A proposal to speed up bitcoin’s transactions has received a boost from Jack Dorsey. The Twitter and Square founder is among the new investors in Lightning Labs, a startup that today announced it raised $2.5 million and released a beta version of its technology.
Dorsey has increased his involvement in the cryptocurrency world in recent months, and he has been reaping the benefits. In November, Square announced that it would let users buy and sell bitcoin on its Cash app.
Square’s stock price promptly soared—although the price of bitcoin hasn’t fared as well. This is Dorsey’s first investment in a cryptocurrency company, according to data provider Crunchbase.
Dorsey’s investment, which he made in a personal capacity, goes to the heart of a debate that has raged in the bitcoin world for years. One camp wants bitcoin to retain many of its current features, making it something like digital gold.
The downside is that bitcoin is only capable of only a handful of transactions a second, which makes it a pretty poor method of payment. This is why another camp wants bitcoin to lift its “block size,” allowing it to immediately process many more transactions. Read more from qz.com…
thumbnail courtesy of qz.com