Bitcoin Segregated Witness (SegWit) Inventor Pieter Wuille Joins Lightning Torch LNTrustChain Race
The recognized cryptographer and the creator of the Segregated Witness (SegWit) solution, Pieter Wuille, has decided to participate from the Lightning Torch.
The Lightning Torch is an initiative started by the Twitter user Holdonaut and that aims at spreading knowledge about the Lightning Network (LN) and how it works.
Pieter Wuille Joines the Lightning Torch
Pieter Wuille is a very important figure in the cryptocurrency space. He has been the creator of one of the most important solutions for Bitcoin scaling issues in recent times. Indeed, he allowed the Bitcoin network to keep increasing the number of transactions on-chain reducing the congestion in the network.
According to Woobull charts, SegWit adoption has reached 40% of the market. However, it reached an all-time high of 50% at the end of 2018. Transactions become smaller in size allowing fees and transaction times to be reduced.
The Lightning Torch is an initiative that promotes Lightning Network transactions. There have been several figures in the crypto space accepting the “Torch”, including the CEO of Twitter, Jack Dorsey.
Each of the custodians of the Lightning Torch ads a nominal sum of 10,000 satoshis ($0.387 at the time of writing). After adding these funds, the individuals should pass it to another interested participant, and so on.
This project has attracted a lot of attention from different individuals and crypto enthusiasts in the market. There are users in several countries accepting the Lightning Network, including people from Iran or the United States, among others.
— Pieter Wuille (@pwuille) March 6, 2019
He has sent the torch to another user on March 6 when it reached the Twitter user @Leishman, who has also forwarded it to @MITBitcoinClub.
Jack Dorsey participation has given the Lightning Torch strong support. It was able to increase awareness of Bitcoin and the Lightning Network as well. At the same time, Dorsey mentioned that they were going to add LN micropayments on his payments company called Square.
Now, the community is trying to attract Elon Musk to accept the Lightning Torch and send it to another user in the market. However, he did not provide any information on whether he would be accepting the LN Torch or not.
At the time of writing, the Lightning Network continues to expand. Indeed, the number of nodes has surpassed 7,000 and there are 32,780 channels open according to the LN stats site 1ml. The network capacity has almost reached 760 BTC (close to $3 million).
The Lightning Network is the ultimate scaling solution for Bitcoin. It will allow the Bitcoin network to process thousands of transactions per second for very low fees. It will also allow individuals and firms to accept micropayments, which is now almost impossible to do on-chain.