Square Crypto Has Just Made Huge Step Towards Increasing Bitcoin (BTC) Adoption

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Tue, 01/21/2020 - 18:47
Alex Dovbnya
The Square Crypto team has started working on the Lightning Development Kit
Cover image via U.Today
Contents

Square Crypto, the cryptocurrency division of Jack Dorsey's publicly-traded company Square, is developing the Lightning Development Kit (LDK), according to the company's latest announcement.

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Pushing Bitcoin into the mainstream

After chatting with Bitcoin wallet developers, the Square Crypto team realized that it is too cumbersome for them to integrate Lightning. There is no one-fits-all approach to integrating the Layer 2 protocol into each separate app. 

"Wallets and applications require different key store and backup mechanisms, security approaches, UX tradeoffs, and more. That means the solution is building for more wallets, not fewer."

Hence, this prompted the need for creating the LDK that is expected to simplify the process of adding support for Lightning that ideally should be supported by any wallet on multiple devices.      

 

A new frontier for Bitcoin  

Square Crypto, which will be supported by Acinq, Blockstrem, hopes that this initiative will open the door for fast and cheap Bitcoin payments. 

However, the adoption of the Lightning Network doesn't stand still. As reported by U.Today, Electrum became the first wallet to support for the LN before Bitfinex also implemented this novel feature.

Andreas Antonopoulos, the author of 'Mastering Bitcoin,' is currently working on his new book called 'Mastering Lightning.' 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.


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