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Square Encounters Trouble With Craig Wright

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Jack Dorsey, the CEO of Twitter rolled out Square to venture into the crypto-verse. The platform recently launched COPA [Cryptocurrency Open Patent Alliance] to aid cryptocurrency firms to deal with issues pertaining to copyrights. While the crypto industry lauded this move, Craig Wright seemed to be having an issue with the same.

Square Hits Back With COPA

In a recent tweet, Square revealed that Ontier LLP, a law firm representing self-proclaimed inventor of Bitcoin, Craig Wright, sent out a letter to the firm suggesting that he decided to enforce his copyright on the Bitcoin White Paper. The law firm gave Square 14 days to answer the letter. While the last day of the deadline was 4 February, Square decided to employ COPA for this. The letter read,

“We consider that this is a straightforward copyright infringement claim, and accordingly would ask you to respond to this letter within 14 days, i.e. by 4pm GMT on 4 February 2021.

Square, however, made use of COPA and responded to the letter.

The payments platform hit back with a,” We don’t care who created bitcoin, just who didn’t.”

While it is evident that Wright is still sticking to his narrative of him inventing that first and largest cryptocurrency, Bitcoin. Ontier wrote in its letter to Dorsey’s platform,

“We should add that our client, and others associated with him, have further rights relating to the Bitcoin technology and the Bitcoin name. It is their firm intention to enforce such rights in due course. The writing of this letter and any settlement or judgment relating to the infringement of our client’s copyright in the White Paper, are entirely without prejudice to the enforcement in due course of such further rights.”

Amidst this, the Wright continues to deal with the Kleiman case. While that case is delayed to June 2021, Wright and his family continue to win several other lawsuits.

Jack Dorsey Continues To Endorse Bitcoin; Square Rolls Out Platform To Aid Crypto Innovation

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Over the years cryptocurrencies, particularly Bitcoin caught the eye of prominent personalities across the globe. While the coin was made for the average Joe to break from the shackles of centralized institutions, several authorities and notable people took a keen interest in Bitcoin.  Founder and CEO of a prominent social network company, Twitter, Jack Dorsey have been a great supporter of the crypto-verse and continues to support Bitcoin.

Bitcoin Is The Best Manifestation Of An Internet Currency

In a recent interview with Reuters, Dorsey pointed out that the internet was need of a native currency and believes that Bitcoin has fulfilled the same. He further suggested that no other coin could fill Bitcoin’s shoes as the native currency of the internet.

Highlighting the importance of toolmakers or developers, Dorsey detailed that it was essential for toolmakers like him to make Bitcoin easily available to people. He also stressed on how it’s his job to make it easy for individuals to understand as well as utilize the digital asset effectively.

Dorsey went on to elaborate on the plans he had to make Bitcoin easy and feasible for the community. He said,

“One is just transaction times and efficiency. So making it cost-effective and making it time-effective. The second is, intuitive to people; that they understand why they might use it, they understand where it is, and they can access it in a way that feels similar to just handing over paper cash.”

Almost every other coin that has entered the crypto-verse have tried to resolve the shortcomings of the king coin, however, Dorsey believes that Bitcoin should be built in such a way that is it “as intuitive as fast and as efficient” as it is today.

No More Stifles To Innovation

In other news, Dorsey’s payments company, Square rolled out a platform dedicated to preventing companies from locking innovations pertaining to cryptocurrencies in patents. The Cryptocurrency Open Patent Alliance [COPA] is a non-profit platform that hopes to aid in the growth of cryptocurrency technology.

The platform is reportedly open for membership and members would be required to pledge for the availability of their patents via a shared library. The announcement further read,

“As more members join and declare that they won’t offensively assert their patents against others, the overall incidence and threat of patent litigation comes down.”

Dorsey’s latest move seems beneficial to the crypto ecosystem, however, Square revealed that it was open to feedback with regard to its new platform.

Square Crypto Funds “The Eye of Satoshi” Bitcoin Lightning Network Watchtower

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Square Crypto has been dispensing out grants to developers working on free, open source projects that underpin the future burgeoning of both the Bitcoin and Lightning networks. This time around, its latest allocation went to a watchtower service for the Bitcoin Lightning.

The digital currency creation division of Jack Dorsey’s Square payments company, Square Crypto, has offered to sponsor the Eye of Satoshi, a Lightning Network watchtower that keeps track of blockchain transactions to shield the users on the layer-two scaling solution.

The Eye of Satoshi watchtower comes from the Spanish developer Talaia. Watchtowers were introduced to the Lightning Network back in 2019 to act as a reserve service option for tracking blockchain transactions when your Lightning software is inactive. Indeed, with the Eye of Satoshi observing, it is impossible for peers to block the channel and grab your crypto.

“If your Lightning Network software is ‘offline’—as in it isn’t actively monitoring the blockchain—you need a third-party that can keep watch for you. This could be because you’re running a lightweight wallet, aren’t actively using your wallet, or your Lightning Network node crashes. This is what watchtowers do.” highlighted Square Crypto on Twitter.

