Jack Dorsey’s Square may provide liquidity for Lightning Network payment channels in near future
Bitcoiner and former Twitter CEO Jack Dorsey disclosed why he feels Proof-of-Work is so vital for the main digital currency in a debate under a tweet by FTX founder and CEO. Twitter co-founder believes that PoW is “Holy Grail” for Bitcoin, says Square might ensure liquidity for Lightning Network payment channels. He also revealed that his crypto payments company Square is looking into ways to improve the Lightning Network’s performance.
Following a recent interview with the Financial Times, Sam Bankman-Fried, the head of the FTX exchange, declared that Bitcoin (BTC) has no future as a means of payment. However, in a subsequent tweet, Bankman-Fried stated that he feels BTC has promise as a store of value. He also confirmed that the Lightning Network might be used to “xferred” Bitcoin.
And, to the question of Dorsey as to why he did not implement it, the FTX CEO provided no reply.
When Matthew Daniel Green, a US cryptopgrapher, wondered if Square would be able to provide adequate liquidity for payment channels based on the Lightning Network, Jack Dorsey replied that his Square crypto payments firm is looking into it.
During the conversation, millionaire and Bitcoin maximalist Jack Dorsey claimed that the Proof-of-Work algorithm is the “Holy Grail” for BTC, claiming that it is the “simplest” and “most intuitive” and that only PoW is trusted enough to secure “digital gold” decentralization.
Furthermore, it eliminates single points of failure on the BTC network, while Proof-of-Stake, he claims, is a single proof of failure, and PoS will not grow.
In terms of Bitcoin, Dorsey recently stated that he is not concerned about the current price drop since he believes that increased use would help the BTC price rise in the long run.
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