The Lightning Network 2019 Review with Jack Mallers - WBD180
The Peter McCormack Show
Peter McCormack
4.7 • 2.8K Ratings
🗓️ 27 December 2019
⏱️ 70 minutes
🧾️ Download transcript
Summary
Location: Boulder, Colorado Date: Monday, 23rd December Project: Zap Role: Founder
The Lightning Network is a layer two solution that allows users to send and receive Bitcoin 'off-chain'. Sending and receiving transactions on Lightning is both fast and cheap, allowing the Bitcoin network to scale while maintaining decentralisation by keeping the basechain block size small.
The technology isn't perfect though. In its current state, the Lightning Network can be complicated and intimidating to newcomers as the user experience has key differences from transacting on the basechain. Lightning is developing at pace, and UX design is abstracting away many of the intricacies of the network.
Lightning as a micropayment mechanism for the mainstream market is just one potential use. Jack Mallers, Founder of the Lightning Network wallet Zap, thinks that Lightning may have a far broader value proposition.
In this interview, I review The Lightning Network in 2019 with Zap founder Jack Mallers. We discuss why Lightning matters, private key management, custodial v non-custodial wallets, and how proprietary trading firms may be the next big use case.
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Transcript
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| 0:00.0 | Welcome to the What Bit |
| 0:02.0 | the What Bit |
| 0:04.0 | did podcast. |
| 0:05.0 | Hello there from Bedford, how are you all? |
| 0:08.0 | Did you all have a good Christmas? |
| 0:10.0 | Did you drink too much? |
| 0:12.0 | Did you eat too much? Did you watch Die Hard? The greatest Christmas movie of all time. |
| 0:17.0 | Well, I hope you all had a great Christmas anyway. A couple more shows left to go this year. |
| 0:21.8 | So welcome to the What Bitcoin did podcast, which is brought to |
| 0:24.4 | you by Krakhan, the best place to buy, sell and trade Bitcoin. I'm your host Peter McCormack, and today I've got a very |
| 0:30.5 | emotional interview with Jack Mallers where we review the Lightning |
| 0:33.6 | network in 2019 but Jack also tells me a story I didn't know about him but before |
| 0:38.5 | that I do have a message from my amazing show sponsors and let's give them a |
| 0:42.2 | listen I've had this incredible year but I |
| 0:44.8 | wouldn't have been able to do it without sponsors so please do check them out so first |
| 0:48.4 | up we have BlockFi yes the amazing BlockFi the future of Bitcoin and financial services and what an amazing year they have had |
| 0:56.0 | when I first started working with Block Phi they've provided crypto loans but |
| 1:00.8 | they have added interest accounts for your Bitcoin, Ether and GSD, and they've dropped minimum |
| 1:05.4 | deposits, they've removed the early withdrawal penalty and you can now choose to receive |
| 1:09.8 | the interest payments in the currency your choice. |
| 1:12.1 | They also raised a boatload of |
| 1:13.8 | cash this year to expand their business and they have added support for |
... |
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