Square is finally near of being ready to launch Square Crypto, the cryptocurrency-focused version of the famous $32.7 billion UD mobile payment app. Yesterday, May 21, the people from the company affirmed that BTC mass adoption would end up being unavoidable and that the new app would help with that.
The Square Crypto App
The idea of the app was first revealed in March 2019 by the CEO of Square and Twitter, Jack Dorsey. He affirmed that he would hire some developers and a designer in order to work on creating a way that people could use Bitcoin.
At the occasion, he affirmed that several developers were contributing to BTC in their own free time, so they might be paid to do it as well, which was what he was planning during the occasion.
In fact, Square is already supporting BTC right now, even without its proper app. People can already use it in order to buy and sell Bitcoin. This makes Square the only publicly traded company in the U. S. that directly supports the purchase of crypto assets.
According to Dorsey, the idea is that the new project will be focused on “giving back” to the BTC community as a whole, not only be a commercial pursuit. He affirmed that he wanted to make the ecosystem broader and better and this can be helped by the app, as it will make the crypto world more accepted.
Some people are already being hired by the CEO of Twitter, mostly the ones from the Bitcoin Core development and members of BTCPayServer as well. While the people will respond directly to Dorsey and his company, he has affirmed that their purpose is actually improve the BTC system.
They are, according to him, doing what is the best for the crypto ecosystem, which is expected to result in work that will be open source and free for all to use.
A Possible Integration With the Lightning Network?
Another interesting speculation that is happening right now is whether the Square Crypto app will be integrated with the Lightning Network or not. The LN, in case you do not know, is an offchain second layer protocol that makes BTC payments faster by making them outside of the main BTC network.
The Lightning Network has increased a lot in popularity since its original launch last year, so there is plenty of speculation about it. Dorsey invested $2.5 million USD in Lightning Labs, which develops for the LN and also was a part of the Lightning Network Torch experiment, so everybody knows that he is acquainted with the technology at least.
However, there is nothing official at the moment, so we can only speculate on what will actually happen.
Better Design and UX For Bitcoin
If there is something that Bitcoin clearly needs in order to achieve more adoption worldwide, it is that its design and user experience could be better. Because of this, Dorsey was interested in hiring a designer that could be able to create a proper system that people would use in a seamless way.
This is one of the last needs that BTC has at the moment. Mass adoption, as Dorsey affirmed, is impossible withouta great design as well. Because of this, making this area better is a very important goal for the company. Dorsey acknowledged that design is often underfunded during development, but it is so crucial that it would be a mistake to simply forget it.
Jack Dorsey has affirmed several times that the “internet deserves a native currency” and he believes that it can be Bitcoin, which is possibly why he is so eager to move this project forward. Will his plans be fulfilled? Probably, so let’s keep watching how this story unfolds.
- Source: First Appeared Here
- Published Time: 2019-05-22 18:55:22
The views and opinions expressed in the article Twitter CEO Jack Dorsey Affirms Square Crypto Will Begin Bitcoin Mass Adoption by Hiring New Talent do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.
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