The two main supporters of the Bitcoin Lightning Network have had a price surge that has impacted the network positively.
The main companies, Twitter and Square which is a payment gateway supporting Bitcoin, both got an average of 20% price surge in the recent past.
This year has been a good year for Twitter stock (TWTR) as it increased by 20%, and its sister company Square (SQ) that increased by 25% from Jan. So far, the Twitter stock has an excess revenue of up to $1 billion.
According to a JPMorgan analyst, Square investors should expect a good return by the end of 2020 since there is a positive growth rate expected by the end of the year.
Both Twitter and Square are headed by the same CEO, Jack Dorsey, who is facing increased popularity due to the growth of Lightning Network. Dorey is the one who introduced Lightning Network to both Twitter and Square.
Lightning is a technology that introduces a second layer to both Bitcoin and cryptocurrencies so that transactions made off the chain are instant and free.
The lightning network was developed by Lightning Labs, and the motivation was the cryptocurrency industry is moving towards Bitcoin and not necessarily blockchain.
There are also many challenges that bitcoin blockchain has faced with time. Initially, it was fast and seamless. With more congestion on the network, it has become slow and even expensive. Lighting is coming to fill the gap by giving fast bitcoin payments.
Lightning Network has been made in a way such that it is a payment protocol that makes sure that all bitcoin and Litecoin transactions are verified off-chain, and the transactions are faster and cheaper than the bitcoin blockchain.
Twitter and Square are not the only the investors of Lightning Network, there are many other investors. So far, the company has gotten up to $10M in investments in series A funding round.
According to a Square official, Jackie Reses, her primary reason for investing in Lightning Network is not because of Bitcoin but because she believes in having an efficient payment system powered by technology.
Lightning Labs is working on other developments. Its latest is the introduction of the beta version of Lightning Loop which will be the first paid product of the company. Lightning Loop is to help prospects to use Lightning more efficiently. There is so much more that is expected from Lightning Labs.