MicroStrategy’s CEO Michael Saylor revealed that they are currently working on solutions, allowing them to gather more people to the Lightning network.
The crypto-verse has tempted businesses and individuals to invest in the crypto market. Some have completely devoted themselves to this crypto space, while others are making passive moves. However, MicroStrategy did not seem to have a choice as Michael Saylor, who converted a sleepy software company into a crypto powerhouse, wants MicroStrategy’s non-crypto sector to work on Bitcoin-related initiatives.
MicroStrategy’s Bitcoin Move On Lightning Network
Michael Saylor is one of the biggest Bitcoin advocates known for his continuous support of Bitcoin investors. Saylor proved his interest in Bitcoin with consistent purchases and endorsements. Now, further pushing MicroStrategy’s dominance in the crypto market, Michael Saylor, MicroStrategy’s former CEO and newly appointed executive chairman revealed on Saturday during a meeting at the Baltic Honeybadger conference that the firm’s team is working to develop and innovate such solutions that would enable large numbers of users to join the Lightning Network.
To be specific, the Lightning Network is a payment network on Bitcoin that offers users to develop payment channels with each other and deal with multiple transactions before they settle on the chain. Thus, it reduces the costs and transaction time: in Bitcoin, the transactions normally take over 10 minutes or longer to be confirmed.
Through a video call, Saylor mentioned that the initiative was still in its developing stages. He further praised Bitcoin’s Lightning network and said, “It is the most important thing going on in the world in technology.” As a result, Microstrategy has inclined toward developing a road that would allow other enterprises to launch “Lightning to a hundred thousand employees every day” or “open Lightning wallets to 10 million customers overnight.”
Michael Saylor said, “MicroStrategy currently has a number of R&D projects underway where we are working on Lightning enterprise applications: Enterprise Lightning Wallets, Enterprise Lightning Server, Enterprise Authentication.”
Former CEO Is A Big Fan Of Bitcoin’s Lightning Network
Saylor has constantly been focusing on his Bitcoin evangelization after stepping down as CEO. Saylor is a big fan of the Lighting network as he stated, “The advantage of Lightning is not only that you can scale Bitcoin for billions of people or reduce transaction costs to almost zero, but also that Bitcoin’s ethos is to be very cautious and not move quickly without the base layer of general consensus, but in Lightning, you can be much more aggressive in developing features and take more risks with the applications than with the underlying consensus. Bitcoin layer.”
He further noted the advantages of Bitcoin’s Lightning network and said, “But also, the ethos of Bitcoin is to go very carefully and not move fast on the base layer without the universal consensus, but in Lightning, you can move much more aggressively developing functionality and take more risks with the applications than you can with the underlying Bitcoin layer.”
The announcement from MicroStrategy closely followed New York Digital Investments Group’s (NYDIG) announcement as they revealed a Lightning accelerator during the BitBlockBoom conference in Texas in August to accelerate its protocol development.
Michael Saylor aims to make it easier and more convenient for people to use Bitcoin, potentially increasing Bitcoin’s value as the firm recently purchased $10 million worth of Bitcoin. MicroStrategy now holds 129,699 BTC, worth about $2.58 billion at current prices. Saylor’s latest bullish move on Bitcoin will attract investors and may have an impact on Bitcoin’s price action.
