The Positive Outcome Of Bitcoin Lightning Torch Triggers An Influx Of Altcoin Imitations
The second layer scaling solution for Bitcoin (BTC), the Lightning Network (LN) is moving towards offering better user experience for users. The Lightning Network is a “Layer 2” payment protocol that operates on top of a blockchain-based cryptocurrency (like Bitcoin). It enables fast transactions between participating nodes and has been touted as a solution to the Bitcoin scalability problem.
The popularity of Lightning Network was evident as “Bitcoin Lightning Torch” had been one of the most discussed topics in the crypto ecosystem for the past month. The idea is that Bitcoin transactions are being made by the users and passed on the next, just like an Olympic Torch. This has been a very successful marketing campaign for the Lightning Network, an off-chain Bitcoin solution that was created in order to make payments faster.
The Lightning Torch has been passed all over the world involving some big names and organization such as Fidelity Digital Assets. However, one of the exemplary relaying has been made by Lightning Torch as it crossed the borders of heavily sanctioned country Iran.
Now, with the success Lightning Torch, AltCoins knockoffs have arrived too.
The EOS community has recently launched the so-called EOS Torch. The intention is to pass the Torch token that was recently mined by the EOS community. It has no monetary value and there is no reason to defect the whole process. There are some critics to this proposal made by the EOS network explaining that it makes no sense for the whole EOS community to move this “torch” token.
Welcome to the #EOSTORCH project. The EOS community has minted non-divisible 1 TORCH token which is being passed from account to account
Join the chat in the telegram channel https://t.co/IZqca4mhYf
— eostorch (@eostorch) March 5, 2019
If there is anything the BTC network we can be sure that the BCH community will follow. The SLP (Simple Ledger Protocol) Torch has passed by several big names including the likes of CEO Roger Ver, developer Josh Ellithorpe, Don Wonton, Collin Enstad and others. When it reached Ver, he was unable to pass it to Paul Lambert because of “complications,” which has been reasoned as being due to Lambert’s attempt in using Lightning Network. The Simple Ledger Protocol (SLP) is a protocol used to issue security tokens on the BCH blockchain, which was created to convert an asset to tokens that can be traded within seconds.