Twitter CEO Builds on Bitcoin, as Facebook’s Crypto, Libra, Faces another Back-Out

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Square Crypto

Twitter CEO Builds on Bitcoin, as Facebook’s Crypto, Libra, Faces another Back-Out

After the exit of PayPal, Ebay, MasterCard, Uber and more. Now, Vodafone has also decided to call it quits from the Libra Association. Vodafone was one of leading firms in the list of validators on the Libra Blockchain.

Moreover, in a bid to pursue their goals towards improvements in the payment and financial services industry. The spokesperson for Vodafone told the media,

“We remain fully committed to that goal and feel we can make the most contribution by focusing our efforts on [mobile payments platform] M-Pesa.”

Facebook’s plans with Libra have seen opposition and loss of support ever since it made the announcement.

The benefits of micro digital payments in developing and under-developed countries have been recognized by all FinTech leaders. The firms that involved themselves earlier are looking to shift their focus on other projects.

M-Pesa is one of the leading mobile mobile payment services in Africa.  Moreover, Twitter CEO and founder of Square Crypto, Jack Dorsey, is also working towards increasing the Bitcoin’s reach in Africa through the Cash App.

Lightning Development Kit by Square Crypto

Dorsey is also committing to his focus around the development and adoption of Bitcoin. He tweeted this morning,

Square Crypto is focusing on Lightning! ⚡️

In a bid to improve ‘bitcoin’s UX, security, privacy, and scaling,’ Square crypto is supporting the Lightning Network (LN) protocol. The firms introduces the details of their current project – The Lightning Development Kit (LDK).

lightning development kit
Purpose of the LDK (Source: Square Crypto)

LDK aims to give wallet and application developers a convenient way to create custom experiences.

As reported yesterday on CoinGape, LN protocol is an attempt to provide low cost BTC transactions without using another crypto. Hence, it provides a level of trust for lack of unethical incentives.

Bitcoin’s current use as money is limited by three factors: volatility in price, speed and transaction cost. While the former can only be improved over time, Square Crypto under Dorsey are working hard towards developing the latter.

Do you think Square Crypto’s efforts could increase the adoption of Lightning for real? Please share your views with us. 

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Twitter CEO Builds on Bitcoin, as Facebook's Crypto, Libra, Faces another Back-Out
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Twitter CEO Builds on Bitcoin, as Facebook's Crypto, Libra, Faces another Back-Out
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After the exit of PayPal, Ebay, MasterCard, Uber and more. Now, Vodafone has also decided to call it quits from the Libra Association. 
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Author: Nivesh Rustgi

Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

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Nivesh Rustgi 928 Articles

Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

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