This month, the payment giant Square’s blockchain division, Square Crypto upped its ante with the release of its first product to date. The firm took a unique approach to the market when it decided to release a developer kit for the Lightning Network rather than a single application. The decision to cater the release towards developers rather than users showcases Square Crypto’s determination to forward the entire Lightning Network as a whole rather than just its platform.
News first broke via a company blog. In the post, Square Crypto describes the process behind their decision. Specifically, the post explained that Square Crypto executives considered several projects before settling on the developer kit. The final decision came down to overwhelming developer demand.
A Tough Decision
The post also explains the long debate that ensued within the firm to determine what projects to pursue. Developers sought a project that could provide an outsized impact on bitcoin. Specifically, the firm had interests in non-custodial bitcoin systems. Secondly, the firm wanted to release a project that fulfilled a strong need within the Bitcoin ecosystem. Lastly, Square Crypto wanted to ensure that their first project was also a self-sustaining open-source project. In this manner, the firm hoped to spark the interests of developers worldwide.
Square Crypto Did Their Homework
According to company documentation, Square Crypto staff members interviewed dozens of wallet developers. These interviews yielded some interesting results. For one, it showed Square executives the growing desire for flexibility within the Lightning development community. As such, Square Crypto’s team decided it was more conducive to their overall goals to create a Lightning Development Kit (LDK) rather than create a standalone Lightning node.
In this way, Square gives wallet and application developers a convenient way to create custom experiences. This customization allows for the building for more wallets and applications in the future. Importantly, Square decided t was best to focus on wallets primarily mostly because LN-enabled wallets require different key store systems and backup mechanisms, security protocols, and user interfaces.
Lightning Development Kit – (LDK) – Square Crypto
After all the research completed, Square had enough information to release its Lightning Development Kit – (LDK). True to the firm’s commitment to expanding the network, the LDK will help developers integrate Lightning with their bitcoin wallet applications. As such, the kit contains a treasure trove of valuable information. This info includes data such as API, language bindings, and demo apps. Consequently, the tools make integrating Lightning into a platform easier, safer, and more customizable.
Square Crypto Goes Full Lightning Network
Square Crypto has shown the entire cryptocommunity its support for the Lightning Network over the last year. Last September, the firm hired three team members to its full-time development staff. Also, in a bit of foreshadowing, the firm offered a grant to any part-time Lightning Network developers ready to join the team.
Square Crypto Shines Some Light on the Industry
Square continues to show the blockchain community its faith in the Lightning Network. These developments are sure to push Lightning Network adoption further. With the release of the LDK, Square now takes center stage in the race to make the Lightning Network one of the premier crypto payment systems in existence. For now, you have to commend Square Crypto on a balanced and well-thought-out approach to the market.