Issue #1137: Utility multiple via the Lightning Network
Expect a wave of new applications in 2022 and beyond.
Short and sweet yet again today. I think many who are bogged down in the overarching "crypto" space with the idea that Bitcoin is ancient technology don't fully understand or appreciate what is happening the Lightning Network. By being able to lock a bitcoin UTXO on a 2-of-2 multisig that enables a user (or users) to use the sats in that UTXO ad infinitum as they are sending and receiving, bitcoiners are gaining access to leveraged utility. They can do much more with much less.
The utility provided by the Lightning Network can't be overstated. One on-chain tx creates the potential for millions of instant txs over time via a second layer. Even better, there is no need to lock up a large amount of btc. Do more with less while sending and receiving.
— Marty Bent (@MartyBent) December 30, 2021
Many will point to the relatively small amount of bitcoin locked up on the Lightning Network when compared to the "DeFi" world as sign of relative failure. However this couldn't be further from the truth. This highlights a couple of things in your Uncle Marty's mind; the Lightning Network enables extremely efficient bitcoin usage and provides utility outside of spinning up and trading speculative tokens. Bitcoin users need less bitcoin to create a relatively high amount of transaction velocity that enables actual economic activity for straightforward, non-speculative use cases. Podcasting 2.0 is an incredible example of this. Listeners automatically stream sats to their favorite podcasters over the Lightning Network with ease. Sending value in monetary form for the valuable information they are receiving in return.
Slowly but surely more and more individuals and companies are beginning to realize the impressive utility that is provided by locking up bitcoin in a 2-of-2 multisig that gives them access to the Lightning Network.
Final thought...
Michael Clayton is a really good film. Thanks, Pat.
