Michael Saylor: "Lightning is the most important thing happening in the tech world"

The company is developing a suite of solutions that bring large enterprises to the Lightning Network, said Michael Saylor.

Michael Saylor, the billionaire who turned a boring software company into a “crypto powerhouse” by betting billions of dollars on Bitcoin, is now “driving” his non-crypto business to other markets. Bitcoin related projects.

Speaking at the Baltic Honeybadger conference in Riga – Latvia yesterday, the Executive Chairman and former CEO of MicroStrategy said his company is focusing on solutions to bring a large number of users. to Lightning Network, a fast and cheap Bitcoin payment network.

As reported by Crypto Fox News, Mr. Saylor announced his resignation as CEO of MicroStrategy on August 2nd, holding the position of chairman of the board and taking on the new title of executive chairman. At the time, Saylor said his successor would boost the company's software business so he could devote time to the Bitcoin strategy. But so far it appears that some software businesses will be integrated using Bitcoin, thereby increasing the value of the coin that MicroStrategy holds the most.

Saylor praised “Lightning is the most important thing happening in the tech world”.

“MicroStrategy is focusing on developing a number of R&D projects such as: Lightning wallet, Lightning server, enterprise authentication.”

MicroStrategy is looking for solutions that will allow companies to “deploy Lightning to one hundred thousand employees per day” or “open Lightning wallets to 10 million customers overnight.”

But this is still too early stage and it is not yet possible to see if any viable product will emerge from here, the billionaire skeptic.

In addition to Bitcoin, Saylor is also known to be an avid fan of Lightning Protocol, thinking that they will become a "savior" for DeFi. He reaffirmed his belief:

“The advantage of Lightning is not only that it helps to scale Bitcoin to billions of people or reduce transaction costs significantly, but also lies in the character of Bitcoin that is Move forward very carefully and do not move quickly on the base layer without a general consensus. But Lightning is different, you can develop more functions and take more risks.”

Lightning allows users to open payment channels and execute multiple transactions before paying on-chain, reducing fees and confirmation times. All in all, DeFi applications on the Bitcoin network are not yet as popular as other blockchains. However, some analysts and researchers believe that DeFi will be sustainably implemented on the Lightning Network, based on the view that stablecoins and fully collateralized loans against BTC are useful.

At the same time Michael Saylor announced that he was leaving the CEO position, the company he founded in 1989 reported a loss of 918 million USD in the second quarter of 2022. After the latest purchase at the end of June, MicroStrategy owns a total of 129,699 BTC with an average price of 30,664 USD/BTC. When Bitcoin peaked in November 2021, all the other Bitcoins were worth up to 8 billion USD, but have disappeared to only about 2.58 billion USD at press time. Even so, the former CEO still maintains the strategy of “HODL through adversity”, asserting that the loans the company has made to buy Bitcoin in the period 2020-2021 will only be liquidated if the price of BTC drops to $ 3,600.

But the above is not the only reason why Saylor has been mentioned a lot in recent times. He is also facing a 10-year tax evasion lawsuit with the attorney general of Washington, DC.

Crypto Fox News summary

    Sep 04, 2022

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