Jack Dorsey has plans to integrate bitcoin’s lighting network into Twitter
Jack Dorsey, CEO of Twitter and Square, wants to integrate Bitcoin's Lightning Network sidechain in either twitter or BlueSky
Recently, Dorsey uncovered that Square plans to foster an open-source non-custodial Bitcoin equipment wallet.
The news comes from Dorsey’s tweet when he responded to a twitter user Deyonté who had asked Dorsey to incorporate the Lightning Network into Twitter or BlueSky. BlueSky is created by Jack Dorsey to develop an open and decentralized standard for social media. Dorsey answered and said, “Only a matter of time.”
Dorsey's remark shows up deliberately unclear, with the comment seeming open to be deciphered as affirming that either BlueSky or Twitter, or even the two organizations, could be moving toward a Lightning combination.
The integration nod could mean more than one might think. Bluesky, the decentralized social media protocol Twitter is building, might include Lightning Network as more than a payment method. In the same way, Sphinx chat is using it, it could 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.
Dorsey who has been a vocal proponent of bitcoin, recently has said he has plans to create hardware wallet for bitcoin with the help of crypto community. Hardware wallets store user’s private key which is the critical piece of information sued to authorize transactions on blockchain network in a secure hardware device and gives the user extra layer of protection.Dorsey also has invested $5 million in Blockstream for solar-powered Bitcoin mining facility.Dorsey has also invested $10 million in Bitcoin Clean Energy Investment Initiative in December 2020.
CBW - External Analyst