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.
and you didn't bring up Lightning because...?— jack⚡️ (@jack) May 16, 2022
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.
we are looking at this— jack⚡️ (@jack) May 16, 2022
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.
it actually is. it's the simplest and most intuitive. and the one that can be most trusted given how decentralized it can be.— jack⚡️ (@jack) May 16, 2022
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.