According to Michael Saylor, executive chairman of MicroStrategy, his company intends to introduce software and solutions powered by the Bitcoin Lightning Network in 2023.
More about MicroStrategy’s solution
Michael said the new solutions would offer cybersecurity for businesses’ websites and support their marketing initiatives. The business intelligence software Microstrategy provides capabilities to support businesses in making data-driven choices and streamlining operational procedures. Additionally, their program has a number of other capabilities, including reporting, scorecards, and dashboards that can aid firms in their daily operations.
The company’s solutions are currently running on cloud servers from Microsoft Azure and Amazon’s AWS. They may switch to blockchain and implement their solutions via the Bitcoin Lightning Network. For this, Microstrategy is also employing a software engineer skilled in Bitcoin Lightning who can assist in the development of a SAAS platform using the Lightning Network.
What does Saylor have to say?
“We want to make it possible for any enterprise to spin up Lighting infrastructure in an afternoon” and onboard thousands of employees or customers, Saylor explained. “We want to plug it into enterprise technology and make it a marketing strategy for any forward thinking CMO.”
“We have teams working on it and are looking to bring something out by next year. We expect to show something in the first quarter.”
What is the Lightning Network?
The Lightning Network (LN), a layer-2 solution, is built on top of Bitcoin. To address the speed and cost of Bitcoin transactions, LN was created as a scaling solution. Although, in reality, it is closer to 3 to 7, the theoretical maximum transaction rate (TPS) for Bitcoin at this time is 10. In contrast, well-known payment processors like VISA processed 6,000 TPS on average in 2020 (according to VISA’s promise of 188 billion transactions yearly).