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The developer behind Bitcoin Lightning network tested a protocol designed to enable stablecoins to be released on Bitcoin blockchain, said its CEO.
Speaking to Financial Times Cryptocurrency and Digital Asset Summit This week, Elizabeth Stark, CEO of Lightning Labs, said that the developer recently ran a test transaction on the Lightning Network with an asset created using Taproot resources protocol.
“We released an early piece of code in October, and actually just last Thursday, we demoed the first ever transaction on Lightning of an asset,” Stark said. “The idea is to have crypto-dollars and stablecoins” on the Bitcoin blockchain, he explained.
“I really care about solving real problems for real people, as opposed to meme coins or gambling,” Stark said, adding that the ability to place stablecoins and other assets on top of Bitcoin “will facilitate new use cases and it will bring more people to the market.” Internet of money and digital resources.”
Stark also highlighted a surge in developer interest in Bitcoin post-halving, with “many builders returning” to blockchain. He highlighted the developers who are developing decentralized finance (DeFi) on Bitcoin, as well as projects like bitVM, which allows developers to create Turing complete Bitcoin contracts.
Eliminate “the idea of cross-border”
Lightning Labs’ technology is designed “to eliminate the idea of cross-border and just allow people to transact globally,” Stark said.
“The concept of cross-border payments is something we hear about a lot,” he added, before asking “Why would we still call it ‘cross-border’? We don’t have cross-border emails, we don’t have cross-border text messages.”
“I don’t have to pay any fees to send a picture to a friend on the other side of the world – value on the internet and money should work the same,” he continued.
Stark pointed to recent IMF report who found it Bitcoin “it has become an increasingly important channel for sending remittances and evading capital controls in emerging markets.”
This finding, he said, “was not at all surprising to those of us who work on the ground with developers and communities in these places.” In markets prone to hyperinflation and authoritarian regimes, she said, “Bitcoin becomes an asset and a means to transact when they have no other options.”
By Ryan Ozawa.
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