Blacklist of scam sites

Cryptocurrency

Twitter May Add Lightning Network Support


Twitter may add support for the Lightning Network (LN), a second-tier solution for the bitcoin network. This was announced by the head of the company Jack Dorsey.

“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 do you need Lightning Network

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. In recent years, the popularity of the protocol has skyrocketed. 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.

The number of nodes in the Lightning Network. Source: Bitcoin Visuals

Jack Dorsey and the Lightning Network

Jack Dorsey has a reputation as a crypto enthusiast. He has spoken out in support of digital currencies more than once 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.

Stay in touch! Subscribe to Cryptocurrency.Tech in Telegram.
Discuss current news and events at the Forum



Related posts
Cryptocurrency

Chinese mining pool BTC.com moves to Kazakhstan

Cryptocurrency

ICO, IEO, IDO as ways to get Xs in cryptocurrency

Cryptocurrency

Brian Nelson will pay special attention to the rules of regulation of the cryptocurrency market

Cryptocurrency

Michael Sailor thinks Satoshi Nakamoto deserves a Nobel Prize

Subscribe to our newsletter and
Stay up to date

Leave a Reply

Your email address will not be published. Required fields are marked *