Square Crypto Focusing on Lightning to Accelerate Bitcoin Adoption, Confirms Jack Dorsey

Must Read

Eight Things in Crypto You Can’t Afford to Miss This Week

In this roundup, we cover China's market-rattling resistance to Bitcoin, the increasing drumbeat toward crypto regulation, the...

Why the Cloud Industry Needs to Become Greener

According to Energy Post, the Internet will consume 20% of the projected electricity demand...

Your Wallet May Not Be as Secure as You Think; Here’s What To Do

Remember the egregious breach that exposed Ledger’s entire trove of customer data to the public?...
- Advertisement -
Earn Free Bitcoin

Mobile payments company Square crypto division Square Crypto is now building a “big project” the Lightning Development Kit (LDK) to accelerate Bitcoin adoption.

The company announced on Tuesday that for BTC to become a widely used global currency, there’s a need to make improvements to Bitcoin’s UX, security, privacy, and scaling.

Square Crypto says it is in “strong position” to coordinate on major projects that individuals may not have the resources to tackle.

As such, the company took up the Lightning network on the basis that is a self-sustaining open-source project that will attract developers worldwide. And because it will also have an outsized impact on non-custodial bitcoin. Moreover, the project fulfills the criteria of an underfunded need of the ecosystem that doesn’t have a clear business model.

Making Instant, Low-fee BTC Payments as Common as Cash

After discussing with wallet developers, the company decided to tackle flexibility when integrating Lightning.

But instead of creating a standalone Lightning node, Square Crypto is building an LDK that provides wallet and application developers a “convenient way” to create custom experiences.

LDK will include an API, demo apps, language bindings, and other things that make Lightning easy, safe, and configurable.

This kit will help to add Lightning capabilities of existing bitcoin wallets eliminating the need to create a separate wallet just for Lightning. It will further support multi-device, multi-application access to a single wallet while allowing wallets to make security and privacy tradeoffs.

The ultimate goal is to make “instant, low-fee bitcoin payments are as common as cash used to be.”

- Advertisement -
- Advertisement -

Latest News

Sunday Market Analysis from Trendtracers

BTCUSDT. First impression is bearish, there seems to be yearly support at around 28k, We’re expecting more...
- Advertisement -Earn Free Bitcoin

Earn Passive Income with Nhash Cloud Mining Services

Cloud mining services are an easy way to earn passive income online. Although...

Afri-X and DigiShares Bring Tokenization to Africa

DigiShares is proud to announce its partnership withAfri-x.com to deliver the power of tokenization to Africa. DigiShares has licensed its tokenization platform to...

Racing For Heroes selects Gen2 Technologies as a Key Technology Partner

SPARKS, Nev., April 7, 2021 /PRNewswire/ -- Gen2 Technologies Inc. (the "Company") (OTC: MNIZ) is proud to announce that it has been...

Ken The Crypto tells You How to Get the Most out of the 2021 Bull Run

The year 2021 is what people call the "Bitcoin Year", and the reason is self-explanatory. This recent bull-run has brought...