Square, a financial services company co-founded by Twitter CEO, Jack Dorsey is building a Lightning Development Kit (LDK) for the Lightning Network. LDK is aimed at fostering the adoption of bitcoin as a global currency, by improving its user experience, security, privacy, and scalability, according to a Medium publication on January 21, 2020.
Square Develops LDK to Foster Bitcoin’s Use as a Global Currency
Per the publication, Square is building a Lightning Development Kit (LDK) for the Lighting Network. This is to foster bitcoin’s wide adoption as a global currency. According to the team, the best way to encourage adoption is to improve bitcoin’s user experience, security, privacy, and scalability.
The team further revealed that they spoke with wallet developers to ascertain the project that will have the most impact on bitcoin. It discovered that developers need a flexible way to integrate the Lighting Network. And there was a desire for wallets and applications to have a different key store and backup mechanisms, UX tradeoffs, security approaches, amongst other options.
LDK to Feature API, Language Bindings, and Demo Apps
Square is, therefore, building LDK and it will feature an API, language bindings, demo apps, and “anything else that makes integrating Lightning easy, safe, and configurable”. LDK will provide a convenient way for wallets and application developers to create custom experiences. Also, the scope of the project will allow for seamless integration of the Lighting Network in existing bitcoin wallets.
“Supporting multi-device, multi-application access to a single wallet…Allowing wallets to make UX/security/privacy tradeoffs such as external transaction signing and customizing their state backup to a cloud service,” the team said.
Jack Dorsey and Crypto Community’s Comments on
Jack Dorsey publicized Square’s intention on Twitter. Members of the community who commented on Dorsey’s tweet showed some level of excitement. Others opined that the Lightning Network isn’t a solution since it takes away miners’ fees and, therefore, degrades security.
The Lighting network is a layer 2 payment protocol that speeds up bitcoin transactions while reducing network fees. It simply requires a user to open a payment channel while making a transfer, leaving it opened until all transfers processes.
To promote the Lighting network, a lighting torch goes around the world a second time. The trend started in January 2019 by Twitter user Hodlonaut to proof bitcoin isn’t limited by borders. According to Hodlonaut in a recent tweet, 2020’s lighting torch has passed through 29 countries in less than 2 days.