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Twitter stock is expected to reap hugely from Bitcoin lightning network integration that could see its revenues up in the coming quarters.
Twitter Inc (NYSE: TWTR) shares closed yesterday trading at $60.30, up 0.99%. Twitter or the BlueSky platform with Bitcoin Lightning Network to ease subscription payments.
This was revealed by Jack Dorsey, co-founder and CEO of Twitter and also founder and CEO of Square. He responded to a customer’s request to integrate the Lightning Network into Twitter or BlueSky with the statement “Only a matter of time.” While his response remained vague, it was clear that the tech entrepreneur intended to link one of his platforms with his Lightning Network.
BlueSky is a decentralized social media platform launched in 2019, that operates in a similar way to conventional social sites but without central governance. Lightning Network, on the other hand, is a layer 2 payment protocol designed to solve scalability problems on Bitcoin. It expedites transaction times and cuts costs by enabling user-generated channels. Transacting times, for instance, are under a minute in comparison to the Bitcoin blockchain average of 10 minutes.
Lightning Network is already powering a couple of apps taking the moniker ‘Lapps’. These include LNtxbot, Tippin, ZEBEDEE Infuse, LNSMS.World. More recently Sphinx Chat crypto wallet and messaging service also joined the drive.
Twitter Stock and Possible Bitcoin Lightning Network Integration
Twitter stock is expected to reap hugely from Bitcoin lightning network integration that could see its revenues up in the coming quarters. According to market analytics provided by MarketWatch, Twitter stock added approximately 80.54% in the past twelve months and has gained around 11.36% since the calendar flipped back in January.
Earlier this month, Dorsey expressed consideration for the development of an open-source non-custodial Bitcoin hardware wallet. Such devices protect users from vulnerabilities of software wallets to cyber-criminals. Similar wallets include the Ledger Nano X, TREZOR T, ZenGo, and Electrum.
A day after this, Square made public its partnership with Blockstream, a blockchain infrastructure firm, in order to mine Bitcoin in a solar-powered facility. Square contributed $5 million to the deal.
So far, the company has committed $10 million into its own Bitcoin Clean Energy Investment Initiative. The aim of this was to support the “Green Bitcoin” initiative thereby, reducing the carbon footprint resulting from Bitcoin’s PoW conventional mining techniques. Dorsey has long held the opinion that green energy mining incentivizes innovation and the adoption of renewable energy. Dorsey was one of the attendees at the recently held Miami Bitcoin Conference.
Notably, the lightning network helps reduce the cost of transactions and also increases the speed of transactions. As a result, Twitter’s BlueSky could attract more crypto enthusiasts who use the platform for news updates and socializing.