- The Lightning Network speeds up crypto transactions from around 7 per second (Bitcoin) to 1 million per second (Lightning Network protocol)
- The Lightning Network was in the news due to it being used by Canadian Prime Minister candidate Pierre Poilievre and the possible use for verification of Twitter users
- LQwD leverages the Network and provides a proprietary platform as a service (“PaaS”) offering that speeds up transaction times, is cost-effective and easy to use from anywhere in the world
Despite recent ups and downs, the cryptocurrency market maintains a strong upward trend, being expected to reach U.S. $2.2 billion by 2026. This marks a CAGR of 7.1% from the 2021 reported value of U.S. $1.6 billion, according to a Markets and Markets report (https://ccw.fm/g574x). The growth is primarily driven by the transparency of the distributed ledger technology, which is an obvious detriment in traditional banking systems, as many people do not trust financial institutions, and their lack of transparency leads to dissatisfaction among the public. Cryptocurrency is becoming an increasingly popular option in both emerging and developing countries worldwide – with El Salvador becoming one of the first countries to recognize Bitcoin as legal tender in 2021.
Like any currency, the amount of time it takes to process a transaction is taken for granted. The slower the transaction speed, the less likely consumers will use the method. A major credit card company has a network capacity of 65,000 transactions per second in terms of fiat currency. The blockchain transaction time for Bitcoin is only around seven transactions per second unless the transaction uses The Lightning Network, which bumps up transaction times to 1,000,000 per second.
The Lightning Network is a layer 2 payment protocol layered on top of the blockchain and facilitates almost instant microtransactions with lower associated fees. One company, LQwD FinTech (TSX.V: LQWD) (OTCQB: LQWDF), is leveraging The Lightning Network and providing a proprietary platform as a service (“PaaS”) that speeds up transaction times, is secure, and facilitates payments anywhere in the world. LQwD’s PaaS was created to be user-friendly – with no little to no technological prerequisite required.
LQwD has nine active nodes on The Lightning Network – France, England, Singapore, Sweden, Italy, Indonesia, Germany, Ireland, and the U.S. For more information or to follow LQwD’s nodes, visit www.1ML.com.
Speed and efficiency have made the Network increasingly popular, with various parties supporting the incorporation of cryptocurrencies as valid payment methods and the widespread use of the Network, making the news. Pierre Poilievre, a Conservative Party candidate for Canadian Prime Minister, was in the news recently for purchasing his lunch using Bitcoin on The Lightning Network at a local family-based restaurant chain, Tahinis (https://ccw.fm/52gdg). The restaurant itself has invested all of its cash reserves in Bitcoin. Poilievre’s campaign is pro-crypto, and he was quoted as saying, “Government is ruining the Canadian dollar, so Canadians should have the freedom to use other money, such as bitcoin.”
Twitter is also making news by considering the use of cryptocurrency and The Lightning Network to help weed out the scammers and spambots on the network, but users are divided on the topic. The social media company would introduce a verification system (orange checkmark). Users pay the equivalent of US $20 in cryptocurrency to verify themselves, and their posts would receive a “verified” orange checkmark.
The idea comes from MicroStrategy CEO Michael Saylor, who tweeted his version of the idea, saying, “Twitter can solve the problem of scammers & spambots if they allow real humans to post ~50,000 sats ($20) via Lightning & get verified w/an Orange Check. Then we can limit comments/DMs to verified accounts. Bad actors forfeit their security deposit & @Twitter monetizes malice” (https://ccw.fm/tOwj3). The verification idea by Saylor is a direct response to the posts by Elon Musk – challenging Twitter’s free speech principles. Musk’s poll on the topic received over two million votes.
For more information, visit the company’s website at www.LQwDFinTech.com.
NOTE TO INVESTORS: The latest news and updates relating to LQWDF are available in the company’s newsroom at https://ccw.fm/LQWDF
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