Michael Saylor, former CEO of MicroStrategy, has announced that his company is working on developing an enterprise application for the Lightning Network.
MicroStrategy, the business intelligence company led by Michael saylor, has announced that they are working on creating business apps for Lightning Network, the Bitcoin scalability protocol, with which it aims to improve the institutional adoption of the main cryptocurrency.
The company is known for its massive Bitcoin purchasing strategy. Without going any further, between May 3 and June 28, 2022, the company added 480 BTC to your treasury, worth about 10 million dollars. In total, it is estimated that MicroStrategy's holdings could be more than 129.000 Bitcoins, becoming the company with the most cryptocurrencies in its treasury.
On August 2, MicroStrategy announced that Michael Saylor will become CEO, allowing him to focus on Bitcoin acquisition strategy, as well as related Bitcoin promotion initiatives.
A day later, on August 3, during a video call, Saylor explained that MicroStrategy already has several R&D projects related to Bitcoin and the Lightning Network underway. In this sense, the CEO explained that they are working to develop various business applications over the network, which will improve institutional adoption of Bitcoin.
Among the applications they are developing are: LIghtning business wallet, Lightning business servers, and a business authentication system.
Saylor believes that the main advantage of Lightning is that it allows Bitcoin to scale and reduce transaction costs to almost nothing. Besides, complies with the Bitcoin philosophy, not to scale the main layer too quickly, offering a different layer in which to develop applications and functionalities at greater speed.
What is Lightning Network?
Lightning Network is a layer two scaling protocol. Although it is commonly believed that this is a layer two of Bitcoin, in reality it is not exclusive, since other cryptocurrencies, such as Litecoin, have also implemented it.
As a layer two solution, it allows users to make transactions without having to record each one of them on the blockchain. In short, the operation of the network depends on the non-malleability of cryptocurrency is secured, since this way it is impossible to change transaction information.
The Lightning Network is separate from Bitcoin, it has its own nodes and software, but maintains communication with the main network. To enter or leave the Lightning Network it is necessary to create special transactions in the blockchain, creating a kind of smart contract with another user.
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