On Monday (October 10), Michael Saylor, co-founder and CEO of business intelligence software company MicroStrategy Inc. spoke. (NASDAQ: MSTR), for Bitcoin’s Lightning Network.
It should be noted that on August 11, 2020, MicroStrategy announced by a press release It “purchased 21,454 bitcoins at a total purchase price of $250 million” to use it as “a primary reserve asset for the treasury.”
Saylor said at the time:
“Our decision to invest in Bitcoin at this time was driven in part by a combination of macro factors affecting the economic and business landscape that we believe create long-term risks for the company’s treasury program – risks that must be proactively addressed.“
Since then MicroStrategy has continued to accumulate Bitcoin and its former CEO has become one of the most vocal Bitcoin advocates. MicroStrategy’s latest US dollar bitcoin purchase, which Saylor tweeted on September 20, 2022, means the company is now accumulating about 130,000 bitcoins, which were acquired for roughly $3.98 billion at an average price of about $30.639 per bitcoin.
Here’s how to use Binance Academy explain What is the Lightning Network:
“The Lightning Network is a network that sits on top of the blockchain to facilitate fast peer-to-peer transactions. It is not exclusive to Bitcoin – other cryptocurrencies such as Litecoin have integrated it. You may be wondering what we mean by “sitting on top of the blockchain.” The Lightning Network is a so-called off-chain or Layer 2 solution. It allows individuals to transact without having to record every transaction on the blockchain.
“The Lightning Network is separate from the Bitcoin network – it has its own nodes and software, but it nonetheless communicates with the main chain. To enter or exit the Lightning Network, you need to create private transactions on the blockchain. What you actually do with your first transaction is build some kind of smart contract with another user.“
Saylor first tweeted about the Lightning Network on May 26, 2021:
On September 4, 2022, CoinDesk mentioned That Saylor spoke (via video call) on Saturday (September 3) to an audience at the Baltic Honeybadger conference in Riga, Latvia, and that he said this about what his company is doing with the Lightning Network:
“MicroStrategy has had some R&D projects underway now as we work on enterprise applications for Lightning: the enterprise Lightning wallet, enterprise Lightning servers, enterprise authentication.“
He also explained why he believes Lightning has a great future:
“The advantage of Lightning is not only that you can scale bitcoins to billions of people, or push the transaction cost to almost nothing, but also, the spirit of bitcoins is to move very cautiously and not move quickly on the sub-global base layer. The consensus is, however, in Lightning, you can move development functionality more aggressively and take more risks with applications than you can with the underlying Bitcoin layer.“
Late last month, MicroStrategy began looking for a Lighning software engineer to help them “build a SaaS platform based on the Lightning Network, providing organizations with innovative solutions to cybersecurity challenges and enabling new e-commerce use cases.”
On October 4, 2022, Saylor confirmed that – despite what Stockholm-based software engineer Eric Wall believes – he has made more than three Bitcoining Lightning transactions during his lifetime:
Well, earlier today, Saylor talked about how he spent this past weekend:
Featured Image via Pixabay
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