The Executive Chairman and Co-Founder of MicroStrategy Inc., Michael Saylor, disclosed the plans the firm is taking to ensure enterprises face no issues while trying to adopt their Lightning Network.
The Firm Holds Bitcoins Worth $3.98B
The firm purchased 21, 454 bitcoins which is valued at $250 million in August. This was disclosed in one of their official statements that month. They plan to use digital currencies as their main reserve asset. Saylor added that their action was intended to battle the impacts of some micro factors on industries and the economy.
MicroStrategy now holds 129,699 BTC, worth $3.98B, in their custody. This was disclosed on June 29, in a Tweet by Saylor, after their last purchase. The average cost of their bitcoin is $30,664 and they have been very vocal in the crypto world also.
Also, Michael Saylor resumed the position of the firm’s Executive Chairman while their President, Phong Le is now their new CEO. This was disclosed in an official statement at the beginning of last month. Phlong will also be admitted as a member of their Board, Saylor however continues as the chief of the Board.
The statement further revealed that Saylor will channel his efforts into innovations and corporate policy. He will also supervise the firm’s bitcoin investment techniques, as the chief of their Investments Committee.
Saylor further explained in his comment about his current position in Microstrategy that, dividing the duties will give them a decent chance at achieving their core corporate techniques.
Lightning Network Projects
According to Binance Academy, Lightning is a network that enables faster trading on the blockchain. Users of Lightning Network can trade without registering all their trading activities on the blockchain.
Although Lightning interacts with the main blockchain, they have different nodes and software. You must create a special transaction in the main blockchain before you can join or leave the Lightning network.
Speaking through a video call at a conference held on Saturday in Latvia, Michael Saylor explained his firm’s plan concerning the Bitcoin Lightning Network.
Saylor said they are working on some research and development projects that will enable businesses to adopt Bitcoin Lightning usage easily. The projects include enterprise Lightning servers, enterprise Lightning wallet, and enterprise authentication.
Saylor further explains that many benefits are attached to the Lightning network. The network solves the layer-2 scalability problem of the main bitcoin blockchain. Users will enjoy fast transactions at a low cost.