co-founder and CEO — also the founder and CEO of -based ₿itcoin ()-supporting payments service — said that rolling out the on Square’s Cash App is a question of “when, not if.” Dorsey made his remarks during an alongside , co-founder of Lightning Labs, on the Stephen Livera podcast Feb. 11.
The Lightning Network (LN) is a second-layer solution to ₿itcoin’s , which works by opening payment channels between users that keep the majority of transactions off-chain.
In response to a question regarding possible LN support on the popular Cash App — which became the downloaded finance app on Google Play this December — Dorsey said:
“We have a massive seller network of businesses [of different sizes] […] We would love to make [bitcoin payments] as fast and efficient and transactional as possible and that includes looking at our seller base and our register. It’s not an ‘if,’ it’s a ‘when.’”
Dorsey, who is for his conviction that ₿itcoin will become the “native currency of the internet,” spoke during the podcast of his early fascination with the cypherpunk movement and his encounter with the “amazing, simple, beautiful” ₿itcoin white paper in 2013, when Square was still in its early days.
Notwithstanding the “negative lens” that has filtered much of the awareness around ₿itcoin, Dorsey said its spectacular brand traction and congruity with the internet’s core ideals have forged a unique resilience and lasting power for the coin. He set it apart from other cryptos, arguing that:
“It feels it’s the one that wants to be currency the most, versus others that are doing more general purpose things or distributed computing […] I think [the altcoin space] has generated some really amazing ideas, but I’m focused on currency and the transactional aspect.”
In November 2018, Square it had generated $43 million in ₿itcoin revenue for Q3 2018, from $37 million the preceding quarter. That same month, the company’s market cap surpassed that of Twitter.
Just last week, Dorsey in a community project demonstrating the functionality of LN, dubbed the “Lightning Torch.” The initiative entailed a series of transactions relayed between LN users, with each participant adding a nominal sum (10,000 satoshis, or ~$0.34) and passing it on to someone else they trust.
Last month, the Lightning Network a milestone capacity of $2 million and has a capacity of 656 BTC (about $2.39 million) at .
Published at Mon, 11 Feb 2019 19:42:00 +0000
