Lightning Network Coming to Cash App?
The lightning network, a solution to bitcoin’s scaling problems may soon be available almost everywhere. Twitter and Square CEO Jack Dorsey recently announced his plans to integrate the Lightning Network with Square’s mobile app ‘Cash App’
Lightning Network Adoption
Square CEO and Bitcoin-oriented startup Lightning Labs investor Jack Dorsey stated in an interview with known podcaster Stephan Livera he has plans of integrating the Lightning Network into his apps.
It’s not an ‘if,’ it’s more of a ‘when,’ and how do we make sure that we’re getting the speed that we need and the efficiency. We don’t think it stops at buying and selling [bitcoin]. We do want to help make happen the currency aspect.
In addition to this, Jack Dorsey received the Lightning Torch on February 5. The ‘Lightning Torch’ went to Dorsey during a Lightning Network based social media event called the #LNTrustChain. In this game, each participant that is passed the torch adds some more satoshis to the payment chain. Next, they pass it onto someone else they trust on Twitter and the chain continues.
Bitcoin, last week:
– Lightning coming to Square Cash App
– Bitcoin sent over radio frequency
– Segwit transactions reach 60%
– LN reaches 700 BTC capacity
– Order pizza with BTC for less than a cent
– BTC wealth distribution continues to improve
– JP Morgan launches shitcoin
— Alec Ziupsnys (@AlecZiupsnys) February 16, 2019
Elizabeth Stark, CEO of Lightning Labs spoke on what she thought about the LN trust chain, stating:
What I think was so powerful about the torch was that it showed how quickly Lightning enables you to send money, across the internet, anywhere around the world. We’re doing to money what the internet did to information.
Rumors that lightning network features would be coming to the Cash App have finally been cleared up. In a conversation with CoinDesk, Elizabeth Stark claimed “The podcast speaks for itself”.
In other, similar news, independent Lightning Network fan Sergio Abril created a micropayments browser extension called ‘Lightning Tippin’. Also, Stark briefly spoke about this browser extension in the podcast. Since it’s initial launch in December, Tippin has managed to net over 3,200 users with thousands of invoices. This has facilitated around $7,500 worth of BTC transactions.
You can now buy Domino’s Pizza via the Lightning Network for *5% off* from anywhere in the US with <$0.01 fees, instant transactions and ~30 min delivery. Get it while it’s hot at https://t.co/3tn7O9eexo 🍕⚡️ pic.twitter.com/zvco9xU7mC
— Lightning Pizza (@LN_Pizza) February 13, 2019
I’m excited to see more examples of people earning money with lightning as well,
Abril states he would love it if Cash App was able to interact or even integrate his lightning network payment project. He claims that only time will tell how mobile apps can factor into broader network experiments.
— rallyqt (@rallyqt) February 13, 2019
In regard to the Cash App playing into the new emerging Lightning Network economy, Abril adds:
They have the power to bring lightning to the masses and turn it mainstream, there is no doubt about it.
All things considered, we believe the lightning network has a lot to offer the crypto space. To summarize, the lightning network has been growing at pretty much lightning speeds since its launch. Many people have been using it for various different use-cases such as tipping people online and even buying pizza.
What do you think about the Lightning Network? Have you set up a full node? Let us know your thoughts in the comments below!