Feb 12, 2019 00:30 UTC
Feb 12, 2019 at 11:15 UTC
Integration of Lightning Network into Cash App Only a Matter of Time: Jack Dorsey
Jack Dorsey, who is the co-founder as well as CEO of widely successful microblogging site Twitter, is also the CEO of Square, which handles a Bitcoin payment service – and according to him, Square’s Cash App is definitely likely to integrate the Lightning Network (LN). Speaking in an interview where Lightning Labs co-founder Elizabeth Stark was also in attendance, Dorsey said that it was nothing but a matter of time when it came to integrating LN into the Cash App. The interview was a part of the Stephen Livera.
You May Also Read: What is the Lightning Network?
The Lightning Network is a basically a second layer that can be superimposed on the Bitcoin blockchain to do away with as much of Bitcoin’s scalability concerns as possible. What LN basically does is it makes off chain transactions possible by establishing intra-user payment channels.
You May Also Read: Pros and Cons Of Lightning Network
When he was asked about whether the new and popular Cash App would go on to integrate the LN tech, Dorsey commented:
“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.’”
The Cash App has quickly risen the charts to become the most downloaded finance related app on the Google Play Store across android devices.
Dorsey’s faith in Bitcoin specifically and cryptocurrencies, general, seem to be quite steadfast. A while ago he had even said that he was sure Bitcoin would soon become internet’s native cryptocurrency soon. Dorsey came across the Bitcoin white paper as early as 2013, when Square was still quite nascent and Bitcoin was relatively new in th market. He describes this crypto coin as an “amazing, simple, beautiful” contest. Speaking about Bitcoin, he said:
“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.”