Michael Saylor’s company, Microstrategy, plans to offer Bitcoin Lightning Solutions in 2023. Michael is a firm believer in Bitcoin and is quite optimistic about its future. This is also the reason that Microstrategy is the largest corporate holder of Bitcoin, with 132,500 Bitcoin after their latest purchase. Saylor announced in Twitter spaces that they are looking at various software solutions that use the Bitcoin Lightning Network.
More about Microstrategy’s new solutions
Michael announced the new solutions would cater to enterprises in their marketing efforts and offer cybersecurity for their websites. As a company, Microstrategy is a business intelligence software that offers features to help enterprises make data-driven decisions and improve business processes. Their software also includes dashboards, scorecards, reporting and several other features that can help businesses in their day-to-day operations.
The company’s solutions are currently running on Amazon’s AWS and Microsoft Azure cloud servers. However, it seems that they might shift to blockchain and run their solutions in the Bitcoin lightning network. For this, Microstrategy is also hiring a Bitcoin Lightning Software Engineer that can help them build a SAAS platform on the Lightning Network.
Their solution will take deposits from users in Satoshi, which will help prevent cybersecurity attacks. Visitors to the website must make a security deposit to get safe passage to sensitive corporate websites, and once they return, the deposit will be instantly reversed. With Bitcoin Lightning Network, the transactions will be instant, which is not possible with a credit or debit card. We might be able to see a beta version of it in the first quarter of 2022.
The Lightning Network
Built on top of Bitcoin, the Lightning Network (LN) is a layer-2 solution. LN was developed as a solution to Bitcoin’s scaling problems, specifically the speed and cost of Bitcoin transactions. The current theoretical maximum transaction rate (TPS) for Bitcoin is 10, although, in practice, it is more like 3 to 7. Compare this to established payment processors like VISA, which processed 6,000 TPS on average in 2020 (based on VISA’s claim of 188 billion transactions annually).
What are your thoughts as Microstrategy plans to offer Bitcoin Lightning solutions? And do you think enterprises will be interested in a SAAS platform like that? Let us know in the comments below. And, if you found our content informative, share it with your family and friends.