Generation next payment service by bitcoin Lightning Torch, for peer-to-peer payment is off to an exciting launch and fanfare. A global relay-race on Twitter where 10,000 satoshis are paid by a participant to the next person who they trust not to break the chain!
The relay is a ‘test of trust’ according to the initiator of the campaign, Hodlnaut.
One of the largest bitcoin campaigns– lightning torch – is making its way across the globe, bringing together the crypto community and the crypto-curious in over 37 countries. All of the excitement is on Twitter, with its founder Jack kicking it off on the micro-blogging site with Twitter hashtag. The campaign is for the latest technology by Bitcoin, named Lightning Network (LN).
Why is LN path-breaker?
The first-born cryptocurrency community is lauding the arrival of cutting-edge bitcoin’s lightning network since it does away with the need for third parties like MasterCard and even online payment portals such as PayPal. That means Peer-to-Peer payment is what Bitcoin LN offers.
Twitterati call it “LN Trust Chain” since the relay wants to set up a global movement where the chain is not broken and recipients will forward the Satoshi’s every time and not be tempted to keep the cryptos for themselves.
The relay race began with Hodlnaut, a devout of the BLN platform lighting the torch and passing it on in Twitterland. Celebrated members of the community are now bearing the torch forward including the likes of Twitter co-founder Jack Dorsey; Lightning Labs engineer Joost Jager and Anthony Pompliano, founder of Morgan Creek Digital.
In an interview, Hodlnaut stated that “The reason I started this was just to have some fun with the lightning network and maybe spread more awareness. I thought it would maybe do five or six hops and then die, without many people noticing.”
Bitcoin Pope Andreas Antonopoulos dared to tweet thus,
“Heretical thought of the day: Playing #LNtrustchain is better than watching the Superbowl,” he tweeted after sending the torch to the next participant, adding:
“Ok, I lied. Anything is better than watching the Superbowl for this geek.”
Despite the forward-looking technology and the immense potential, this product can offer for the common man, the technical side of the platform remains shrouded in controversy.
Lightning Network Controversial
Since Lightning Network itself is an advanced, complex and intense algorithm-based programming which is considered highly unpredictable (in some circumstances resulting in sometimes loss of money) there is some criticism levelled against the work-in-progress network.
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“The #LNTrustChain showed the world: 1. Lightning works and it’s amazing. All of us who’ve used it in a solo context (buying stickers, playing games, etc) already knew it, but this experiment was the first widespread public demonstration of its power.”