Bitcoin’s New Payment Experiment, Lightning Torch, Aka LN Trust Chain, Reaches LinkedIn Founder
Lightning Torch Reaches LinkedIn Founder, Fidelity Investments
The Lightning torch has found a new home. The torch, which has been passed to both an octogenarian and Twitter CEO Jack Dorsey in the past, has been passed to both Fidelity Investments and LinkedIn co-founder Reid Hoffman in the last few days.
Upon receiving the torch, Fidelity assets tweeted, “We and our research team at the Fidelity Center for Applied Technology have received the #LNTorch ⚡from @Wiz. Who should we pass it to? “
Fidelity eventually passed the torch to the Harvard School Blockchain & Crypto Club.
The Lightning torch began in mid-January 2019 and works to bring attention to the Lightning network and its ease in sending payment. It was started by Hodlonaut, a twitter user and crypto enthusiast. How it works is that Hodlonaut sent out 10,000 satoshis, which is the smallest indivisible unit of bitcoin to another user via the Lightning Network. The user then adds another 10,000 satoshis to the balance and send it to another user.
The torch is reminiscent of the Olympic torch and has become a bit of a viral internet phenomenon and has sparked discussion surrounding Cryptocurrency and sending of money through blockchain. Jack Dorsey, the CEO of Twitter, upon receiving the torch, tweeted, “Cool example of #BitcoinTwitter experimenting on the lightning network.”
He has also stated that Square’s CashApp will eventually support the Lighting torch payments.
“We have a massive seller network of businesses [of different sizes] […] We would love to make [Bitcoin payments] as fast and efficient and transactional as possible and that includes looking at our seller base and our register. It’s not an ‘if,’ it’s a ‘when,” he said.
Around The World
So far, the lighting torch has been passed about 224 times across 137 countries with a total of 3,700,000 satoshis being sent.
The torch is a classic example of the merging of internet viral culture and blockchain. It has brought about awareness about the ability to send funds across the globe without the need of a centralized institution and has also gotten prominent business people to look into blockchain and its possible use.
This tactic has been used to garner attention for everything from pop songs to raising awareness about ALS through the ALS ice bucket challenge. As the torch makes its way around the world, more adoption and acceptance can hopefully be generated for crypto, one Satoshi at a time.