MicroStrategy To Use Lightning Network In An Attempt To Boost Usage
- Michael Saylor, who turned a stagnant software firm into a crypto powerhouse, now wants the non-crypto part of MicroStrategy to work on Bitcoin-related initiatives.
- The executive chairman and former CEO said that the firm’s team is working on developing solutions that would allow a large number of people onto the Lightning Network.
One of the biggest Bitcoin proponents known for his constant support to Bitcoin investors, Michael Saylor, who turned a stagnant software firm into a crypto powerhouse, now wants the non-crypto part of MicroStrategy to work on bitcoin-related initiatives.
On Saturday, while speaking at the Baltic Honeybadger conference, MicroStrategy’s newly-appointed executive chairman and former CEO Saylor said that the firm’s team is working on developing solutions that would allow bringing a large number of people onto the Lightning Network.
Notably, Lightning Network, a payment network on Bitcoin, enables users to establish payment channels with one another and exchange several transactions before settling on-chain. This reduces costs and confirmation times.
Since the announcement of Saylor stepping down from the CEO position on August 2, he has been continuously focusing on his BTC “evangelization.” It seems like at least a section of that software firm will be put to use in making it simpler for people to use bitcoin, which might raise the value of the Bitcoin the company currently holds.
Saylor believes that Lightning is “the most important thing going on in the world in technology.”
“MicroStrategy has got some R&D projects going on right now where we’re working on enterprise applications of Lightning: enterprise Lightning wallets, enterprise Lightning servers, enterprise authentication,”
he added.
Saylor said that his business intelligence company is looking to bring solutions that the companies could use to “roll out Lightning to a hundred thousand employees every day” or to “open Lightning wallets for 10 million customers overnight.”
Being a big fan of Lightning, he reiterated his stance on the payment network by stating:
“The advantage of Lightning is not just that you could scale up bitcoin for billions of people, or drive the transaction cost to nearly nothing, but also that the ethos of bitcoin is to go very carefully and not move fast on the base layer without the universal consensus, but in Lightning, you can move much more aggressively in developing functionality and take more risks with the applications than you can with the underlying bitcoin layer,”
The announcement comes shortly after the New York Digital Investments Group (NYDIG) opened a Lightning accelerator to jumpstart protocol development during the BitBlockBoom conference in Texas in August.
It is important to note that MicroStrategy, which owns 129,699 BTC, worth about $2.58 billion at the current market price, is known for holding more BTC than any other publicly-traded company.However, Saylor has recently made headlines for more reasons than just cryptocurrency. On August 31, the District of Columbia’s attorney general filed a lawsuit against him for allegedly evading taxes for the last ten years.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
