Joseph Poon

Founder, Lightning Network
Joseph Poon

Joseph Poon is the co-author of bitcoin’s Lightning Network white paper. The white paper proposes a decentralized system for instant, high-volume micropayments that aims to solve the bitcoin scalability problem.

The Lightning Network uses an offline channel separate from the blockchain to make peer-to-peer micropayment transactions, removing the risk of delegating custody of funds to trusted third parties. Once complete, the blockchain would update to reflect the external transaction. In November 2017 the network was still in its testing phase, but had successfully been used to send transactions across different blockchains.

As of August 2017, Poon is working with ethereum-cofounder Vitalik Buterin on the Plasma project. Plasma proposes a scalability solution for the ethereum platform, using a network of child blockchains to offload transaction and computation load from the main net. It was first implemented as part of OmiseGo network and digital wallet framework in 2017.