Microstrategy, well-known for its Bitcoin strategy and a pro-Bitcoin ex-CEO, Michael Saylor, is now working on an Enterprise grade lightning network wallet. It shows that the company will no longer limit itself to just accumulating Bitcoins. They are also going to contribute to the network by building tech to boost Bitcoin’s usage as a payment medium. Michael Saylor recently shared the details about the same in a recent interview.
The Enterprise grade lightning network wallet
Bitcoin’s lightning network is not something new, but its adoption hasn’t been that great till now. Even though it allows for instant payments with very low costs, very few platforms support it. So, Microstrategy is taking things into their own hands and building a wallet that will allow businesses to transfer Bitcoin to employees for payroll and for other uses. It will be fast and won’t cost as much as transactions that happen on the main blockchain network.
They are also planning to use Bitcoin’s lightning network technology to build solutions that will protect websites from cyber attacks. Michael talked about a similar solution for Twitter in order to combat the bot problem. Now they are building it themselves.
The benefits of the lightning network
It is possible to use the Bitcoin network to make payments, but not feasible. Just imagine standing in a line in a grocery store waiting for 10 minutes for your payment to get confirmed. Yes, it’s gonna be a problem. At the same time, if your purchase amount is much less, you could pay a similar amount in fees or even more. All in all, paying with fiat would be a better option.
However, the layer 2 lightning network built on top of Bitcoin solves this. A temporary bridge is created between the sender and receiver when you make a transaction with this solution. The transaction happens instantly, and most importantly, it costs much less. All this is because the transactions are not even registered on the main blockchain network. So, it is feasible for daily use, like buying a coffee or paying for your lunch.
What are your thoughts as MicroStrategy is building an enterprise grade lightning network wallet? And do you think this will boost the adoption of the layer 2 solution? Let us know in the comments below. And, if you found our content informative, do share it with your family and friends.
Also Read: SEC is here to “damage or destroy” crypto says LBRY CEO.