Square Crypto highlights the benefits of having watchtowers in place

Currently, Talaia operates on C-Lightning and will also work with different Lightning Network enactments. Additionally, Square Crypto noted that there will be several advantages of the Eye of Satoshi than just keeping an eye on blockchain transactions. According to the funding firm, the watchtower protects the network’s users from some type of attacks.

Square Crypto is an arm of major Fintech firm Square, founded and run by the also CEO of Twitter, Jack Dorsey. Dorsey is famous in the cryptocurrency industry for his support for Bitcoin. Moreover, Dorsey is not only an oral supporter of Bitcoin but he also practically purchases a full Bitcoin every week, utilizing Square Cash App. Furthermore, the Twitter CEO has also set up a task force at the social media giants to develop a decentralized version of Twitter. 

Square’s Profits Shoot up as Bitcoin Trade Becomes Ace Up Its Sleeve

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Cryptocurrency-based companies have enjoyed unusual success over the past few months, especially with the advent of Bitcoin’s price rise. This unprecedented success rate could also be attributed to more and more people entering the digital asset industry.

Square, the payment services provider founded by Twitter CEO Jack Dorsey recently revealed its 4th quarter earnings for Cash App which has pleasantly surprised its investors. 

According to the figures released by the company, Cash App’s focus on bringing more apps into its fold has been one of its biggest upsides. As of December 2019, Cash App had more than 24 million active customers per month, a rise of 60 per cent compared to 2018. Bitcoin trading on the Cash App is quite popular, and that popularity has also been translated into dividends.

Cash App reported revenue of Bitcoin to be $178 million between November 1st and December 31st. Profits during the same period amounted to $3 million, a 50% improvement between Q2 and Q3 2018. All other earnings on the platform were estimated to be $183 million.

Post the release, Amrita Ahuja, the Chief Financial Officer [CFO] of Square stated:

“We are able to efficiently acquire customers, keep them engaged and show them additional ways we can continue to add value.”

According to the CFO, as Cash App users start using cryptocurrency services, they generally start producing more revenue for the company. This may be due to multiple options available in the domain of cryptocurrencies than in the world of fiat. The company as a whole generated profits of $8 million on $516 million in annual sales from Bitcoin.

Financial reports from the company have revealed that Square spent a total of $174.4 million on Bitcoin services in Q4 2019. The overall business budget was $508 million, which was much higher than the $164.8 million invested in 2018. Cash App was a major contributor to Square’s sales, which was estimated to be $1.31 billion last year.

Many estimates, such as subscription and service-based sales, increased by 45% to $281.4 million. Services that are not really based on cryptocurrencies have been a major moneymaker because of their ease of use. Square’s gross payment amount also increased by 25% to $28.64 million.

The gross volume amount is significant because it reflects the total dollar spent on transactions or products. The company’s transaction-based revenue increased 25% to $832.2 million. Square’s stock has definitely increased in the markets, with the firm receiving 23 cents per share, which was more than the analyst expected by 21 cents per share.

Analysts argue that if square succeeds in growing its Bitcoin business around the globe, particularly in regions with hyperinflation, it will have a massive advantage on fiat. Square is also expected to expand its payments sector through emerging regions such as Africa.

Jack Dorsey’s Square Crypto Releases Information on Lightning Development Kit (LDK) For Bitcoin Wallet Applications

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Square, a crypto initiative started by a payment platform Square has released details on its first product known as Lightning Development Kit (LDK) for providing developers with their bitcoin wallet applications.

 As per a post of Medium, the product has an API, language bindings, demo apps, and other items that will “make integrating Lightning easy, safe, and configurable.”

 Square Crypto, when launched in March 2019, was solely designed for supporting the ecosystem of bitcoin. Product Manager Steve Lee tweeted in July 2019 that Square Crypto is a disjoint entity from Cash App and the rest of Square. It is designed for supporting the bitcoin ecosystem. 

 “Our goal is Bitcoin for all. We are focusing on improving the Bitcoin experience for mainstream users. The user journey will always be central to our thinking,” added Steve Lee.

 Because Bitcoin is such a currency that is used globally and cannot be rigged in anyone’s favour. Therefore, various improvements are required in Bitcoin’s UX, security, privacy, and scaling.

 Moreover, during open-source development, developers choose their projects, because Square Crypto is an open-source developers’ team, and has ardent capacity on a few main projects that individuals might not have time or resources to tackle with. 

 For that purpose, the company discussed with many wallet developers which showed the need for flexibility while integrating Lightening. Wallet and applications demand various key store and storing mechanisms, security approaches, UX tradeoffs, and more. Therefore, the solution lies in building for more wallets rather than fewer.

 According to Square Crypto, it looked up various projects and finally concluded for going with a project focusing on Lightening Network-wallet integration based on the demand of developer.

 Back in December last year, Square Crypto stated that it is offering permissions to developers doing part-time Lightning Network to support its work. As the group, in September, has already hired three team members, two of whom have experience in development tied to Lightning.

Lightening infrastructure that we have today is incomplete without features like these, and it is because the infrastructure that the LDK is a big project, and with the back of developers Acniq, Blockstream, Lightning Labs, and a few more bitcoin payments with low-fee are common like cash.