Was the Lighting Network being described here, or did he talk of something else?
I guess it't not the LN or second layer, it's a different token backed by Bitcoin and we have the bitcoin backed tokens on multiple chains but it didn't solve anything.
The concept of Micropayments came in the year 2013
[ANNOUNCE] Micro-payment channels implementation now in bitcoin and the concept of LN came into the discussion since 2015 and finally implemented on the year 2018.
Would this bitcoin-backed token be native to the Bitcoin blockchain?
Coincidentally (did not see this thread at the time of posting)
I posted this recently about a bitcoin-backed stable token native to the bitcoin blockchain. In your opinion is this in line with what is being described, to be used in line with whatever Bitcoin banking technology surrounds it?
In my opinion, I see clear utility in a bitcoin-backed stablecoin/digital cash, to avoid volatility while still being able to harness the benefits of using the bitcoin blockchain, though Bitcoin banks...I don't quite understand how they are necessary. Would the primary use case be for those who don't trust themselves with private keys, or to keep their coins safe?
Won't be running on Bitcoin network so even if it's backed by Bitcoin still it's different coin/token.
WBTC is Bitcoin backed token but it's not stable coin, so what you're suggesting is something like DAI that holds the stable value while pegged by BTC, not sure is there any project in the market of that kind.
Like said even if it's backed by Bitcoin it won't achieve the same level of decentralisation as Bitcoin network so it doesn't have real world use case other than trading purposes.