Michael Saylor Thinks Lightning Network Is Important

According to Michael Saylor, MicroStrategy is developing a suite of solutions that bring large businesses to the Lightning Network.

Speaking at the Baltic Honeybadger conference in Riga – Latvia, on September 3, the Executive Chairman and former CEO of MicroStrategy said his company focuses on solutions to bring many users into the Lightning Network, a fast and cheap Bitcoin payment network.

Saylor announced her resignation as CEO of MicroStrategy on August 2, taking the board’s chairman position and taking on the new title of executive chairman.

At the time, Saylor said his successor would boost the company’s software business so he could devote time to the Bitcoin strategy. But so far, it appears that some software businesses will be integrated using Bitcoin, thereby increasing the value of the coin that MicroStrategy holds the most.

Speaking of the Lightning Network, Saylor praised it as “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 wallet, enterprise Lightning servers, enterprise authentication.”

Saylor said on the video call

MicroStrategy is looking for solutions that allow companies to “roll out Lightning to a hundred thousand employees every day” or “open Lightning wallets for 10 million customers overnight.”

But this is still too early, and it is not yet possible to see if any viable product will emerge from here, the billionaire skeptic.

In addition to Bitcoin, Saylor is an avid fan of Lightning Protocol, thinking it will become a “savior” for DeFi. He asserted:

“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, 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 developing functionality and take more risks with the applications than you can with the underlying bitcoin layer.”

In April, the former CEO also suggested that “Bitcoin on Lightning is Digital Money for the World.”

Lightning allows users to open payment channels and execute multiple transactions before paying on-chain, reducing fees and confirmation times. All in all, DeFi applications on the Bitcoin network are not yet as popular as other blockchains.

However, some analysts and researchers believe that DeFi will be sustainably implemented on the Lightning Network, based on the view that stablecoins and fully collateralized loans against BTC are useful.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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