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.”
