Tesla CEO Elon Musk addresses Bitcoin scaling issues. Elon Musk says Lightning is necessary for now, but in the future it can handle all operations with a single layer.
Elon Musk says his BTC Lightning is needed! But for now…
Tesla CEO Elon Musk dives deep into the Bitcoin scaling debate in his latest tweet. The famous billionaire claims that a single layer can handle all future operations due to rapidly increasing bandwidth and computing power, but acknowledges that Lightning, a Layer 2 protocol, is still necessary for now. The famous billionaire adds the following to his statements on the subject:
The number of layers depends on the projected bandwidth and computation, both rising rapidly; This means that the single-layer network can carry all human transactions in the future IMO.
Bitcoin scaling debate has been revived!
While some are quick to interpret Elon Musk’s tweet as an acknowledgment for hard forks like Bitcoin Cash, “big blockers” oppose Lightning as transactions are not resolved on the chain. Increasing Bitcoin’s block size significantly increases the scalability of the cryptocurrency, but it also leads to greater centralization because full nodes would be too expensive to run for the average Joe.
Lightning Labs CEO Elizabeth Stark claims that higher tiers allow for building complex things on the base tier. Elizabeth Stark adds the following to her comments on the subject:
Tiered architectures make sense. You don’t want too much complexity in the base tier and you can build all kinds of things in higher tiers.