Bitcoin always reaches its limits. This includes, among other things, the scalability, i.e. that each new block takes about 10 minutes. This currently makes it impossible to make payments with Bitcoin at the supermarket checkout. One of the ways to solve this problem is the Bitcoin Lightning network. Lightning has just under 2 years on the clock and has developed extremely quickly and well, especially in the beginning. But the big adoption, which many have dreamed of, has not happened yet. Square Crypto now wants to change this and launch a Lightning Development Kit (LDK).
Twitter CEO for Bitcoin and Lightning Adoption
Behind Square hides a mobile payment company from San Francisco which has a specialized crypto subsidiary. The interest in Bitcoin and the Lightning Network is no accident. The CEO, Jack Dorsey, has already reaffirmed his trust in Bitcoin in the past and has been active in integrating the decentralized crypto currency. He is also active in Africa and sees great potential for Bitcoin there. Jack Dorsey is not only the CEO of Square, but also of Twitter and thus enjoys an incredibly wide reach.
Jack Dorsey recently commented on a blockchain-based Twitter alternative in order to build up decentralization in social media platforms as well. Now the CEO of Twitter and Square wants to lobby for the adoption of the Bitcoin Lightning network. He wants to give developers a tool that makes it easier to integrate the Lightning network. After all, using Bitcoin and Lightning is still very cumbersome and is not self-explanatory for every developer.
Lightning Development Kit as adoption accelerator
The Bitcoin Lightning network is a second layer technology that builds on Bitcoin’s main block chain, but does not have to pass through it for every transaction. This not only makes payments extremely cheap, but also allows payments to be sent and received within seconds. In addition, this solution relieves the main block chain and increases the scalability of Bitcoin.
Square Crypto’s product will include an API (interface), demo apps, language bindings and other functionalities that can facilitate the integration of Bitcoin Lightning.
Square Crypto has considered a number of options to increase the acceptance of Bitcoin. This involved many discussions with developers until the company decided to create the LDK.
“What we heard was a desire for flexibility in integrating Lightning. Wallets and applications require different key storage and security mechanisms, security approaches, UX compromises and more. This means that the solution is designed for more wallets, not less.”
Bitcoin Lightning will lead to long-term success according to Jack Dorsey BTC
The company believes Lightning will contribute to the long-term success of Bitcoin. However, Square believes that the technology in its current form is still incomplete and would like to help in its further development. It should not be forgotten that this is a very young technology and development is far from complete.
“Among the supporters of the project are Blockstream and Lightning Labs. Square says it is only “a matter of time before fast, low-cost Bitcoin payments are as common as cash used to be.”
So it remains exciting to see how Bitcoin will develop this year in terms of course technology and whether the Lightning Network can contribute to this. The long-term prospects for Bitcoin are currently more than positive. We are eagerly waiting to see how the development will affect the Bitcoin share price.