Twitter founder Jack Dorsey has confirmed that the microblogging platform will support the Lightning Network solution.
“It’s just a matter of time,” Dorsey wrote in response to a proposal to embed LN into the social network.
How the Lightning Network will work on Twitter, and when the integration is planned, Dorsey did not elaborate.
Why Lightning Network is needed
The Lightning Network is an add-on for the Bitcoin network. It is used to speed up transactions on the network, make them cheaper and easier, while maintaining a high degree of security.
The developers of the Lightning Network proposed not to take into account all transactions in the bitcoin blockchain, but to put them in a separate layer, in which separate payment channels are created between the participants in the transaction. The channel works until one of the participants decides to close it, and transactions in it are processed using smart contracts.
The Lightning Network solution appeared in 2015. The developers presented it at the Scaling Bitcoin conference in Montreal. The popularity of the protocol has skyrocketed in recent years. In 2019, it was integrated by the Bitfinex cryptocurrency exchange. Kraken plans to add support for LN in 2021.
According to the Bitcoin Visuals service, almost 12 thousand nodes are currently registered in the Lightning Network. This number has more than doubled over the year.
Jack Dorsey and the Lightning Network
Jack Dorsey has a reputation as a crypto enthusiast. He has repeatedly spoken out in support of digital currencies and once even stated that Bitcoin will become the main currency of the Internet.
In 2020, Jack Dorsey-founded Square invested in Bitcoin startup Lightning Labs, which was developing applications for a second-tier solution.
In January 2020, Square’s cryptocurrency arm announced the development of the Lightning Development Kit. The complex includes APIs, language bindings, demos, and other elements to facilitate Lightning Network integration.
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