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Jack Dorsey's Square May Provide Liquidity for Lightning Network Payment Channels in Near Future

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Mon, 05/16/2022 - 15:32
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Yuri Molchan
Twitter co-founder believes that PoW is "Holy Grail" for Bitcoin, says Square might ensure liquidity for Lightning Network payment channels
Jack Dorsey's Square May Provide Liquidity for Lightning Network Payment Channels in Near Future
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In a discussion under a tweet by FTX founder and CEO, Bitcoiner and former Twitter CEO Jack Dorsey revealed why he believes Proof-of-Work to be so important for the flagship digital currency.

He also stated that his crypto payments company Square is looking into improving the work of the Lightning Network.

Jack Dorsey opposes FTX CEO on Bitcoin

After his recent interview with the Financial Times, the head of the FTX exchange Sam Bankman-Fried stated that Bitcoin has no future as a means of payment.

In a tweet that came out later, however, Bankman-Fried said that he believes BTC does have potential as a store-of-value. He also admitted that Bitcoin can be "xferred" using the Lightning Network.

However, to the question of Dorsey as to why he did not implement it, the FTX CEO provided no reply.

Square looks into providing enough liquidity for Lightning Network

Jack Dorsey also stated that his Square crypto payments company is looking into providing enough liquidity for payment channels based on the Lightning Network, when Matthew Daniel Green, a U.S. cryptopgrapher, asked whether Square would be able to do this.

So far, Green tweeted, it is not clear if the Lightning Network would provide enough liquidity to work with real payments at scale.

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PoW is the "Holy Grail" for Bitcoin, Dorsey says

In the course of the discussion, billionaire and Bitcoin maximalist Dorsey insisted that the Proof-of-Work algorithm can be considered the Holy Grail for BTC, stating that it is the "simplest" and "most intuitive," and that only PoW is trusted enough to ensure decentralization for digital gold.

Besides, it is removing single points of failure on the BTC network, and Proof-of-Stake, according to him, is a single proof of failure and PoS will not scale.

As for Bitcoin, Dorsey has recently tweeted that he is not watching the current Bitcoin fall since he believes that expanding adoption will help the BTC price to surge in the long term again one way or another.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.