Elizabeth is a well-known figure in the cryptocurrency industry and the CEO of Lightning Labs. His business aspires to create the Lightning Network, a layer-2 solution that addresses Bitcoin’s scaling issues.
Profession and education
Elizabeth had the good fortune to get admitted into Harvard Law School, a prestigious and highly selective institution in the United States. There, she obtained a legal degree. However, she made a very different professional choice than other Harvard-educated lawyers.
She has had the chance to work all around the world throughout her career, including in Berlin, Singapore, Paris, and Rio de Janeiro. She can speak four distinct languages (English, French, German and Portuguese).
Additionally, she has held academic positions as a professor at renowned American colleges including Stanford and Yale, where she has taught courses on technology and the Internet. Her position as a lecturer also gave her the chance to learn about Bitcoin and other cryptocurrencies, of which she swiftly established herself as a great follower.
The CEO and co-founder of Lightning Labs
Lightning Labs, the official company in charge of creating the Lightning Network, a system that enables Bitcoin to execute more transactions per second while lowering transaction fees, was co-founded by Elizabeth Stark in 2016. Other digital assets that result from a fork of Bitcoin can likewise be solved with ease.
When too many users desire to conduct transactions on the network, it is sadly no longer possible to utilize Bitcoin as a form of payment, as it was in the early years of its existence. In fact, the transfer fees can be particularly high during these times, making it impossible to conduct successful small-dollar transactions.
As a result of its decreased profitability as a payment method, Bitcoin has evolved into a store of value. However, the Lightning Network allows for more transactions to be completed using a layer-2 (an extra blockchain), which lowers network transmission costs because only the most crucial transactions are then recorded on the main Bitcoin blockchain.
The requirement to be able to grow TPS numbers while lowering their costs
The first blockchains to enter the market are scalable because to the Lightning Network. Because there were technological challenges to be solved and to maintain first-mover advantage, the creators of the early cryptocurrencies did not immediately incorporate scalability solutions because they did not anticipate that they would become so popular.
Older blockchains, like Bitcoin, are still in use today but are congested, resulting in highly expensive transaction fees. Therefore, it was essential to create solutions, like Elizabeth Stark’s Lightning Network.
No new blockchain that has recently entered the market has actually been able to deliver on its promises to resolve these scalability issues. Because of this, there is a need to try to increase the number of transactions that outdated digital assets can handle each second.
Summary of Elizabeth Stark
Elizabeth Stark, while having a background in law, did not contribute to the legislative growth of the Bitcoin sector. Instead, it has made it possible to develop software solutions that enable more activities to be processed by older blockchains, enabling them to scale up.
The Lightning Network allows the Bitcoin network to execute more transactions while incurring less expense each transaction. Even while there is still much to be done before bitcoin (BTC) can fully replace other forms of payment, things appear to be progressing in the right direction.
