Jack Dorsey’s Block team announced that the TBD business unit of the firm is planning to build a bitcoin lightning infrastructure. The product designer engineer of the Block said he would be leaving the wallet team to join a dedicated team focusing on building lightning infrastructure.
“Our goal is to not only build the tools and infrastructure we need for our products but also to be additive to the Lightning Network ecosystem on the whole.”
Nick Slaney, Product Design Engineer at Block
The announcement was made by Nick Slaney in a Twitter thread. He also went on to talk about the lightning network and how it provides access to cheap and quick global payments.
Jack Dorsey’s Block is aiming to take over the future of payments
The team announced that, like other Bitcoin-focused products by Block, the plan to develop a lighting network infrastructure would encompass plans and opinions from the community along with ideas from different bright people in the crypto space.
“We’ll be partnering with, and building off the great work that cashapp and spiral have already done with lightning. Our goal is to not only build the tools and infrastructure we need for our products but also to be additive to the lightning network ecosystem on the whole.”
Source: Nick Slaney
TBD, the commercial arm of Jack Dorsey’s NASDAQ-listed Block, introduced a new platform called Web 5 on Saturday. The platform’s goal was to create a “decentralized web that puts you in control of your data and identity,” akin to what the Bitcoin blockchain strives for.
The website went on to say that Web 5 would be built using blockchain technology components such as Decentralized identifiers (DIDs), decentralized web nodes (DWN), and self-sovereign identity services (SISs). In summary, DIDs offer verifiable digital identity, DWNs provide a channel for receiving and recording data, and SISs give users complete control over their accounts and personal data. Jack Dorsey had also unveiled a Bitcoin Academy in collaboration with Jay-Z.