Home News Twitter CEO Jack Dorsey Engages in Bitcoin Lightning Network ‘Torch’ Experiment

Twitter CEO Jack Dorsey Engages in Bitcoin Lightning Network ‘Torch’ Experiment

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Jack Dorsey has taken half in a ceremonial utilization of Lightning Network “for the laughs.” The concept mimics the Olympic torch. Participants cross microscopic quantities of Bitcoin across the Lightning Network, utilizing Lightning-enabled wallets to generate and pay invoices.

Dubbed the #LNTrustChain, the experiment demonstrates that Ligthning Network can ship tiny quantities of Bitcoin. Each participant receives the total quantity of the torch and provides 10 Satoshi to it. They then decide one other particular person and the “trust chain” will get longer. The experiment even has a website.

The first transaction was for 100 Satoshi. By the time it received to Dorsey, the torch was 2860 Satoshi, which rounds as much as 10 cents at press time.

The course of is easy sufficient. Twitter is used for the complete factor. The sender tags the particular person, who generates an bill. The sender then creates the transaction, and the recipient posts affirmation, like this one:

Non-Lightning wallets can’t take part. The experiment wouldn’t be potential with out the Lightning Network – it’s the explanation the charges are low sufficient. Ordinarily transactions this small wouldn’t make sense on the Bitcoin fundamental chain.

‘Nah’ to Altcoins

Dorsey recently spoke of cryptocurrency on the Joe Rogan podcast. He mentioned, “I believe the Internet will have a native currency and I don’t know if it’s Bitcoin.”

All the identical, when a Twitter consumer requested for the Cash app to supply different cryptos moreover Bitcoin, Dorsey was decidedly uninterested:

Elon Musk: The Next Frontier?

In an try and up the ante, Samson Mow is making an attempt to contain Tesla CEO Elon Musk.

However, the billionaire might be a bit too busy at this level. He not too long ago oversaw testing of SpaceX’s next-generation rocket.

A Global Chain

The chain has to date stretched into each main nation and continent.

The Torch has now been to 37 international locations.

Lightning Labs co-founder Elizabeth Stark was the final particular person to take the torch at time of writing. Jack Dorsey handed it to her.

The Lightning Network is each Bitcoin Core’s most well-liked scaling resolution and its reply to the query of microtransactions, one of many major arguments for the establishment of Bitcoin Cash.

Lightning has been purposeful for months, however mass adoption by retailers and customers remains to be in progress. One may speculate that because of this some builders are discussing making Bitcoin blocks smaller, in an try to stimulate usage of the cheaper alternative.

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