Meta Vice President to assemble team to develop Lightning Network
David Marcus introduced Lightspark to expand the capabilities of bitcoin
13.05.2022 - 13:55
427
2 min
0
What’s new? David Marcus, ex-Meta (recognized as an extremist organization and banned within the Russian Federation) crypto chief, announced the launch of Lightspark, a new company focused on the development of the Lightning Network. The startup has been backed by investors such as Andreessen Horowitz (a16z), Paradigm, Coatue, and Matrix Partners. Marcus reported this on Twitter.
I wanted to share that we are starting a new company called @lightspark to explore, build and extend the capabilities and utility of #Bitcoin. As a first step, we’re actively assembling a team to dive deeper into the Lightning Network. (1/3)— David Marcus (@davidmarcus) May 12, 2022
What else is known about the startup? According to Marcus, at the initial stage, the company is assembling a team to explore and develop the Lightning Network. He noted that the downturn in the crypto market is a good time to expand the capabilities of bitcoin.
What is Lightning Network? It is a Layer 2 (L2) payment protocol that is used to speed up transactions on the Bitcoin network and address scalability issues.
What events happened before? In April, the Lightning Labs team, which develops Layer 2 solutions for bitcoin, announced the release of a new protocol called Taro. With it, developers would be able to issue various digital assets, including stablecoins, based on the bitcoin network and the Lightning Network payment protocol.
Shopify, an online commerce company, to integrate bitcoin payments into its platform. Shopify entered into an agreement with the Strike payment application, which is based on the Lightning Network. The innovation would exclude banks from the payment ecosystem, which would significantly reduce fees for merchants and provide privacy for customers.
Useful material?
Technologies
The new mechanism has already made it possible to calculate over tens of millions of fraudulent addresses
May 16, 2024
Incidents
The amount of damage amounted to $25 million in cryptocurrencies
May 16, 2024
Market
FTX customers will be compensated in cash, unlike Mt. Gox and Gemini customers who will receive cryptocurrencies
May 16, 2024
Technologies
It is available to crypto wallet users worldwide as an additional feature
May 15, 2024
Market
The ex-official known for his initiatives to explore the potential of blockchain in the financial system has joined the board of directors of a fintech company
May 14, 2024
Business
Earlier, Brad Garlinghouse claimed apparent harassment of the company by the US authorities
May 14, 2024