Twitter and Square CEO Jack Dorsey revealed his plan to improve Bitcoin via Square Crypto: The launch of LDK, its Lightning Development Kit, or Lightning Development Kit.
Coinciding with the development of the annual edition of the World Economic Forum (WEF) in Davos, Square Crypto (the crypto development division of Square) revealed his long-awaited plan to boost the adoption of Bitcoin.
Jack Dorsey revealed plan to improve Bitcoin: LDK
LDK is the first big announcement of Square’s crypto division, after Square was looking to hire crypto developers and pay wages in Bitcoin.
Lightning is a two-layer solution designed to work on the top of the Bitcoin network and allow payments to be made significantly faster and cheaper. The Square Crypto product will feature an API, demo applications, language links and other features that can facilitate the integration of Lightning.
Even Dorsey, CEO of Twitter, also said that the Lightning Development Kit (LDK) is designed to provide developers with an easy way to integrate the Lightning scaling solution with Bitcoin wallets.
In this regard, Dorsey celebrated the launch in a tweet:
“Square Crypto focusing on Lightning!”
The company speaks
Square Crypto said it considered a number of ways to boost Bitcoin adoption and consulted with dozens of developers before deciding to create LDK.
What we heard was a desire for flexibility when integrating Lightning. Portfolios and applications require different backup and key storage mechanisms, security approaches, UX offsets and more. That means the solution is building for more wallets, not less.
Although he believes Lightning is crucial to Bitcoin’s long-term success, the company says the technology is incomplete in its current state. Lightning was launched in March 2018 and so far it has not been able to cause widespread use, with the vast majority of Bitcoin users choosing to send and receive BTC without it.
They received support
Blockstream and Lightning Labs are supporting the project. In this regard, the company said in the official publication in Medium:
“It’s only a matter of time until low-cost instant Bitcoin payments are as common as cash used to be.”
Billionaires Jack Dorsey and Ray Dalio could be on opposite sides of the Bitcoin spectrum. What they seem to agree on is one thing, according to CCN: “Cash is no longer the king.”