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Twitter’s Chief Executive Officer Jack Dorsey has hinted that the Lightning Network will soon be integrated into the social media giant.
Only a matter of time
— jack (@jack) June 11, 2021
The Lightning Network is a layer-two solution that is built on the Bitcoin Blockchain. The protocol is probably going to be used for micropayments. Already Twitter-enabled solutions have been developed for such payments. However, Dorsey has not provided any further details about the integration.
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Dorsey expressed his praise for the Sphinx Chat, a messaging app powered by the Lightning Network. This prompted a follower to ask him to consider building the network into Twitter or BlueSky. In response, the Twitter founder said “Only a matter of time.”
The Lightning Network enables cheaper and faster transactions as it facilitates user-generated channels when sending and receiving payments.
Square to launch hardware wallet
Dorsey’s tweet is coming at a period Square is trying to expand its digital asset operations.
Although not as active as Tesla’s Co-founder Elon Musk, Dorsey has always been a Bitcoin enthusiast. He recently announced on Twitter that the company he co-founded, Square, is planning to launch a crypto hardware wallet.
Square is considering making a hardware wallet for #bitcoin. If we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community. We want to kick off this thinking the right way: by sharing some of our guiding principles.
— jack (@jack) June 4, 2021
The company is also partnering with blockchain technology firm Blockstream to build a solar-powered Bitcoin mining facility.
Square will be investing $5 million into the solar mining facility. This is coming at a period Bitcoin is receiving a lot of criticism due to its extreme use of fossil fuel for mining.
Dorsey committed to solving Bitcoin’s environmental concerns
The issue has been a concern for the crypto community, but Tesla’s resolve to suspend acceptance of Bitcoin as payments made it widely known. At the same period, China decided to ban Bitcoin, citing the environmental concerns of mining the digital asset.
This coincided with a sharp fall in the price of the currency to around $30,000. Although it has started picking up again, Bitcoin is still a far cry from the all-time high level of $63,000 it reached in April.
Dorsey is among those working to make Bitcoin more environmentally friendly. Square has already committed $10 million towards the realization of zero carbon emission Bitcoin mining.