Twitter CEO Jack Dorsey has hinted that the Lightning Network will soon be integrated into the social media giant.
Lightning Network is a layer two solution that is based on the Bitcoin Blockchain. The protocol is likely to be used for micropayments. Twitter-enabled solutions for such payments have already been developed. However, Dorsey has not provided further details on the integration.
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Dorsey expressed his praise for Sphinx Chat, a messaging app powered by the Lightning Network. This prompted a follower to ask him to consider building the network on Twitter or BlueSky. In response, the founder of Twitter said “It’s only a matter of time.”
The Lightning Network enables cheaper and faster transactions by facilitating user-generated channels when sending and receiving payments.
Square to launch hardware wallet
Dorsey’s tweet comes at a time when Square is trying to expand its digital asset operations.
Although not as active as Tesla co-founder Elon Musk, Dorsey has always been a Bitcoin enthusiast. He recently announced on Twitter that the company he co-founded, Square, plans to launch a crypto hardware wallet.
Square is considering making a hardware wallet for #bitcoin. If we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community. We want to kick off this thinking the right way: by sharing some of our guiding principles.
– jack (@jack) June 4, 2021
The company is also partnering with blockchain technology firm Blockstream to build a solar-powered Bitcoin mining facility.
Square will invest $ 5 million in the solar mining facility. This comes at a time when Bitcoin is receiving a lot of criticism due to its extreme use of fossil fuels for mining.
Dorsey pledged to resolve Bitcoin’s environmental concerns
The problem has been a concern for the crypto community, but Tesla’s resolution to suspend acceptance of Bitcoin as payments made it widely known. In the same period, China decided to ban Bitcoin, citing environmental concerns of mining the digital asset.
This coincided with a sharp drop in the price of the coin to around $ 30,000. Although it has started to rally again, Bitcoin is still a long way from the all-time high of $ 63,000 it reached in April.
Dorsey is among those working to make Bitcoin more environmentally friendly. Square has already pledged $ 10 million to conduct zero-carbon Bitcoin mining.
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