David Marcus, who previously served as PayPal’s President and is now at the helm of the Lightning Network-based company Lightspark, envisions turning Bitcoin (BTC) into a universal payment system.
Speaking recently on CNBC’s Squawk Box, Marcus highlighted that while we can easily communicate with people worldwide via text and email, international money transfers remain problematic due to the absence of a universal online money protocol.
“Our goal is to evolve Bitcoin into a genuine, worldwide payment system.”
Lightspark is on a mission to transform the lightning system into a “universal online money protocol,” much like how texting serves as a standard for communication. Marcus clarified that the primary currencies circulating on this network would continue to be traditional fiat currencies.
“We’re essentially in the global payments’ equivalent of the fax machine age, and that’s the problem we’re aiming to address.”
Marcus compared a sliver of Bitcoin on lightning to a small data packet on the internet, but specifically for value. He further emphasized that users have the freedom to send any currency they prefer, be it Dollars, Yen, or Euros, and receive in the denomination of their choosing.
Marcus emphasized that Bitcoin, in its entirety, might not be the go-to for everyday transactions.
“In our perspective, Bitcoin won’t be the primary currency for daily purchases. However, a small piece of Bitcoin used over lightning can be likened to a miniature value packet on the internet.”
He underlined that the Lightning system operates in “real-time, is as final as cash, and comes at a low cost,” thus simplifying and enhancing the efficiency of international transactions.
Bitcoin Lightning Network – More Challenges
In a recent July discussion, Marcus, who also holds the distinction of being a co-founder of the Diem cryptocurrency, pointed out that constructing on the Lightning and Bitcoin framework is approximately five times more challenging than on other platforms.
However, he elaborated that Lightspark’s decision to build on this particular network was driven by the “distinctive attributes” Bitcoin offers as a foundational network. Even in the face of these hurdles, the company is unwavering in its dedication to developing on the Bitcoin Lightning network, pledging to do “all that’s necessary to unlock its maximum potential,” Marcus conveyed.
He asserted, “The global community is due for a universally accessible open payment protocol.”