Twitter’s CEO gets a Lightning Network Node

Jack Dorsey took a new step towards financial sovereignty, when he tweeted about his new acquisition: a complete node of Casa Bitcoin

The CEO of Twitter and Square, Jack Dorsey, is a successful entrepreneur in the technological world and has revealed himself as a bitcoiner interested in the development of Lightning Network (LN).

On March 3rd, the executive commented on his Twitter account that he already has his own LN node, just as he published it to his followers this Sunday.

Dorsey shared the tweet with some images of the installation and synchronization of his Casa HODL company node, which took place between March 1st and 2nd. “I have one of these to play in. Thank you @CasaHODL @jeremyrwelch”, he said on Friday, March 1st.

According to the businessman, the process took about 17 hours to materialize, this is because, although this type of LN nodes is presynchronized, it is necessary to update it to the most current state of the Bitcoin chain before being able to start creating payment channels in the second layer network.

The publication, which had thousands of retweets, went beyond just giving the ad publicly and officially. Dorsey took advantage of the commotion caused by his publication to share an image of a drawing, which shows a subject on the collaborative drawing board on LN, Satoshi’s Place. In the image there is an emergency exit warning and the door to exit has a Bitcoin sign drawn.

Growing Interest

Dorsey had already been related to Bitcoin and Lightning Network, which is why he showed himself to be a faithful follower of cryptoactives. In fact, the US executive participated in the LN chain of trust, a fact for which he received the torch from the renowned bitcoiner Matt Odell.

In addition, Dorsey is one of the investors of Lightning Labs, one of the main development teams of the LN, along with Blockstream and ACINQ. “I think it has the greatest chance of being the native currency of the Internet. If you think about the Internet as you would in a country, that is huge”, said the CEO of Twitter when referring to the impact of Bitcoin now and soon.

Understanding the Process

The execution of a complete Bitcoin node allows validating the chain of blocks and verifying the transactions of the user interested in checking his/her own status. Apart from this, decentralization also increases and, therefore, the security of the network.

Lightning Network is based on interconnected nodes to route payments, so the execution of one of them increases the capacity and the use of the network; this is just another benefit. Node owners can also earn fees for routing payments, considering that these are ray payments, so the rates are very low.

The CEO of Twitter and Square has been Bitcoin’s champion for a long time, this is his favorite cryptocurrency and in May of 2018 he commented that he believes it will become the “native” Internet currency par excellence.

Users of Square’s Cash application have been able to buy and sell bitcoins instantly through the application since the beginning of last year. For the fourth quarter of 2018, Square posted a record $ 52 million in Bitcoin revenue.

By María Victoria Rodríguez