Last Updated: 3 March 2023
TBD of Block has developed a new service for the lightning network. Once again, it will have a cryptic name: c=.
Putting Bitcoin to work
Block used to be called Square, and with Square Crypto they also had a separate bitcoin branch at the time. Currently this is called Spiral, and in addition they are working on DeFi on bitcoin with yet another branch called TBD.
There will be another new service in Jack Dorsey’s company’s suite: one specifically for lightning.
The goal of c= is to “provide infrastructure using bitcoin from Block’s reserves to make the lightning network more usable and reliable for developers, businesses and those businesses’ end users”.
This is evident from the initial announcement and the website now online.
We’ve been working behind the scenes with the cats @spiral to cook up a routing node that will make Lightning easier and more dependable for businesses and people that transact on the network
— c = (@c_equals) March 2, 2023
C=, also pronounced C-equals, makes a good point: liquidity in the lighting network is very important. Often, this is the problem áf a payment does not successfully arrive at the recipient.
To address that, “c= will build infrastructure using bitcoin connecting it to the network so that companies and wallets can make their lighting transactions more reliable.”
“Operating a node on the lightning network is all about connections; c= offers node owners valuable connections to lightning.”
“Through c=’s LSP, any business or individual with a lightning node can become more efficient and conduct their lightning transactions with minimal effort and investment, without depending on a middleman to hold their bitcoin.”
So that’s where a more familiar term finally comes out of the top hat: LSP. This stands for Liquidity Service Provider. Or rather c= will thus act as a party offering their own bitcoin ín this secondary layer on top of bitcoin. Through APis, developers can plug into a well-connected network in a simple way.
Nick Slaney is the managing director of c=, and he explains:
“We are excited to use bitcoin from our treasury for lightning and grow our business in a mutually beneficial way.”