Michael Sailor has revealed that Microstrategy is working on Lightning’s enterprise applications.
MicroStrategy chairman Michael Sayer has revealed that the software is an enterprise application from company Lightning. He revealed this while speaking to the audience at the Baltic Honeybagger convention in Riga, Latvia, over the weekend.
Saylor is responsible for turning MicroStrategy into a cryptocurrency powerhouse, with the company now holding billions of dollars worth of bitcoin.
The former CEO revealed that the developers of Microstrategy are currently working on solutions that will enable them to engage a large number of people on the Lightning Network.
The Lightning Network is a payment network on top of bitcoin, enabling fast and cheap transactions on the blockchain. Sayer said electricity is the most important thing in the technology world right now. he said;
“There are a few R&D projects going on at Microstrategy right now where we’re working on Lightning’s enterprise applications: Enterprise Lightning Wallet, Enterprise Lightning Server, Enterprise Authentication.”
He said the company is looking for solutions that would allow firms and companies to offer Lightning to one million employees every day. Saylor said the solution will also open Lightning Wallet to 10 million customers overnight.
The chairman of MicroStrategy confirmed that the solutions are still in their early stages. he said;
“The advantage of Lightning is not only that you can increase bitcoin to billions of people, or increase transaction costs to almost nothing, but also that the ethos of bitcoin is to go very carefully and without going over the base layer. There isn’t a universal consensus, but in Lightning, you can move to more aggressively developing functionality and take more risk with applications than with the underlying bitcoin layer.”
The Lightning Protocol makes it possible for users to open payment channels with each other and exchange multiple transactions before settling them on-chain. Thus, reducing transaction fees and confirmation times.
MicroStrategy currently holds 129,699 BTC, worth approximately $2.58 billion, making it one of the largest bitcoin holders in the world.