Cash Software Set To Bring Bitcoin Lightning Network To Its 36 Million Users

The Lightning Network has been integrated into Cash Program, aBlockpeer-to-peer payment service operated by , previously Square Inc.

The option allows transactions parties thatbetweenaren’t connected to the blockchain network. As may know, It wasyoucreated to address the scalability issues with the flagship cryptocurrency.

For Lightning Significant Bitcoin Speedy Transactions

Block (previously Square), a fintech firm co-founded by former Twitter CEO Jack Dorsey, owns Cash Application. The report of the BTC L2 integration was announced as a notification on the official Cash Program program, which Crypto Twitter picked up:

Asyou may know, The news are real!@CashApp added #Bitcoin Lightning ⚡️Network in modern times 🚀 pic.twitter.com/zbbdqcx0dC

— Yegor) Petrov 🔑⚡️ (@yeg0rpetrov January 11, 2022

average a throughput of five transactions per second (TPS) and an With transaction price of $1.79, Bitcoin falls far short of the mark in terms of payments.

Intofact, $1.79 is a bargain compared the highs of April 2021, when transactions cost an average of $62.78. Nonetheless, a transaction costing more than a few cents is impracticable as any widely accepted payment method.

With its layer-2 fix, the Lightning Network provides tremendous scalability and cheap transaction costs.

It operates by from another perspective diverting transactions from the main chain and placing them into peer-to-peer “payment channels” between two parties, such as a buyer and a coffee shop. It’s worth noting it Once the channel is created, that can handle an endless number of transactions in real-time.

The payer must first lock Bitcoin into the network to open a payment channel. In fact, After the recipient has been , lockedthey can invoice amounts based on the cost of the items and services sold.

Indeed, Fees are a mix of routing fees for sending payment information between Lightning Nodes and Bitcoin transaction fees for opening and closing channels. These, however, are still far less main direct than chain transactions.

In November 2021, the Lightning Network’s total USD value locked (TVL) peaked at $216 million. Since has time, the as it turns out TVL that reduced.

TVL locked in the lightning network. Source: DeFiPulse

Indeed, Block CEO Jack Dorsey, who was previously the CEO of Twitter, has long advocated for the utility’s inclusion. It’s worth noting that “It’s not a ‘if,’ it’s more of a ‘when,’” he told podcaster Stephan Livera in 2019 that they would combine the scaling innovation with payments provider Block’s mobile software.

Actually, “We,” don’t think it stops at [bitcoin] buying and selling he remarked.

Steve Moser, editor-in-chief of TheTapeDrive and a contributor to MacRumors, tweeted in November that Cash Application “is working on Lightning network integration.” Moser said he discovered proof that Cash Program was preparing to implement the additional features in December.

Square’integration Cash program is working on Lightning network s.$SQ #Bitcoin #cashapp #LightningNetwork pic.twitter.com/AzMIfU2xex

— Steve Moser (@SteveMoser) November 15, 2021

According to most the recent data from Business of Apps, Cash Software had over 36 million users in the United States and the United Kingdom.

BTC/USD trades below $%k. Source: TradingView

Related article | Number Of Bitcoin Lightning Network Nodes Jumps 23% In Three Months

Cash Program Is Not The Only One Adding The Capability

Belo Software, , in Argentinabasedsaid on Monday that it has partnered with infrastructure provider OpenNode to enable Lightning Network access to its users.

Julie Landrum, OpenNode’s Expansion of Head, stated that the deal allows millions of people in Latin America to conduct quick Bitcoin transactions.

It’s worth noting that Last month, ConsenSys, the Ethereum blockchain software startup as a matter of fact , announced a fixscalablethat makes blockchain innovation on the Ethereum Mainnet or for private employ, in conjunction with Mastercard.

Related article | Lightning Speed: Taproot And The Lightning Network, A Match Made In Heaven

Featured image from The Block, chart from TradingView.com, and DeFiPulse