Twitter co-founder’s new payment app
Twitter and Square CEO Jack Dorsey to integrate Lightning Network into Cash mobile payments app with 7 million active users.
According to him, many legal entities cooperate with the service, so the company wants users to be able to make money transfers as quickly and efficiently as possible. Adding that in this case, the question is not whether it will be implemented in practice, but rather when it will happen.
The Lightning Network is one of the second tier solutions for Bitcoin scaling. The technology provides for the creation of payment channels between users, which offload the network and transfer data to the blockchain only after they are closed or reorganized..
In 2018, Cash App became the most popular financial application in terms of the number of downloads on Google Play, and the number of its active users reached 7 million. The service allows you to work with fiat and cryptocurrency. At the same time, Jack Dorsey himself has been a supporter of bitcoin since 2013, believing that digital gold aspires to be a currency much stronger than altcoins, which are more general.
Last week he also took part in a public initiative «Lightning torch» (lightning torch). In fact, this is a relay race, providing for a series of transactions between Lightning Network users, where everyone transfers only 10 thousand satoshi to the one he trusts..
Recall that Alfa-Bank and «Rent 24» launched a blockchain service for accounting and distribution of utility bills.
text: Ivan Malichenko, photo: media.bizj