Former MicroStrategy CEO talks about the company’s developments based on the Lightning Network
The company is conducting several R&D projects to create a wallet, server, and authentication options based on the payment protocol
05.09.2022 - 13:25
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What’s new? The team of analytics software company MicroStrategy is conducting several R&D projects, within which it is working on enterprise applications based on the Layer 2 (L2) Lightning Network (LN) protocol for the Bitcoin network. Solutions include the development of a wallet, server, and authentication mechanism for large enterprises. This was disclosed by MicroStrategy’s founder and board chairman Michael Saylor at the Baltic Honeybadger conference in Riga, CoinDesk reports.
What else did Saylor say? The former head of MicroStrategy called LN “the most important thing going on in the world in technology.” Saylor said that MicroStrategy is looking for solutions that will allow companies to “roll out Lightning to a hundred thousand employees” or “open Lightning wallets for 10 million customers overnight.” In his, he emphasized that the projects MicroStrategy is working on are at an early stage, and it is too early to tell what the results will be.
The advantage of LN is the ability to scale the Bitcoin network and reduce transaction fees in it. In addition, LN provides more opportunities to develop the network, Saylor believes.
What is known about the Lightning Network? The payment protocol is used to speed up transactions in the Bitcoin network and solve scalability issues. Lightning Network was first introduced to the main network in 2018.
In early August, MicroStrategy announced changes in its management team. Saylor stepped down as head of the company and was replaced by Phong Le. The entrepreneur plans to focus on buying bitcoin and promoting the cryptocurrency to the masses, while Phong Le will manage general corporate operations.
On August 31, Attorney General Karl Racine of Washington, D.C. filed a civil lawsuit against MicroStrategy and Saylor. According to him, Saylor through collusion with the company has been evading taxes for years.
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