Sunday, March 26, 2023

Expert Believes Bitcoin Will Soon Rule An Internet-Powered Economy

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We are living in a world where following the Bitcoin news is for many one of the best ways to keep in track of the cryptosphere. In today’s Bitcoin news, an expert believes that Bitcoin will soon become the centerpiece of what he describes an Internet-powered economy.

We are talking about the Knox founder Thibaud Marechal, who is also a former head of portfolio services at Real Ventures. In an opinion piece for the media outlet Bitcoin Magazine, he claimed that “Bitcoin native companies are creating massive economic upside potential for a new internet monetary layer” and would work on “building an economic system” with BTC at its center over the next two-three decades.

Marechal also opined that a layer which has already been built on top of the Bitcoin network – which is the Lighting Network protocol (LNP) will couple with the original Bitcoin protocol (BP) in order to play an integral role in the evolution of the blockchain and become the Internet’s go-to currency.

“Bitcoin is growing into the internet’s native monetary layer. Functioning as a suite of public network protocols, referred to as LNP/BP, bitcoin has undeniably scarce units of value. It is a network of storable, movable and quantifiable value,” Marechal wrote.

The expert believes that the LNP/BP protocols could become as integral to the new Internet economy quite as the Transmission Control Protocol/Internet Protocol (TCP/IP) dynamic and what it did for the Internet itself.

Together, the two protocols comprise four layers with fixed protocols. Marechal justifies his reasoning with the following:

“LNP/BP are joining the ranks of other open network protocols akin to TCP/IP. The BP has movable units of scarce value that can flow within its network, similar to IP. The LNP acts as a second layer built on top of BP, which permits nearly instant, cheap and anonymous exchanges of data packets on BP, similarly to how the TCP does it with the IP.”

He opined that the consequences would be far-reaching and put BTC at the forefront of a new economic revolution. The expert believes the following:

“Bitcoin is liberating capital exchange, creating open, fair and social markets in which anyone can participate. New companies exclusively built on Bitcoin’s base layer and/or Lightning are making it safer and easier for sovereign people to opt-out of the legacy banking system. […] Bitcoin native companies make the capital flow from the legacy banking system into Bitcoin possible.”

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