Lightning node operators can connect to TBD and Block’s new Lightning infrastructure starting today.

TBD, a Bitcoin-focused subsidiary of Jack Dorsey’s Block, has announced a new Lightning Network business called c=.

The purpose of the company is to “provide infrastructure using bitcoin from Block’s treasury to make bitcoin’s Lightning Network more usable and reliable for developers, businesses (such as merchants that accept Lightning payments), and those businesses’ end consumers,” according to a press release sent to Bitcoin Magazine.

The release explains that the Lightning Network is still growing, and that transactions often fail due to liquidity shortfalls. In order to address that, “c= will build infrastructure using the bitcoin it is committing to the network so that businesses and wallets can make their Lightning transactions more reliable and dependable.”

“Operating a node on the Lightning Network is all about connections; c= provides node operators — whether bitcoin wallets, individuals, or other entities that want to use the Lightning Network — with valuable connections to Lightning,” describes the announcement. “Through c=’s LSP, any business or individual running a Lightning node can gain efficiencies and make their transactions via Lightning with minimal effort and investment without having to rely on an intermediary to custody their bitcoin.”

For Lightning node operators, c= states that it will provide liquidity to enable transactions and “collaborate with developers to provide more efficient routing and liquidity to node operators via APIs and services.”

In 2022, when Square was renamed to Block, TBD’s lead Mike Brock explained how “TBD’s mission is to bridge the old to the new … We are building a new open-source company from the ground up focused on open protocols and open standards that all participants in the economy can benefit from.” Since then, the company has explored Bitcoin-based decentralized web services in various capacities, including decentralized identifiers (DID), decentralized web nodes and more.

With this new entrance to Bitcoin’s second-layer scaling protocol, TBD will now have a major presence in Lightning infrastructure.

“The Lightning Network is the future of bitcoin transactions, but it’s still new and it can be hard to get liquidity where you need it to send and receive your payments,” said Nick Slaney, lead at c=. “We’re excited to use the bitcoin in our treasury to grow the Lightning Network and our company in a mutually beneficial way,” he told Bitcoin Magazine.

c= will be available for connection immediately for those seeking to operate a Lightning node and benefit from TBD and Block’s infrastructure. 

The post Jack Dorsey’s TBD Announces New Bitcoin Lightning Service Provider C= appeared first on BTC Ethereum Crypto Currency Blog.

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Filed under: News - @ March 4, 2023 6:22 am