The Global Bitcoin Lightning Torch Payment Experiment Is Burning Out Soon #LNTrustChain
The lightning torch of Bitcoin will burn out soon, ending a worldwide payment experiment with hundreds of tech giants in participation like Jack Dorsey the CEO of Twitter, and users from different parts of the world in countries that are restricted by economic sanctions.
Bitcoin’s lightning torch users have displayed the strength of the of lightning technology by the addition of a few cents worth of the Bitcoin as payments are passed from one person to another. With at least 54 countries in which the Bitcoin ‘torch’ has burned through, it has shown its significant strength across borders.
With a 170 USD transaction limit at a time, the amount of Bitcoin that can be sent at once across the lightning platform is limited, therefore users will have less than 12 opportunities to pass the torch before the transaction limit is reached.
The moment the torch payment reaches this limit (set for safety reasons), users can not add as low as 30 cents with each torch pass, as the lightning torch custom is.
It is difficult to say what exactly happens to the lightning torch as it burns out, if it will just die out, or if another lightning torch will be lit.
The ‘Hodlonaut’ who impulsively began the Bitcoin lightning torch, has started counting down the spots left on Twitter and he has not plans on starting another torch.
When asked if another lightning torch will be started, Hodlonaut answered: “I don't think so, maybe something else ;)”
With the projected end of the Bitcoin lightning torch, the question many are asking is: “what are the major take backs?”
Users of the venture have debated that with its ups and downs, the lightning torch tech is still unstoppable, with a global reach of over 50 countries, and if any country enforces unjust regulations, the asset can bypass it as a single person or entity can not stop lightning torch payments.
A Borderless Tech
The lightning torch cross border prowess was seen when the torch was passed to Iran. Ziya Sadr, an Iranian Bitcoin user, attempted to receive the torch, but many people were skeptical about passing it on due to the United States stringent sanctions, making it close to illegal to pass it. An irish user later passed the torch to Ziya Sadr in Iran, buttressing the opinion that the lightning technology is without borders.
Sadr agreeing with this view said
“Bitcoin and Lightning are truly censorship resistant and people manifested this during this very public and bold experiment”
He also stated that:
“Bitcoin is borderless and it will not conform to state-backed sanctions and national policies”
Akin Fernandez an entrepreneur and digital asset enthusiast, said that it “showed clearly that the world is actually just one place, and with the right tools it’s possible to traverse national borders and reach everyone as if there were no barriers between anyone.”
“The torch entering and leaving Iran unimpeded is all the proof you need to show this is true. People really can get along if given the chance.”
The Torch In Venezuela
Some unknown facts of the experiment were stated by Hodlonaut, for example, that some people in Venezuela, during the power outage, reached the lightning torch and powered their nodes with a battery from a motorcycle.
Akin Fernandez is of the notion that technology in its early phase can still do good stating :
“It also shows once again that a small number of people can have a hugely significant global impact in a short amount of time if their thinking is right and they have the focus and skills to execute in software”
He also added, “the lesson here is ‘Do not underestimate Bitcoin’.”
Limitations Of The Technology
Charlie Lee the creator of Litecoin argued that although the tech experiment shows a lot of promise, it is still not ready. He said:
“I think the torch shows (that) using lightning by running one’s own node and lightning is still not easy enough. Most torch holders end up using a custodial solution, which is not ideal.”
Blue wallet and other ‘Cordial’ wallets have been launched recently, and the users of the lightning technology have taken interest in these digital wallets because they make the use of lightning technology easier. These wallets do not require the users to set up their own lightning nodes, a time and hard drive space consuming process.
Although this sounds great, Litecoin’s Charlie Lee states that it's ‘not ideal’ as this custodial digital assets wallets has autonomous control of the funds of the user, which is ironic because the whole essence of Bitcoin as a digital asset is to give complete control of funds to the users.
“We still have a lot of work to do to make lightning easy to use” he stated.
This is one of the major reasons the lightning torch is almost at its end, and transactions limit is almost reached, although this limit is set for user safety purposes since it's still a new technology.
The lightning technology has unexpectedly become a major key platform for charity projects.
Hodlonaut and the lightning torch community have decided that once the limit is reached, the non-profit, Bitcoin Venezuela, which has been sensitizing the economically troubled nation about how Bitcoin is an alternate currency, will receive the torch as a donation.
“(These) guys really deserve all the support we can give them. They will receive the #LNTrustChain torch, but that only amounts to around $170.”
To improve the support, Hodlonaut Launched another avenue for support on Tallycoin which is a fundraising platform that accepts payment in lightning and Bitcoin only.
Tallycoin which has no transaction limit, and has brought in more donations than the lightning torch with a total of 235 donations and 0.38672 BTC (approximately 1,553USD).