With the new team, Block Inc will now have a definite presence, not just as a developer, but as a major stakeholder in the Lightning Network ecosystem.
In its bid to boost the overall usability of the Lightning Network, US multinational payments company Block Inc (NYSE: SQ) has Announced the establishment of a new subsidiary called C=. While not the founder of the Lightning Network, Block has been very committed to its overall growth, thanks to the efforts of Jack Dorsey, one of the top Bitcoin Maxists.
According to a press release shared by the company, C= is created to “provide infrastructure using bitcoin from the Block treasury to make the bitcoin Lightning Network more usable and reliable for developers, businesses (such as merchants that accept Lightning payments) and those the final consumers of the companies”.
When Satoshi Nakamoto designed Bitcoin, his primary goal was for it to serve as a means of transferring value. The top cryptocurrency has served this purpose thus far with massive adoption to prove it. In total, it has grown a lot and now there is congestion, which manifests itself in slower and more expensive transactions.
This served as the foundation for the establishment of the Lightning Network, a layer 2 protocol built on top of the Bitcoin blockchain. In general, the Lightning Network fixes Bitcoin’s problems, but it also has its own inherent problem, liquidity deficit.
The new subsidiary Block is thus created to solve this inherent challenge. As the firm describes it, “c= will build an infrastructure using the bitcoin it is committing to the network so that businesses and wallets can make their Lightning transactions more reliable.”
Specifically, C= will provide node operators, wallet service providers, and core users to harden connections to the Lightning Network. The firm said that C= will further remove the drudgery associated with relying on a third party for liquidity provisions.
The new subsidiary of Block Inc has defined objectives
According to the press release, C= will interact with all the players it’s onboarding in a whole new way. He said that his relationship with node operators will be marked by the provision of liquidity to enable transactions and “collaborating with developers to provide more efficient routing and liquidity to node operators through APIs and services.”
Jack Dorsey’s leading company is committed to the future of crypto payments through Bitcoin. While the exact cash commitments are not defined, allowing access to your Bitcoin pool is billed to help boost the overall usability of the protocol whose influence has begun to spread to more countries.
With the new team, Block Inc will now have a definite presence, not just as a developer, but as a major stakeholder in the Lightning Network ecosystem.
“The Lightning Network is the future of bitcoin transactions, but it’s still new and it can be hard to get liquidity where you need it to send and receive your payments,” said Nick Slaney, lead at c=. “We are excited to use bitcoin in our treasury to grow the Lightning Network and our company in a mutually beneficial way.”
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about the real-life applications of blockchain technology and innovations to drive mainstream acceptance and global integration of emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based sites and media. Benjamin Godfrey is a lover of sports and agriculture.
