Lightning Labs is a private company developing Bitcoin’s Lightning network. The company’s CEO, Elizabeth Stark, recently announced the release of the Lightning network on Bitcoin’s mainnet and a modest round of funding (by cryptocurrency standards) of $2.5 million from high profile Silicon Valley executives hailing from companies like Square (Jacqueline Reses and Jack Dorsey), Twitter (Jack Dorsey), RobinhoodApp (Vlad Tenev), and Paypal (David Sacks).
The release of the Lightning network beta on Bitcoin’s mainnet was met by much hype and fanfare. This was something promised to Bitcoin’s community for several years now and it’s finally becoming tangible. With the recent blockchain congestion that brought Bitcoin’s network to its knees with super high fees and long block times, as well as the creation of the Bitcoin Cash community that vehemently opposed Bitcoin’s refusal to increase block sizes to relieve congestion, the hint of an imminent release of a viable offchain scaling solution for Bitcoin was highly welcomed.
But is the Lightning network as great as many claim it is?