• Keyfest 2022 prompted the question as to whether the Lightning Network is decentralized – the very essence of the layer 2 protocol overlay of the blockchain
• Unlike fiat currency, which is ultimately governed by The Federal Reserve, Bitcoin’s Lightning Network is comprised of nodes and channels with no direct governing body
• The success of the Lightning Network since January 2021 is driving LQwD’s drive for the new year

In a 2015 white paper draft, Joseph Poon and Thaddeus Dryja laid out the Lightning Network for the first time. Two years later, in 2017, the first transaction was made on the layer 2 payment protocol layered on top of a block-based cryptocurrency. Since then, and especially in the past year, the Lightning Network has grown considerably, making transactions among nodes faster and with lower fees. 

The Lightning Network was among the topics of discussion at Keyfest 2022, organized on January 5-7 by Casa, a Bitcoin custody provider and personalized key manager. At its second edition this year, Keyfest is a virtual…

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