Jack Dorsey, CEO of Twitter, is a big Bitcoin proponent and is looking to integrate lightning network on Twitter, this is not much of a surprise as he has extended Bitcoin functionality to another of his companies, Square.
The CEO of Twitter Jack Dorsey on Friday from a tweet stated that there is a chance of integrating Lightning Network into Twitter. He also stated that it was “only a matter of time” for this progress to be implemented while answering a follower’s tweet. Fascinatingly, this conversation started around an app called Sphinx.
This app (Sphinx) uses Lightning Network as a means of communicating messages between a set of users and also for payments. The Lightning Network was built as a second layer protocol on the Bitcoin blockchain used for payment facilitation and also helping to achieve faster and easier transactions.
The network was designed in 2016 as a way of achieving flexibility for micropayments. However, rolling out the network concept in the real world took quite some time to achieve. Now, there exist Lightning Network implementations that are mostly functional, however bearing certain limitations.
This integration might just be the tip of the iceberg. Bluesky, the decentralized social media protocol Twitter is building, might include Lightning Network as more than just a payment method but also bearing other features.
It might come in the same format Sphinx chat is using, or might be leveraged to become the backbone of a new architecture. This could also help with the discovery of decentralized solutions to censorship problems. Twitter banned former President Trump last year, for example, awakening worries about the unchecked power of the platform.
The announcement is not the first of its kind, as seen in 2019, the entrepreneur hinted at the integration of Lightning Network for Cash App. Cash App is a service provided by Square Inc., that allows customers to buy Bitcoin directly and also do a variety of financial transaction online.
The reference was made in a podcast along with Elizabeth Stark, CEO of Lightning Labs. However, the company has still not made the hint of integrating the Lightning Network into the app a reality
In contrary to the decision that was to be made, Cash App increased the minimum bitcoin for withdrawal from its limit of 10K to 100K satoshis earlier in April this year, as reported by Bitcoin Magazine. Bitcoin still remains an integral part of Dorsey’s companies and the possibility of it changing anytime soon is quite uncertain.
The CEO, Dorsey, also recently announced Square might find a niche in the hardware wallet business soon.