Jeff Fawkes is a seasoned investment professional and a crypto analyst. He has a dual degree in Business Administration and Creative Writing and is passionate when it comes to how technology impacts our society.
Jack Dorsey is working hard to deliver the new Bitcoin scaling solution that may help the Lightning Network developers.
Engineers from Square Crypto want to build a product that will make LN integration easier for the wallet developers. Whether Lightning Network is a good scaling solution or not is defined by adoption rates. So far, it is used mostly by the exchanges and people directly supporting Bitcoin Core. However, Twitter CEO Jack Dorsey thinks that development (and adoption) must flow faster. His revolutionary solution is called Lightning Development Kit (LDK) and is a creation of Jack’s new company.
It has already obtained a license on operating as a crypto-to-fiat payment gateway. Messari analysts claim that Square Crypto won the license on a new type of ‘payment network’.
The development team behind Jack is working on a new protocol that will integrate Lightning Network payments directly into wallets. As for now, after two years of LN development, only a few of crypto wallets support LN addresses and protocol. Users are losing funds while experimenting with it, and the code is under extensive testing. Many of the LN critics write tons of articles claiming that the system has too many bugs, as well as problems with delivering the features on time.
Experts Set Unbelievable Price Predictions
Tim Draper didn’t withdraw from his bet that Bitcoin price can reach $250,000 in the year 2020. The venture investor and famous Bitcoin bull claims that many of the vendors across the globe are tired to lose 4% of their profits because of bank card usage. With the help of cryptocurrencies such as Bitcoin, merchants could save lots of money. Draper indicates this as the key reason behind the need to improve Bitcoin’s scalability.
The problem of scaling is somewhat old, with the Bitcoin Core key developers prefer using second-layer solutions instead of the block size increase proposed by the ‘big blockers’. The majority of the Bitcoin community thinks that big blocks can centralize the network and kick out the old nodes. From the other side, when the mempool is full and Bitcoin cannot process transactions in 10 minutes, people stop using the cryptocurrency. This reflects on the price negatively, as shown several times already, when Bitcoin bounced back from the 12-14K levels.
Despite the situation, Ark Invest claims that Bitcoin is set to jump to $3 trillion market cap.