Home News Bitcoin Twitter Co-founder Hints at Bringing Scaling Tech to Cash App

Twitter Co-founder Hints at Bringing Scaling Tech to Cash App

February 12, 2019 11:54
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Co-founder of Twitter, Jack Dorsey is dropping one surprise after another. Just last week, he announced that he was a community member of the Lightning Network by sending 2860000 satoshi to fellow Bitcoin community member, Matt Odell, as previously reported by Crypto-News India.

For the uninitiated, the ‘Lightning Torch’ is based off upon the concept of the famed Olympic Torch where users of the lightning network send transactions and to communicate use the hashtag #LNtrustchain. Each user receives the transaction, adds a nominal amount of 10,000 satoshis (about $0.34) and passes it to someone else they trust, news portal Coin Telegraph had explained.

Now, Dorsey announced that he might be bringing the scaling technology to the Square app. In a podcast hosted by Stephen Livera, the podcast also saw Elizabeth Stark, the Chief Executive Officer (CEO) of Lightning Labs talk about the Lightning Torch.

Talking about how he became a part of the Torch, Dorsey said, “I was made aware of it by our Cash App team. Someone had mentioned me on Twitter as the recipient of the Torch. Our Cash app team has a lightning node running.” Stark excitedly added, “William Shatner tweeted about bitcoin.”

Asked about who would he send it to, Dorsey thought Elon Musk would be a good candidate for that. Dorsey further stated, “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.” He added, “We don’t think it stops at buying and selling [bitcoin]. We do want to help make happen the currency aspect.”

This was not the first time, the Twitter CEO had sounded his support for the cryptocurrency. Last year in March, at the time of promoting his cryptocurrency app Square, Dorsey had said, “It’s slow and it’s costly, but as more and more people have it, those things go away. There are newer technologies that build off of blockchain and make it more approachable.” (It) does not have the capabilities right now to become an effective currency.”

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