TBD, a subsidiary of Block, announced this Thursday (2) that it will be working with the Lightning Network (LN), a second-tier solution for Bitcoin. The company, founded by Jack Dorsey, the creator of Twitter, was known as Square before changing its name in December 2021.
According to the company’s note, found on international portals, its goal is to “to provide infrastructure using bitcoin from Block’s cash to make the bitcoin LN more usable and reliable for developers, enterprises and end users.”
The announcement comes a day after Bluesky, another Jack Dorsey social network, appeared on the App Store. So the Twitter founder seems to have a busy week in his company.
Block wants to expand the use of the Lightnin Network
Anyone using the Lightning Network for the first time will quickly fall in love. Instant transactions and near-zero fees are the greatest qualities of this second-tier solution for Bitcoin.
Despite this, the use of LN is still small compared to Bitcoin itself. With that in mind, Block decided to use some of his bitcoins to help the public adopt the technology.
Block holds 8,027 BTC (R$980 million) today, according to the BuyBitcoinWorldwide website, which is the eighth publicly traded company with the highest amount of Bitcoin in cash.
Speaking to Fortune, Nick Slaney did not reveal how many bitcoins will be allocated to the project. However, the TBD manager pointed out that the company will have a small passive income for every transaction that goes through the route of its nodes.
“c= [nome do novo projeto da Block] will build an infrastructure using bitcoin so that businesses and wallets can make their Lightning transactions more reliable and secure.
In other words, such Bitcoins from Block were once useless, but now they can accelerate the adoption of an important technology and also bring some fractions of Bitcoin to the company.
Bitcoin billionaires are interested in LN
Besides Jack Dorsey and Block, Michael Saylor is another billionaire who is very interested in the Lightning Network. This Wednesday (1st) Saylor shared an article about Bitcoin usage in Nigeria where LN is mentioned.
“Bitcoin and Lightning [Network] his hope for Nigeria.”
#Bitcoin And #Lightning⚡️ his hopes for #Nigeria. 🇳🇬https://t.co/o2dOmFomnb
—Michael Saylor⚡️ (@saylor) March 1, 2023
In addition, Saylor also offers LN classes on its own website, Saylor.org. So this shows that Bitcoin is created by anyone who wants to contribute to the project, even without programming knowledge.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
