Jack Dorsey, CEO of Twitter, yesterday hinted at the possibility of integrating Lightning Network with Twitter. Dorsey responded to a tweet from a follower saying it was “only a matter of time” that this was a fact. Dorsey is a big believer in Bitcoin and has expanded bitcoin functionality to another of his companies, Square.
Jack Dorsey points out the integration of Twitter / Lightning Network
Jack Dorsey yesterday hinted at the possibility of integrating the Lightning Network into Twitter. Dorsey specified It is “only a matter of time” that this happens by replying to a follower’s tweet. Interestingly, the conversation started around an app called the Sphinx. The app uses Lightning Network to route messages between a group of users and for payments.
Lightning Network is a second layer protocol for payment facilitation in Bitcoin. It was developed in 2016 to achieve scalability for micro payments. However, it took some time to develop the network concept in the real world. Now there are Lightning Network implementations, and most of them are functional, albeit with some limitations.
The integration nod could mean more than you think. Bluesky, the decentralized social media protocol that Twitter builds, could include Lightning Network as more than one payment method. In the same way that Sphinx Chat uses it, it could be used to become the backbone of a new architecture. This could also help in finding decentralized solutions to censorship problems. Twitter, for example, banned former President Trump last year, raising concerns about the platform’s unbridled power.
‘It’s only a matter of time’
This isn’t the first time Dorsey has made such an announcement. As early as 2019, the entrepreneur indicated the integration of the Lightning Network for Cash app. Cash App is a service from Square that allows customers to buy Bitcoin directly. The notice was made in a podcast along with Elizabeth Stark, CEO of Lightning Labs. However, the company has not yet integrated Lightning Network into the app.
On the contrary, according to Bitcoin Magazine, Cash App increased the minimum limit for Bitcoin withdrawals from 10,000 to 100,000 Satoshis in April last year. Still, Bitcoin is a huge element of Dorsey’s company and that is unlikely to change anytime soon. Dorsey also recently announced that Square could try its hand at the hardware wallet business.
What do you think of Jack Dorsey’s announcement to integrate the Lightning Network and Twitter? Let us know in the comments section below.
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