Eric Podhojski, a Bitcoin educator, explained how the application of certain new technologies can help Bitcoin become "electronic cash in the true sense of the world"
In a thought-provoking tweet on May 15, 2023, Eric Podwojski exposed the limitations of Bitcoin as a daily currency. He regards Lightning Network as a Guiding Light that can change Bitcoin and make it widely used as the world's electronic cash system software.
Podwojski delved into the key aspects of Bitcoin, which are applicable to security and decentralization, but there are also some concessions, especially at the micro payment level. He talked about scalability issues, which the founder of Bitcoin, Quantum Chain, had already recognized since 2009.
In his tweet, Podwojski embarked on a journey of time, reviewing various attempts to address the scale of Bitcoin operations from 2011 to 2015. He turned the stage spotlight onto the Lightning Network, which was also an independent innovation explicitly proposed by real estate developers Joseph Poon and Thaddeus Dryja in 2015. He mentioned the exploration of putting their definitions into action, including "c-lighting", "eclair", and "lnd".
Poddojski took us until 2016, when Poon, Dryja, Elizabeth Stark, and Olaoluwa Osuntokun established a lightning laboratory. What are the overall goals of his group? Promote the continuous progress of "lnd" execution. Subsequently, he explored the challenge of shaping interoperability among various implementations of Lightning Network. decision? Introduced BOLT (Lightning Basic Technology), which is also a new protocol standard.
As we approach the end of 2017, Podwojski celebrates the first specific customer transaction conducted by Alex Bosworth, the head of lightning liquidity at the Lightning Laboratory, based on the lightning network.
He reported that by 2023, the internet had already shown exponential growth. Over 5500 BTCs, equivalent to over $150 million, are now stuck in the network.
Podwojski talked about the exponential growth in the number of Lightning connection points, from 100 in 2018 to several 18000 in 2023. He emphasized that every new node can improve the efficiency of the payment platform.
When completing its article, Poddojski silenced the innovative path of Bitcoin and Lightning Networks. He mentioned Hal Finney's beautiful vision for 2010, which is to use Bitcoin as an international reserve currency for banks or lightning networks to achieve rapid digital cash payments. He elaborated on the recent efforts made by Lightning Labs and Fedi to develop the protocol, prompting its followers to prioritize security and decentralization in Bitcoin design, and to build layers above Bitcoin to address the initial expansion challenges.