Microstrategy has plans to launch services using the Bitcoin Lightning Network in 2023. Michael Saylor, Executive Chairman and former CEO of the company, made this known during an online forum.
He said that Microstrategy is developing and exploring digital solutions that will be built on the Lighting Network. These solutions will enhance enterprise marketing and cybersecurity for institutional clients.
Microstrategy is data management platform that’s focused on enterprise solutions. The firm that services Visa, Porsche, and Standard Chattered has been involved in the blockchain and crypto world courtesy of Micheal Saylor,132,500 bitcoins.
Lightning Network is a layer 2 protocol on the Bitcoin blockchain that permits transactions between nodes to take place without the need for the main network to confirm every single transaction. It can also be seen as one of the solutions to the scalability problem of bitcoin, that also permits off-chain transactions at very low cost.
Microstrategy and Bitcoin-based solutions
Addressing the audience at the online session, Michael noted that in a quest to create more solutions hinged on the Lightning Network, Microstrategy is working on improving its team that’s focused on Lightning based solutions.
In particular, they are looking for a software engineer that can build a softwareasasservice solution on the Lightning Network, he added.
For the former CEO, having a tech ecosystem where Satoshi can be part of the security systems to protect users and service providers on website is possible. He narrated that incentive marketing where Satoshis are given to consumers for engaging a website can be implemented on various sites owned by companies.
Michael also highlighted how “Lightning wall”, one of his cybersecurity idea, can help users access certain websites in a safe manner by depositing 100,000 Satoshis which will be returned to them once done with their operations on the website. The Chairman explained that using traditional credit or debit cards will not be possible as it’s hard to implement instant payment without delays.
Lightning Network has gained huge popularity hitting an all time high of 80 million users in April 2022. In October, the platform also reached a new milestone of 5,000 bitcoins capacity.
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