Harvard University is the Latest Recipient of the ‘Lightning Network Torch’ via Fidelity Digital Assets

Just over 24 hours back, Fidelity Digital Assets released a tweet stating that it had successfully handed the ‘Lightning Torch’ to Harvard Business School’s (HBS) Blockchain and Crypto Club.

To be a bit more specific, a spokesperson for Fidelity claims that the ‘Torch’ — which is essentially a steadily increasing amount of BTC that is being passed around via the Lightning Network — needs to contain 3.65 million satoshis as and when the Harvard-based entity decides to pass it on to the next participant.

At this point in the article, it is also worth mentioning that last year, Harvard had organized its first ever Blockchain and Crypto Conference. Owing to the massive success of this event, a few hours back, the club opened registrations for its second iteration of the above mentioned conference. The keynote speakers for the event will include established crypto personnel such as:

  • Da Hongfei — The founder of NEO
  • Adam White — The COO of Bakkt
  • Joseph Lubin — The co-founder of ConsenSys Capital

More on the Matter

As many of our regular readers may remember, Fidelity Digital Assets was the first mainstream financial institution to procure the much-hyped BTC Lightning Torch. According to a press-release issue by the firm recently, it wants to eventually create a system where a whole host of different assets can be “issued natively on niche’ blockchains or at least represented in the form of different tokens.”

A couple of days back, Fidelity’s research arm requested the LN Torch from pseudonymous Twitter user ‘wiz.’ — a request that was granted within a matter of minutes. On the issue, Wiz had released a tweet stating that Fidelity was looking to launch its very own ‘Bitcoin custody chain’.

After receiving the LN torch, Fidelity announced to the world that it had successfully completed its first ever BTC transaction— following which, the firm then swiftly went on to pass the torch to Harvard within a matter of a few hours.

Other Key Things to Bear in Mind

  • The Lightning Network can be thought of as a second layer protocol that has been built atop the primary Bitcoin (BTC) blockchain. As a result of this, it serves as a side chain that can facilitate quicker transactions with substantially lowered tx fees.
  • The above mentioned #LNTrustChain first came into operation last month on the 19th of January.

Final Take

In closing out this piece, it is worth remembering that the first transaction on the LNTrustChain took place when Twitter user Hodlonaut sent 100,000 satoshis to JDG using tippin.me. Since then, the torch has changed many hands and gone through a large number of financial institutions, universities etc.

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