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Jack Dorsey's Block Launches Service Provider to Make Lightning More Reliable
The new entity dubbed “c=” aims to improve liquidity and routing on Bitcoin’s Lightning Network. The name references the speed of light in Einstein's famous equation E=MC2.
TBD, a division of the financial-technology company, Block, has launched “c=” (pronounced “c equals”), a new business entity focused on improving liquidity and routing on the Lightning Network, Bitcoin’s layer 2 scaling system.
Lightning transactions are at an all-time high but, according to a release provided to CoinDesk, the network is experiencing growing pains with many transactions failing due to poor liquidity and inefficient payment routing.
STORY CONTINUES BELOW
C= will address these issues by committing bitcoin to the Lightning Network and building infrastructure to bolster network reliability.
“Connecting to the Lightning Network requires liquidity in the form of bitcoin,” the release states. “C= will build infrastructure using the bitcoin it is committing to the network so that businesses and wallets can make their Lightning transactions more reliable and dependable.”
Block's head, chairman and co-founder is Jack Dorsey, who previously was co-founder and CEO of Twitter.
Frederick Munawa
Frederick Munawa was a Technology Reporter for Coindesk. He covered blockchain protocols with a specific focus on bitcoin and bitcoin-adjacent networks.
Prior to his work in the blockchain space, he worked at the Royal Bank of Canada, Fidelity Investments, and several other global financial institutions. He has a background in Finance and Law, with an emphasis on technology, investments, and securities regulation.
Frederick owns units of the CI Bitcoin ETF fund above Coindesk’s $1,000 disclosure threshold.
