Yesterday, Twitter CEO Jack Dorsey hinted at the prospect of integrating Lightning Network into the platform. Dorsey responded to a follower's Tweet, stating that it was “only a matter of time” before this became a reality. Dorsey is a strong supporter of Bitcoin and has integrated it into another of his firms, Square.
Jack Dorsey Hints at Twitter/Lightning Network Integration
Yesterday, Jack Dorsey alluded to the idea of combining Lightning Network with Twitter. Dorsey responded to a follower's tweet by stating that this was “just a matter of time.” Surprisingly, the debate began with a discussion of an app called Sphinx. The software makes advantage of the Lightning Network to transport communications between users and to process payments.
The Lightning Network is a second-layer system for facilitating Bitcoin payments. It was created in 2016 as a means of scaling micropayments. However, implementing the network concept in practise took time. Now, there are working Lightning Network implementations, albeit with certain limitations.
The integration nod may imply more than meets the eye. Bluesky, the decentralised social media protocol that Twitter is developing, may use Lightning Network for purposes other than money. As Sphinx chat does, it might be exploited to serve as the backbone of a new architecture. Additionally, this could aid in the identification of decentralised solutions to censorship issues. Twitter, for example, banned former President Trump last year, igniting concerns about the platform's uncontrolled power.
‘Only a Matter of Time’
Dorsey has made similar announcements previously. Earlier this year, the entrepreneur hinted at the possibility of integrating Lightning Network with Cash App. Cash App is a Square tool that enables clients to purchase Bitcoin directly. The reference was made in a podcast alongside Lightning Labs CEO Elizabeth Stark. The company, however, has not yet integrated Lightning Network into the app.
On the contrary, according to Bitcoin Magazine, Cash App upped the minimum bitcoin withdrawal limit from 10,000 to 100,000 satoshis in April. Nonetheless, Bitcoin remains a significant component of Dorsey's businesses, and this is unlikely to change very soon. Dorsey has hinted recently that Square may enter the hardware wallet market.
What do you think about Jack Dorsey’s Lightning Network/Twitter integration announcement? Tell us in the comments section below.
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