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The developer behind Bitcoin Lightning network Tried the protocol designed to enable it. A stable coin coming up Bitcoin blockchain, the CEO said.
At the Financial Times Crypto and Digital Assets Summit this week, Lightning Labs CEO Elizabeth Stark said the developer recently conducted a test transaction on the Lightning network with an asset created using the Taproot Assets protocol.
“We released the first part of the code in October, and just last Thursday we showed the first transaction on Property Lightning,” Stark said. “The idea is to have a crypto dollar and a stable coin,” she explained on the Bitcoin blockchain.
“I'm very concerned about solving real problems for real people, as opposed to meme coins or gambling,” Stark said, adding that being able to put stablecoins and other assets on top of Bitcoin facilitates new use cases and brings more people. “The Internet of Money and Digital Assets.”
Stark highlighted the post-halving wave of developer interest in Bitcoin as “a lot of developers are coming back” to the blockchain. She suggested that developers build decentralized finance (DeFi) on Bitcoin as well as projects like bitVM that allow developers to build Turing-complete Bitcoin contracts.
Eliminate “cross-border thinking”.
Lightning Labs' technology is designed to “eliminate the idea of cross-borders and enable people to trade globally,” Stark said.
“The concept of cross-border payments is something we hear a lot about,” she said, before questioning, “Why do we even call it ‘cross-border'? We don't have cross-border emails. I don't have cross-border text messages.”
“I don't have to pay anything to send a picture to a friend around the world – the price and money on the Internet should work the same,” she continued.
Stark points to a recent IMF report that found that. Bitcoin “It has become an increasingly important channel for sending remittances to emerging markets and avoiding capital controls.”
That finding “comes as no surprise to those of us on the ground working with developers and communities in these places,” she says. In markets prone to hyperinflation and authoritarian rulers, “Bitcoin becomes a means of trading when they have other options,” she said.
Edited by Ryan Ozawa.
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