Elizabeth Stark, CEO and co-founder of Lightning Labs, believes that the roles have been reversed in the Bitcoin and blockchain debate. When cryptocurrencies became increasingly famous, people starting praising blockchain technology because of its unmatched potential. Comparisons between the two became a common topic in crypto conversations from then onwards, when Bitcoin was largely criticized.
In an interview with Yahoo Finance, Stark explained how her own company had to ditch Bitcoin for blockchain in its initial run; “When we first pitched my company Lightning Labs, we actually took the word ‘bitcoin’ out of our deck and our marketing material because it was so much about blockchain.”
Even though all of the cryptocurrencies have declined in price and market cap, they are now becoming the center of attention once again. “Now, I feel like we’ve entered into a ‘Bitcoin, not blockchain’ world, where people understand the value of cryptocurrency technology and what these can bring. You also have proof of work in bitcoin, you have the public/private key cryptography. There are other things that make bitcoin special. Somehow, the blockchain part got separated and became a thing,” said Stark.
She mentioned it once again on Twitter, claiming that it felt good to see the cryptocurrency taking centre stage once again.
Yeah, we took the word out because it was bitcoin winter and hard to get funding for bitcoin companies back then. So it has been great to see the shift to what actually matters. 😎
— elizabeth stark (@starkness) April 6, 2018
Interestingly, when a user praised her for being a successful woman in blockchain, she corrected them by calling herself a woman in “Bitcoin” instead.
— elizabeth stark (@starkness) April 7, 2018
Lightning Network (LN) solves the problem of scalability present in cryptocurrencies such as Bitcoin. Multiple participants can interact, send and receive virtual money (“instant micropayment”) using the network. Bitcoin LN launched for the first time on a mobile wallet app, Eclair, on April 4th. It allows faster, cheaper and secure BTC transactions off-chain. Meanwhile, Stellar also announced plans to release LN on its network by the end of this year.