What Bitcoin Did

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The Limitations of Lightning with Matt Corallo

Peter McCormack

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The Limitations of Lightning with Matt Corallo - WBD671 Peter McCormack

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Matt Corallo is a Bitcoin Core developer and ​​open-source engineer at Block/Spiral. In this interview, we discuss the nexus of ordinals, mining rewards & decentralisation risks. We also talk about the impact of a permanent high fee environment on digital transactions, the challenges faced by Bitcoin wallet developers, and the new wave of talent working on Bitcoin Core.

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Bitcoin has come a long way since its inception, but it continues to evolve. The past few months have seen significant discussion regarding the recent development of ordinals, mining rewards, and the challenges of maintaining mining decentralization. In essence, there is a continual battle to ensure Bitcoin’s infrastructure is fit for purpose in enabling an uncensorable, trustless settlement of transactions.

These challenges are an inevitable part of the development of innovation. Each issue requires a solution, which in turn, leads to new issues. For example, the impact of a high fee environment has been to highlight limitations and risks with the Lightning Network. Then there are the UX issues associated with wallets and issues in relation to compatibility across different protocols.

Whilst each of these technical issues requires discussion and understanding, the wider perspective is that there is a perpetual need to improve Bitcoin's infrastructure and continue to maintain its security and decentralisation. Therefore, we need the right environment for developers to learn, collaborate and deliver. And, the wider community needs to be supportive and nurture this talent, protecting them from toxic attacks and iniquitous litigation.

There are certainly a number of big organizations out there who understand this and are modestly and diligently working to support people like Matt and others, to allow them in turn to support Bitcoin and the needs of the whole community. And it is certainly encouraging to hear that there is a new wave of developing talent being brought into the Bitcoin Core “team”.

Whilst this interview reinforces the fact that we can never take the huge efforts being applied for granted, it is still amazing to see the strides being made in the world’s most successful open-source project. That we can collaborate voluntarily across the internet to change the world of money, in the face of massive challenges, should leave us all in awe.

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00:01:29: Introductions
00:03:32: Ordinals, and potential impacts to MEV
00:10:31: Inscriptions and NFTs explained
00:28:32: Lightning risks, and high fees
00:34:52: Custodial vs non-custodial UX
00:41:33: Layer 2 protocols
00:46:28: Litecoin, Monero, and Cake Wallet
00:52:31: Covenants explained, and new standards vs UX
01:05:03: New wave of Core devs
01:13:17: Mining decentralisation
01:18:11: Final comments

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