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

Must Read

NiceCash Lets Anyone Get Maximum Out of DeFi

in One Click NiceCash launches its nVaults -...

CubeBit has come forward to sponsor Future Blockchain Summit 2020

November-18-20 - CubeBit 2.0 has come forward to sponsor Future Blockchain Summit 2020. The event will be held at...

Bitcoin Eyeing $11800 After Intense Drop

As we saw earlier today, Bitcoin started by declining from $11349 to $11176, roughly 1.76%.
- Advertisement -BTCClicks.com Banner
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

Wyoming Amends Insurance Code to Allow Insurance Companies to Invest in Bitcoin & other Cryptos

In the first provision of its kind, Wyoming is allowing the domestic insurers to invest...
- Advertisement -Earn Free Bitcoin

CubeBit has come forward to sponsor Future Blockchain Summit 2020

November-18-20 - CubeBit 2.0 has come forward to sponsor Future Blockchain Summit 2020. The event will be held at the Dubai World Trade Centre,...

USDT Is A Game Changer For Online Poker

CoinPoker - the flagman of the industry, the biggest and the oldest pure crypto poker room is the first to...

DeepTradeBot: The innovation of large companies at your service

DeepTradeBot is a collection of automated trading tools developed by Deep Neuro Networks LTD, a London, England-based company dedicated to artificial intelligence and...

Flyp.me Instant Crypto Exchange Now Supports REN Token Trading

Decentralized finance is leading the way of the cryptocurrency industry, with the REN Protocol at the front. REN Protocol is...