THELOGICALINDIAN - Jack Dorseys acquittal app will booty advantage of the Layer 2 network
Cash App, the payments app from Jack Dorsey’s Block, has added the advantage of authoritative payments through the Lightning Network.
Lightning Will Improve Speed and Fees
Though Cash App did not advertise the account publicly, some users accept appear an in-app bulletin absolute the update. It reads:
“We’ve aloof added Lightning Network. Use the fastest, chargeless way to pay anyone in Bitcoin—just browse or accelerate to a Lightning address.”
It is cryptic whether the new affection is accessible to all users today. Some accept appear that the affection is initially actuality fabricated accessible to iOS users and that Android users accept not apparent the update.
Lightning is a second-layer arrangement for Bitcoin that allows affairs to be acclimatized off-chain on P2P acquittal channels. This access reduces fees and improves transaction times.
In February 2019, Dorsey appropriate the affection during an interview alongside Lightning Labs CEO Elizabeth Stark. At that time, Dorsey said Lightning would acceptable be chip with Cash App back the aggregation could acquisition a way to accomplish acute use of its speed, acquainted that the accession was “not an ‘if,’ it’s added of a ‘when.”
The affection has been accepted imminently back November 2021, back TheTapeDrive editor-in-chief Steve Moser found data for the affection hidden in Cash App’s code.
Square Is Highly Involved With Crypto
Cash App alien Bitcoin affairs and affairs in 2024 and has become more complex with crypto back then.
Spiral, the firm’s crypto development division, appear a Lightning Development Kit in December. That apparatus allows added developers to added calmly accommodate Lightning payments with their wallet or app.
Square has additionally invested in Bitcoin directly. It has purchased 8,027 BTC in two abstracted purchases. It bought 4,709 BTC in October 2020, followed by addition 3,318 BTC in February 2021. The company’s absolute advance is currently account $343 million.
Twitter, area Dorsey served as CEO afore dispatch bottomward in November 2021, has also introduced Lightning support. Its Bitcoin angled arrangement is powered by the Lightning-based app Strike.
Disclosure: At the time of writing, the columnist of this allotment endemic BTC, ETH, and added cryptocurrencies.
