By Shelly Melancon (Switzerland)
The chairman of MicroStrategy, Michael Saylor, has announced his company’s drive toward enterprise applications of Lightning for the onboarding of massive users on its platform.
Microstrategy Hints for Adopting the Lightning Network
According to the chairman, the company’s developers are currently trying to build a solution for the platform. This is to enable MicroStrategy to onboard many users on the Lightning Network.
Saylor was the brain behind the transformation of the software firm into one of the top crypto exchanges. MicroStrategy now has in its custody billions of dollars worth of BTC tokens. Since then, the firm has invested massively in bitcoins to grow its portfolio.
Furthermore, Saylor noted that the Lightning Network is critical to the current digital assets industry. The technology enables swift payment and also comes with affordable transaction fees. More importantly, the technology is a payment solution hosted on the Bitcoin network to facilitate a seamless transaction.
Saylor further added that MicroStrategy has some ongoing projects focused on enterprise applications of Lightning.
The company’s drive is to provide solutions to firms looking to integrate Lightning Network into their operations. According to Saylor, the Lightning Protocol can simultaneously process Lightning wallets for nearly 10 million users.
It aims to be the solution provider for large firms looking to incorporate Enterprise Applications Lightning into their operations.
However, the MicroStrategy boss admits that the technology is still early. The advantage of the solution, as per Saylor, is that it is cost-effective for companies to use. The technology will reduce transaction fees to almost zero.
It also emphasizes the role of Bitcoin as the leading digital currency in the market due to its near-perfect use cases.
Lightning platforms are integral to cryptocurrency transactions as users can make payments quickly and exchange multiple transactions simultaneously. As a result, the processing time is reduced to its barest.
Michael Saylor Assumes New Role
The company’s press release on August 8 stated that Michael Saylor had assumed a new role as MicroStrategy’s Executive Chairman. Moreover, the statement also indicates that Saylor will be the chairman of the board of directors after stepping down as CEO.
The new role is expected to reshape the firm’s market drivers, which will see Saylor overseeing more executive responsibilities. Furthermore, Saylor will handle innovation and corporate strategy while managing the firm’s Bitcoin acquisition drive.
The role split is a welcome development for the company, considering its plan to dominate the Bitcoin trading space. MicroStrategy focuses on acquiring and holding BTC and expanding its analytics software solutions.
After its latest purchase in June, MicroStrategy holds $2.58 billion worth of Bitcoin. However, the company’s Bitcoin value has shrunk in dollars following the crypto market bloodbath. Meanwhile, the price of Bitcoin has also declined significantly since last November.
Saylor has been one of the most ardent Bitcoin supporters in recent times. The MicroStrategy Chair has been a mainstay of the flagship cryptocurrency’s bullish predictions.
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