March 29, 2024

Twitter will add Lightning Network support to Bitcoin network

Twitter will add Lightning Network support to Bitcoin network

Twitter may add support for the Lightning Network (LN), a layer-2 solution for the Bitcoin network. This was reported byhead of the company Jack Dorsey.

"It's just a matter of time.", Dorsey wrote in response to a proposal to integrate LN into a social network.

How the Lightning Network will work on Twitter and when the integration is planned, Dorsey did not elaborate.

Why Lightning Network is needed

The Lightning Network is an add-on to the Bitcoin network. It is used to speed up online transactions, make them cheaper and easier, while maintaining a high degree of security.

Lightning Network developers have proposeddo not take into account all transactions in the Bitcoin blockchain, but place them in a separate layer, in which separate payment channels are created between transaction participants. The channel operates until one of the participants decides to close it, and transactions in it are processed using smart contracts.

The Lightning Network solution appeared in 2015.The developers presented it at the Scaling Bitcoin conference in Montreal. The popularity of the protocol has grown dramatically in recent years. In 2019, it was integrated by the Bitfinex cryptocurrency exchange. In 2021, the Kraken exchange plans to add support for LN.

According to the Bitcoin Visuals service, almost 12,000 nodes are currently registered in the Lightning Network. This number has more than doubled over the year.

Twitter will add Lightning Network support to Bitcoin network

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Jack Dorsey and the Lightning Network

Jack Dorsey has a reputation as a crypto enthusiast. He has repeatedly spoken out in support of digital currencies and once even stated that Bitcoin will become the main currency of the Internet.

In 2020, Square, founded by Jack Dorsey, invested in Bitcoin startup Lightning Labs, which was developing applications for the second layer solution.

In January 2020, the cryptocurrency divisionSquare announced the Lightning Development Kit. The suite includes APIs, language bindings, demos, and other elements to facilitate Lightning Network integration. And in June 2021, it became known that Square was considering the possibility of creating a hardware wallet for Bitcoin.

Where is it more profitable to buy bitcoin? TOP-5 exchanges

For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposits and withdrawals of funds inrubles, hryvnias, dollars and euros.

The reliability of the site is primarily determinedtrading volume and number of users. By all key metrics, the largest cryptocurrency exchange in the world is Binance. Binance is also the most popular crypto exchange in Russia and the CIS, since it has the largest cash turnover and supports transfers in rubles from bank cardsVisa / MasterCardand payment systemsQIWI, Advcash, Payeer.

Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?

Rating of cryptocurrency exchanges:

# Exchange: Website: Rating:
1 Binance (Editor's Choice) https://binance.com 9.7
2 Bybit https://bybit.com 7.5
3 OKEx https://okex.com 7.1
4 Exmo https://exmo.me 6.9
5 Huobi https://huobi.com 6.5

The criteria by which the rating is set in our rating of crypto-exchanges:

  • Work reliability&#8212; stability of access to all functions of the platform, including uninterrupted trading, deposits and withdrawals of funds, as well as the duration of the market and daily trading volume.
  • Commissions– the amount of commission for trading operations within the platform and withdrawal of assets.
  • Feedback and support– we analyze user reviews and the quality of technical support.
  • Convenience of the interface– we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
  • Platform Features– availability of additional features &#8212; futures, options, staking, etc.
  • final grade– the average number of points for all indicators determines the place in the ranking.

Twitter will add Lightning Network support to Bitcoin network

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