Bitcoin (BTC) has been ranging within a downtrend recently, but has recovered 50% from lows set in early February. The market cap now stands at US$151.48 billion, with US$3.26 billion traded in the past 24 hours. In the meantime, the Lightning Network (LN) went live on March 15th.
The second layer software solution enables trusted, bidirectional, off-chain, hub and spoke payment channels. In a blog post, the LN team noted that “this release is intended for developers of future Lightning applications (Lapps) along with technical users and prospective routing node operators.” Many have compared the current state of LN to Arpanet, an early form of the Internet.
The team behind LN, Lightning Labs, also announced that it raised US$2.5 million in seed financing with investors, including; Jack Dorsey, CEO of Square and Twitter; David Sacks, former COO of PayPal; Bill Lee, angel investor in Tesla and SpaceX; Jacqueline Reses, head of Square Capital; and Charlie Lee, creator of Litecoin. Dorsey remains strongly bullish on the future of Bitcoin.
The CEO recently released a Bitcoin trading facility on Square’s Cash.App, stating in a recent interview with The Times that the world will ultimately have a single currency, as will the internet, adding “I personally believe that it will be bitcoin.” Dorsey will be a keynote speaker at one the industry’s biggest conferences, Consensus on May 14th-17th in New York City.
Payment integration between Square and Twitter using LN remains a likely possibility in the future. However, transactions per day have continued to decline sharply since December, and are currently around 195,000. The transaction highs largely mirror the price of bitcoin. Read more from bravenewcoin.com…
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