To further show his support for the Lightning Network innovation, the Microstrategy founder hosted a Meme competition where he noted that the BTC (3,000,000 Satoshis) rewards for winners will be transferred using the Lightning Network service.  

The layer 2 scaling solution Lightning Network can be dated back to February 2015 when its draft was proposed by these two researchers Joseph Poon and Thaddeus Dryja.

Following its subsequent development and introduction into the crypto and blockchain industry, its adoption has been on the rise regardless of the fact that the solution which was built to solve the slow transaction speed and high fees problems experienced on the Bitcoin blockchain poses a few risks.

Read Also: Michael Saylor’s Microstrategy Adds 301 BTC; Now Holding 130,000 Bitcoins 

Michael Saylor Hosts a Meme Contest To Show Support for Lightning Network

Earlier today, Eric Wall, a popular crypto proponent and researcher, created a poll to get his followers’ thoughts concerning the Microstrategy founder and the Bitcoin Lightning Network.

In the Twitter poll, he asked, “Do you think Michael Saylor has made more than three Lightning transactions in his life?” Out of the 10,143 votes on the poll question, 52.2% of the participants agreed to the fact that Michael Saylor has made more than 3 Lightning transactions while 34.8% voted No. 

Do you think Michael Saylor has made more than three Lightning transactions in his life?

— Eric Wall X (@ercwl) October 4, 2022

Saylor who replied to the poll created by Eric Wall cleared the air by disclosing that he is a strong supporter of Bitcoin (BTC) and the Lightning Network, citing that he has made more than 3 transactions using the layer-2 solution.

In addition, the former CEO of Microstrategy announced a Meme contest noting that he will make another 3 Lightning Network transactions of 1,000,000 satoshis each to the three winners of the competition.   

“The correct answer is Yes, and I will make three more transactions of 1,000,000 sats each to the 3 posters of the most liked Lightning memes in the comments below,” Saylor replied to Eric Wall’s poll exercise. 

The correct answer is Yes, and I will make three more transactions of 1,000,000 sats each to the 3 posters of the most liked #Lightning memes in the comments below. https://t.co/qXZ90q4Ly9

— Michael Saylor (@saylor) October 4, 2022

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According to an announcement during the event, Lightning Network wallet, Strike, partnered with Shopify, NCR, and Blackhawk Network. As recounted by Mallers, the new development implies that any website that uses Shopify online card transactions can now process payments using Bitcoin’s Lightning network.

Read Also: World’s Richest Non-Exchange Bitcoin Whale With 5.5 Billion BTC Holdings Accumulates 3,241 BTC in a Day

The partnership that is now officially live is seen as a significant step toward the mass adoption of Bitcoin (BTC).

Jack Mallers noted:

“Any online merchant that uses Shopify can accept payments without the 1949 boomer network, receive it instantly, cash final, no intermediary no 3% fee.”

During the presentation, a slide with a list of some of the biggest retailers in America appeared, including McDonald’s, Walmart, Home Depot, and Best Buy.

Although there is no detailed information on how some of these retailers will start accepting Bitcoin, Mallers claims that over 400,000 storefronts will now accept the flagship crypto through the Lightning Network.

The Lightning Network is a layer two solution for the Bitcoin blockchain, which uses smart contracts to settle payments instantly with relatively low transaction fees. It boosts the scalability of Bitcoin (BTC) in order to compete with fiat currencies across the world.

Mullers’ presentation received lots of support, especially from the likes of Twitter’s Jack Dorsey, Anthony Pompliano, and Ran NeuNer.

Read Also: Two Dormant Bitcoin Addresses Containing 100 BTC worth $8 in 2010 Just Moved After 12.4 Years

Mullers, in his presentation, emphasized the lack of innovation in the traditional financial system over the last couple of decades.

Jack Mallers noted:

“There’s not been since 1949 a superior payments network that allows us to innovate, build on financial inclusion, and offer cheaper services faster services. My grandfather used the same technology as I do. That’s not American, that’s bullshit.”

Going by his presentation, retailers will gain the ability to receive Bitcoin from customers and instantly convert it to fiat without transaction fees or processing delays.

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