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Twitter+CEO+Jack+Dorsey+Endorses+Lightning+Network+by+Using+a+Digital+Tipping+Platform+on+Twitter

Twitter CEO Jack Dorsey Endorses Lightning Network by Using a Digital Tipping Platform on Twitter

 

  • In a Tweet dated 21st January Jack endorsed his Bitcoin Tipping link built on the Lightning Network.
  • Tippin.me is the platform which allows for sending digital cryptocurrency based transactions on various platforms without a crypto-wallet.

Digital Tipping

ChangeTip was the first and most popular cryptocurrency tipping bot launched in 2013. It enabled Bitcoin users to tip each other on platforms such as Reddit, Twitter, YouTube, and Facebook. The operation was later bought by Airbnb which then closed down in 2016.

Moreover, earlier Bitcoin was capable of storing value efficaciously and transfer amount efficiently as well. The cost of sending a transaction across the Bitcoin network was negligible and less than traditional banking cost. However, the growth of the network revealed that the block size of Bitcoin was incapable of handling global transactions. Hence, the scalability issue.

The bitcoin micropayments service soon started closing down in 2016 and 2017, Wordpress also removed support for Bitcoin which it had added earlier.

Furthermore, Lightning Network was developed as a solution which validated transactions outside the main chain of Bitcoin, this building lightning channels to verify transactions independently. Lightning Network has received opposition from the crypto-community as it would lead to a certain degree of centralization in the Bitcoin protocol. However, it will enable instant micro-transactions across users globally.

Hidden Aim Behind Endorsement
 

Jack and Lightning Network

Jack Dorsey, the founder of Twitter, has promoted the use of Bitcoin Lightning Network by sharing the tweet. Tippin.me is an online tipping bot built by experienced developer Sergio Abril. The online bot tracks the payments made to the custom link assigned by tippin.me, the fees are confirmed through the Lightning Network channel.

Although, digital tipping is neither unlikely to increase the transactions on Bitcoin nor the market capitalization. However, these are baby steps to build to global Lightning Network (LN).

The Lightning Network (LN) follows associative relations. This essentially means that let say a channel is developed between user A and B, and another channel between A and C. By the associative property A and C can also utilize corresponding channels to send transactions to each other directly. Eventually, this process will create a web of world-wide Lightning Channels.