Cash App to Support Lightning Network, Dorsey Said

Twitter CEO this in an interview for a podcast about Bitcoin, which is conducted by Stefan Leiver
12 February 2019   608

The head of Twitter and Square Payment service, Jack Dorsey, said that he considered it only a matter of time to integrate the Bitcoin microtransaction protocol into the Cash App, Cointelegraph reports.

He said this in an interview for a podcast about Bitcoin, which is conducted by Stefan Leiver. Elizabeth Stark, CEO of Lightning Labs, was another interviewee.

In particular, answering the question about the possible implementation of the Lightning Network in the Cash App, which in December 2018 became the most popular financial application on Google Play, Jack Dorsey said:

We have a massive seller network of businesses [of different sizes] [...] We would love to make [Bitcoin payments] as fast and efficient and transactional as possible and that includes looking at our seller base and our register. It’s not an ‘if,’ it’s a ‘when.

Jack Dorsey

CEO, Twitter

Dorsey, who had previously stated that Bitcoin will become the native currency of the Internet, also spoke about his admiration for the early movement of encryption and how he became acquainted with the “stunning, simple and beautiful” white paper bitcoin. It happened in 2013, when Square was also only at the very beginning of its journey. He also stressed that he puts Bitcoin apart in comparison with other Altcoins.

It feels it’s the one that wants to be currency the most, versus others that are doing more general purpose things or distributed computing [...] I think [the altcoin space] has generated some really amazing ideas, but I’m focused on currency and the transactional aspect.

Jack Dorsey

CEO, Twitter

According to the results of the third quarter of 2018, Square's profit from the sale of Bitcoin was $ 43 million, while in the previous quarter this amount was $ 37 million. In addition, in November, Square bypassed Twitter by capitalization.

In January, 2018 Square made the purchase and sale of Bitcoin available to almost all US citizens, with the exception of Wyoming, New York and two more states. However, already in June, Square received a BitLicense, a special license that allows them to operate in the state of New York, and in August announced that this opportunity is available throughout the United States.

In addition, last year, Square patented a blockchain technology for fast cryptocurrency payments, and also released the source code for offline storage for bitcoins.

Lightning Network Wallet by Breez to be Out For iOs

Solution is based on the lightweight client called Neutrino and it wallet supports Submarine Swaps technology
18 June 2019   148

The Breez payment platform introduced a non-custodial wallet for iPhone that supports the Lightning Network protocol.

The basis of the new product is a lightweight client Neutrino. It is also known that the wallet supports Submarine Swaps technology, which makes it possible to conduct transactions between online addresses and the Lightning Network.

The company's blog says that immediately after installation, the application automatically connects the channel to the so-called Breez hub connected to other Lightning nodes, which allows the user to conduct transactions with any participants in the second-level network. In addition, according to the founder of the company, Ron Scheinfeld, the possibility of a refund is provided in the event of challenging purchases.

In a Lightning economy, people trade money for goods and services. Intermediaries — banks, credit cards, online payment processors, and custodians of any kind — are obsolete. All that remains are the people, trading with each other anywhere, anytime, free to do what each of them thinks is best with their own money. Scale is no longer a concern. Transactions are virtually instantaneous and practically free. The people are free too. Finally.

Roy Sheinfeld
Co-Founder and CEO, Breez

The company also noted that within only two months after the release of the version for Android, Breez benefited from "hundreds of users." Currently, the wallet is in beta.

On the eve of the release of the iOS application, the startup managed to attract $ 500,000 from Recruit Strategic Partners and Fulgur Ventures. The funds will be used to develop an application for merchants, allowing them to accept Lightning-payments.