This Thursday, Block’s Bitcoin-focused division called TBD announced the launch of a new service called c=. C Equals’ aim is to help solve Lighting Network’s liquidity issue and reduce the number of failed transactions.
Jack Dorsey Launches New Service Hoping to Bring a Billion People to Bitcoin
Block’s Bitcoin-focused division TBD revealed the launch of c=, a business entity dedicated to building tools for, and “amplifying” Bitcoin’s Lightning Network. The lightning network is a layer 2 built on top of the BTC blockchain with the aim of resolving its scalability problem. While layer 1 alone is capable of handling only 7 transactions per second, while the LN brings the number up to one million.
Last year, the Reserve Bank of Cleveland published a report stating that the Lightning Network represents the key to Bitcoin adoption. This February, LN’s capacity reached an all-time high of 5,490 BTC—a 64% rise since the start of 2022. Despite its undeniable achievements, Bitcoin’s layer 2 still isn’t perfect.
Via its Twitter account, c= called the Lightning Network “not easy” stating that making payments through it can be “difficult” citing primarily a lack of liquidity. In the same thread, the new entity expressed its goal to work on the network’s accessibility and reliability and expressed its aim to bring the next billion people to Bitcoin.
How Will C Equals Boost LN’s Liquidity?
Another report from Thursday outlines at least one of the ways C equals is planning to boost liquidity on the Lightning Network. Jack Dorsey’s Block, the parent company of the project, will use its own Bitcoin reserves in an effort to reduce the number of failed LN transactions, and further increase its speed and functionality.
Considering Jack Dorsey’s well-known positive attitude toward cryptocurrencies, it perhaps isn’t surprising that Block, at the time known as Square, Inc, started experimenting with digital assets as early as 2014. The company has been expanding its offering ever since and has enabled US-based users of its Cash App to receive Bitcoin via the Lighting Network in October 2022.
Furthermore, Block has also been working on a Bitcoin self-custody wallet for almost two years. The project, however, still isn’t complete, and a recent post made by the company revealed that Jack Dorsey’s firm is still looking for partners in the endeavor while actively taking a “quality over quantity” approach for the wallet.
This article originally appeared on The Tokenist
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