incredibly rigid. There’s almost no way to add new code on the mainnet.”
Despite this challenge, the Lightspark team believes in the Lightning Network’s potential for payment solutions. Marcus stated that the company aims to create a payment solution that will be valid even 100 years from now. According to the crypto expert, the world needs a universal open protocol for payments. The BTC Lightning network is the biggest candidate to meet this demand.
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