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Bitcoin’s [BTC] Lightning Network is awesome, says Blockstream’s Samson Mow

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Bitcoin's [BTC] "lightning is awesome", says Blockstream's Samson Mow
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The latest Bitcoin [BTC] bullish wave saw many analysts in the crypto-sphere crediting the growing Lightning Network [LN] adoption. The payment protocol for the crypto transactions faced much criticism and some fork coin enthusiasts even alleged that the tech was “riddled with inconsistencies”.

Despite all the criticism, LN has seen significant growth after its inception in March last year. The latest in the community to praise the Layer 2 solution is the Bitcoin firm Blockstream’s Chief Strategy Officer, Samson Mow. He said,

“It is the technology that makes Bitcoin, “cash”. So you can spend Bitcoin anonymously. [It] has better privacy than the base layer, it’s nearly instantaneous and almost free.”

He also said that the users executing on-chain transactions had to deal with a deluge of issues, including block time, fees, the volatility of fees earlier. However, these drawbacks were solved by the second layer scalability solution LN.

According to the CSO, LN paves the way for the users to “just earn and spend freely”. He also believes that removing the aforementioned barriers would make the largest cryptocurrency in the world, Bitcoin [BTC], the long-awaited global money.

Mow is also of the opinion that Bitcoin can do “everything”. When asked about the gold crypto being slow, Mow defended saying the digital gold by saying that,

“If you want money, it does not need to be fancy”

He went on to say that altcoin projects were mostly “based on gimmicks” and emphasized that what users needed was a “sound money” which was “reliable and bulletproof”.





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ErisX goes all hands on deck to launch a Bitcoin Futures market

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ErisX goes all-hands on deck to launch a Bitcoin Futures market
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ErisX’s CSO, Matt Trudeau, detailed the company’s four important plans for the future, which includes launching a spot market, to secure a Bit License, DCO, and to launch a futures market.

ErisX currently has a DCM contract, which is a Derivative Contract Market that allows ErisX to run a CFTC-regulated futures exchange. However, ErisX aims to get a DCO [Derivatives Organization], which will effectively allow it to run a CFTC-regulated clearinghouse. A clearinghouse would mean that ErisX can take control of the custody of the assets and clear and settled trades.

The CSO explained the benefit of this, stating,

“There is some efficiency for firms like producers [like mining companies]; if they need to hedge their inventory or need liquidity on a spot market, they could do that conveniently on a single platform. “

Trudeau added that from the “post-trade standpoint” and “the collateral management standpoint,” ErisX would have cash, crypto, and the futures, all stored in their clearinghouse. This would boost efficiency since it would be available for all customers under a single platform. The CSO added,

“… so there is some efficiency in terms of managing collateral, if you don’t have assets on  multiple platforms, it can all be in our clearinghouse.”

Apart from the aforementioned plans, Trudeau added that the crypto-industry needs to mature more and that ErisX plans to make a significant contribution to that. He added,

“The market is professionalizing and we think that in terms of what institutions are expecting from a trading/custody experience, we will bring some of the solutions to the market and that’s really the foundational pieces that they are looking in order to build their businesses on top of us.”

Apart from ErisX, LedgerX has also received a go-sign from the CFTC to settle Bitcoin Futures in Bitcoins. Other exchanges include Intercontinental Exchange’s Bakkt and Seed CX.





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