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CEO Says Coinbase Will Integrate Bitcoin Lightning
Bitcoin’s layer 2 scaling solution Lightning may soon feature on the cryptocurrency exchange Coinbase in some capacity, according to its chief Brian Armstrong. In a tweet on April 8, Armstrong responded to a tweet criticizing him for “actively ignoring” the network by stating that “Lightning is great and something we’ll integrate.”
This news comes at a time when the adoption of Lightning has been gaining momentum within the cryptocurrency community. Lightning is a layer 2 scaling solution for Bitcoin that enables fast and cheap transactions on the network. This is achieved by creating a network of payment channels that are built on top of the main Bitcoin blockchain.
In this article, we will explore what Lightning is, why it is important, and how its integration into Coinbase could impact the cryptocurrency industry.
What is Lightning?
Lightning is a layer 2 scaling solution for Bitcoin that was first proposed in 2015 by Joseph Poon and Thaddeus Dryja. The Lightning Network is a payment protocol that allows for faster and cheaper transactions on the Bitcoin network. It achieves this by creating a network of payment channels that are built on top of the main Bitcoin blockchain.
