Paolo Ardoino on Bitcoin Lightning Network and crypto trends

Which crypto trends are worth watching? We spoke with Paolo Ardoino, Bitfinex’s CTO, about the most exciting trends in the crypto space.

Paolo Ardoino is a passionate software developer and crypto expert. Born in Italy, he joined the Bitfinex exchange in 2014 and assumed the position of CTO in 2016. Ardoino explained to us what factors influence the Bitcoin price and what Technologies can revolutionize the crypto market.

Since the beginning of 2022, we have witnessed a massive sell-off in the stock and crypto markets. What is your opinion on the current situation? Will we see another bull market in the near future?

Ardoino: The cryptocurrency markets are on the back of a The looming global recession and further interest rate hikes by central banks remain under pressure. Still, there are signs that Bitcoin shares on exchanges are falling, presumably due to a suggests long-term price support.

Are there any trends or cryptocurrencies we should keep an eye on?

Arduino: The introduction of crypto payments is definitely something to keep an eye on. First up is the Bitcoin Lightning Network, a second-layer protocol designed to support large micropayment channels. This can offload the Bitcoin network and reduce the associated transaction fees.

Bitcoin Lightning Network was developed by Joseph Poon and Thaddeus Dryja in 2015 and aims to solve Bitcoin’s scalability problem.

If you are not yet familiar with the term “second layer”: With a second layer, the transactions are processed outside the blockchain and then sent back to the BTC blockchain. Since no mining is required to validate the transactions on the second layer, A Lightning Network transaction currently costs just one cent. For comparison, a normal BTC transaction currently costs around 1.50 US dollars. In addition, this enables Lightning network instant transactions. Ardoino thinks so The Lightning Network must be the future of e-payments becomes.

Arduino: “Lightning Network can become the ideal platform for online shopping transactions. Users could create wallets with online retailers and pay for an item relatively easily. When the Lightning Network is ready for the mainstream, it will completely change the way money transfers, e-commerce purchases and peer-to-peer payments work.

Bitcoin Lightning Network: An image from BeInCrypto.com

Cryptolending and the Internet of Things

How might crypto affect our lives in the future?

“I expect more innovation in crypto lending, especially in terms of using digital tokens and assets as collateral for loans. We are even seeing non-fungible tokens (NFTs) being used as collateral for loans. This will be a new trend this year.

In addition, Ardoino explained to us that the “Internet of Things (IOT)” will become one of the most important trends. For example, refrigerators could recognize when we no longer have enough milk and order more. Arduino assumes that The communication capacity of these technologies will grow exponentially and will play an important role in the cities and houses of the future.

Thanks Arduino!

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