Lightning Network (LN) streamlines micropayments, but its benefits don’t stop there. It also allows for greater accessibility of the market’s first cryptocurrency, while improving its usefulness for merchants, businesses, and consumers.
That’s what Jack Dorsey, CEO of Block, founder of Twitter and bitcoin (BTC) enthusiast, suggests. It celebrates that the layer two solution is an open and transparent network, which, like the main network, allows anyone to make payments without having to notify the state.
“Speed isn’t necessarily the most important thing in Lightning, but the fact that, for example, I can turn on a miner at home, transfer the bitcoins to the Slush Pool, wait for the funds to be sent into my wallet, and then go out and buy a taco,” Dorsey explained in an interview with Michael Saylor. CEO of MicroStrategy and bitcoin enthusiast. “It changes everything. I did not go through a bank or the government. I went through a calculation and solving an extremely complex puzzle” —he added.
The good thing is that this puzzle, as he called it, is that “it is self-regulated, on an open network, with an open protocol.”
“I think Lightning makes Bitcoin even more accessible, especially for sellers. This certainly makes it more convenient for people as they don’t have to wait for a transaction moment and we have the opportunity to see a large-scale experience in El Salvador” — Jack Dorsey stated.
“There’s probably a big part of the future happening in El Salvador right now that’s not evenly distributed around the world, and little by little it will be” — he added.
The director specifies that, via LN, much will be learned and improved at Bitcoin, through the concept of open monetary system. “And I think there will be lessons that will be very important as we continue to evolve this around the world,” he added.
According to Dorsey, Bitcoin is capable, deliberate, and predictable. In addition, it has received “a lot of blows”, especially from some traditional media, which criticize, for example, the delay in processing transactions (which coincidentally solves LN).
“But slow things tend to last and be much more predictable in terms of direction. They tend to be much safer. They tend to have much better availability and usability than anything else” — he explained.