I'm a Lightning Network Maximalist and Here's Why

Posted about 1 year ago by LN+

In the ever-evolving landscape of bitcoin innovations, I've found myself gravitating towards a particular stance: I'm a Lightning Network maximalist. While the term "Bitcoin maximalist" is familiar to most, my belief extends beyond just the foundational layer of Bitcoin to its most promising Layer 2 solution: the Lightning Network. Here's why.

Bitcoin: The Unwavering Foundation

Before diving into the Lightning Network, it's essential to understand the roots of my belief. Bitcoin has paved the way for a decentralized future. Its security, decentralized nature, and proven track record of almost a past decade and half make it an unrivaled leader. The Lindy effect, a principle suggesting that the longer a technology or idea has been around, the longer it's likely to continue, further bolsters my confidence in Bitcoin. Its longevity and resilience through numerous challenges have only strengthened its position.

Why Not Just Be a Bitcoin Maximalist?

Being a Bitcoin maximalist is about believing in Bitcoin's superiority due to its decentralized nature, security, and the network effects it enjoys. While I wholeheartedly share these beliefs, I also recognize that for Bitcoin to truly become the global reserve currency and everyday transactional tool many envision, scalability is crucial. This is where the Lightning Network comes into play.

The Lightning Network: Supercharging Bitcoin

The Lightning Network is not a competitor to Bitcoin; it's a complement. It's a "Layer 2" scaling solution built on top of the Bitcoin blockchain, designed to make transactions faster and cheaper. By allowing users to open payment channels between each other, it bypasses the need for every transaction to be recorded on the main blockchain, leading to increased transaction speeds and decreased costs. This aligns with the maximalist view in that LN builds upon Bitcoin's foundation rather than trying to replace or compete with it. Most of ideas that make me a Bitcoin Maximalist also apply to the Lightning Network.

Why the Lightning Network Resonates with Me

Focused Innovation: Instead of trying to reinvent the wheel or claim to be "the next Bitcoin," the Lightning Network focuses on enhancing what Bitcoin already offers. It's an example of targeted, meaningful innovation.
Network Effects and Longevity: Just as Bitcoin benefits from the network effect (its value increases as more people adopt it), the same applies to the Lightning Network. Its growing adoption as the primary Layer 2 solution for Bitcoin makes it more robust and valuable. And as it continues to exist and serve its purpose effectively, the Lindy effect suggests a promising future for the Lightning Network.
Decentralization and Security: The Lightning Network doesn't compromise on the core tenets of Bitcoin. It remains decentralized, and while operating mostly off-chain, it still leans on the underlying security of the Bitcoin blockchain.

While I deeply respect and believe in the foundational principles and potential of Bitcoin, and I'm very interested in all kinds of innovations on Bitcoin, I'm a maximalist for its most promising extension: the Lightning Network. It represents a bridge between the revolutionary principles of Bitcoin and the practical needs of a global, scalable digital currency. As both Bitcoin and the Lightning Network continue to prove their resilience and value, I'm excited about the decentralized future they're paving.

If interested, learn more about the history of LN, about LN's key benefits, and how to start an LN node of your own.