Bitcoiner and former Twitter CEO Jack Dorsey disclosed why he believes Proof-of-Work is so vital for the main digital currency in a discussion under a tweet by FTX founder and CEO.
He also revealed that his crypto payments company, Square, is looking at ways to improve the Lightning Network’s performance.
Following a recent interview with the Financial Times, Sam Bankman-Fried, the CEO of the FTX exchange, declared that Bitcoin has no future as a method of payment.
However, in a recent tweet, Bankman-Fried said that he feels BTC has promise as a store of value. He also confirmed that the Lightning Network may be used to “xfer” Bitcoin.
When Matthew Daniel Green, a US cryptographer, asked if Square would be able to provide enough liquidity for payment channels based on the Lightning Network, Jack Dorsey replied that his Square crypto payments company is looking into it.
During the discussion, billionaire and Bitcoin maximalist Dorsey claimed that the Proof-of-Work algorithm is the Holy Grail for BTC, claiming that it is the “simplest” and “most intuitive” and that only PoW is trusted enough to secure digital gold decentralisation.
In terms of Bitcoin, Dorsey recently stated that he is not concerned about the current price drop since he thinks that more use would help the BTC price rise in the longterm.
