Blockstream CSO Samson Mow is facing heavy criticism from the cryptocurrency community on social media over his comments on Bitcoin (BTC) and the Lightning Network.
In an interview with Block TV, Mow criticized and mocked Satoshi Nakamoto by stating that no person in a stable mental state would build a payment system that takes ten minutes to confirm transactions.
In the Fireside Chat segment of the show, he further said that the Lightning Network was still under development and described it as a “work in progress.”
Samson Mow kicked off the most significant controversy on the show with his statement that Bitcoin (BTC) is not meant to be used as a peer-to-peer cryptocurrency. Eagle-eyed cryptocurrency enthusiasts were quick to point out that the words “peer-to-peer” were included in the title of the Bitcoin white paper, itself.
Mow then said that Bitcoin was not a payment network as only data was being recorded on a blockchain. To this, many pointed out that Blockstream has been actively supporting the development of the Lightning Network and Liquid Network, second-layer payment scaling solutions for the Bitcoin blockchain.
Initially announced in 2015, the progress, development, and adoption of the Lightning Network have been slow. However, Samson Mow remained unfazed by the delays in the implementation of the payment network, stating that the Lightning Network in its current state is similar to the early days of the internet when dial-up technology was prevalent.
Needless to say, these comments did not go down well with the cryptocurrency community — which has been waiting for the launch of the Lightning Network for a few years now. Mow said that while the network is not yet ready for daily use, but that he expects it to be ready within the next four to five years. According to Mow, once this happens, global adoption of the cryptocurrency will accelerate at a rapid pace.
Blockstream, one of the most prominent blockchain companies in the industry, recently launched its satellite messaging application programming interface (API) on the mainnet. In addition to relaying the entire Bitcoin blockchain data to merchants and users in the event of a temporary internet outage, it also allows individuals to broadcast messages via the satellite’s infrastructure.
When do you think the Lightning Network will finally be ready for primetime? Let us know your thoughts in the comments below!
Images courtesy of Shutterstock.
In an interview with Block […]
In precisely five days, the September fiat settled bitcoin futures contract at CME expires.Yes, another month is nearly over, so… Read More
The “Big Four” auditing firm, Deloitte’s Luxembourg unit is working on letting its employees pay for lunch using cryptocurrency, especially… Read More
Patrick Byrne , the former chief executive of Overstock.com who sent shockwaves through the blockchain community not too long ago… Read More
Bit Farms, a cryptocurrency mining company stationed in Canada , has bought more than 2,000 new A10 Avalon mining machines… Read More
In addition to economic data, the stock market anticipates comments from dovish St. Louis Fed President James Bullard this week.… Read More
Digital assurance: The "Killer app of Blockchain" according to VeChain According to Sunny Lu, the co-founder, and CEO of VeChain,… Read More