Square Crypto has announced its first product. The digital currency division of the Jack Dorsey founded payments company will work on a Lightning Development Kit to help Bitcoin wallet developers integrate the micropayments network with their existing products.
Announced via a blog post earlier Tuesday, Lightning Development Kit will provide developers with an API, language bindings, demo applications, and other features aimed at making Lightning Network integration easier and safer.
In the post, Square Crypto states that its team of developers puts it in an excellent position to tackle often overlooked and underfunded projects in the industry. For its first project, the company claims it wanted to work on something that would have a significant impact on non-custodial Bitcoin use, lacked a clear business model, and would attract the attention of open-source developers that will ensure it is a self-sustaining project.
We’ve got the team. We’ve got the mission. We’ve got hit or miss tweets. And now it’s time to talk about what we’re building: Introducing the Lightning Development Kit, or LDK.
— Square Crypto (@sqcrypto) January 21, 2020
The Lightning Development kit will make it easier for developers to make their own wallets Lightning ready without the need to create a new piece of software. Square Crypto notes that consultations with wallet developers highlighted the need for more developer tools to smooth integration with the Bitcoin micropayments network to the company.
After acknowledging the scale of the project, Square Crypto added:
“… with the support of developers like Acinq, Blockstream, Lightning Labs, and open-source developers everywhere, it’s only a matter of time until instant, low-fee bitcoin payments are as common as cash used to be.”
It comes as little surprise to see Square Crypto working first on Lightning Network developer tools. The company’s co-founder and CEO, Jack Dorsey, is a known Bitcoin fan. BeInCrypto reported on Dorsey making a strong case for Bitcoin being the ideal currency of the internet last year.
Dorsey is also known to be a financial backer of Lightning Network development firm Lightning Labs. The CEO was amongst a group of investors contributing a total of $2.5 million to the startup in 2018.
The Square founder is also supportive of efforts to bring the micropayments solution to his other company, Twitter. Last year, he publicly demonstrated the Lightning Network social tipping service Tippin via his own account at his social network.
I hooked this up and already got tipped some satoshis https://t.co/zvwdkZTN1Q
— jack (@jack) February 20, 2019