Jack Dorsey holds out the prospect of a Lightning integration in Twitter. Both Twitter and Bitcoin should benefit from this.
Twitter and Bitcoin – they fit like a fist. Ultimately, the short message service is becoming the number one information medium. Political decision-makers, researchers and, of course, thought leaders from the crypto scene provide their followers with content there. It only suffers from monetisation. There are always initiatives such as Tipping.me, a third-party service that has made tipping viable in Satoshi. But none of them really caught on.
But that could change soon. Because as Twitter CEO Jack Dorsey announced, it is “only a matter of time” before the Lightning network arrives on the short message service. It is then conceivable that users can monetise their content using Lightning – for example by taking tips.
Twitter founder @Jack hints at the integration of Twitter and Lightning Networks
By @JamieCrawleyCD https://t.co/gH0JSOHee1
— CoinDesk (@CoinDesk) June 11, 2021
What is the Lightning Network?
The Lightning Network is a so-called layer two scaling solution. Instead of scaling the base layer, i.e. the blockchain, for example by increasing the size of the blocks, the improvement in transaction throughput is outsourced to a further application level. With the help of so-called timelocked off-chain payment channels, users can fix Bitcoin and send it within the channel structure. The transferred BTC only have to be registered on the blockchain when the Lightning payment channel is closed.
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Sending Sats via Lightning is both cheap and fast. Therefore, for many, it is the next logical step towards a scalable payment system.