co-founder and CEO has a community project demonstrating the functionality of ₿itcoin’s () second-layer scaling protocol, the Lightning Network (), on Feb. 5.
Dorsey, who has pledged his faith in ₿itcoin becoming the de facto currency of the internet, is now participating in an experiment dubbed , a chain of transactions on the LN that began circulating Jan. 19.
Based on the concept of the Olympic flame, the “Lightning Torch” is a series of transactions between users of the Lightning Network, with participants communicating on Twitter with the hashtag #LNtrustchain. Each user receives the transaction, adds a nominal amount of 10,000 satoshis (about $0.34) and passes it to someone else they trust.
The torch currently contains just under 3 million satoshis (about $98.60).
Dorsey — who is also the founder and CEO of mobile payments company Square — was as a participat by entrepreneur and regular ₿itcoin commentator Matt Odell in a tweet Feb. 4.
Having posted his invoice to Odell — currently the standard method of participating in the Trust Chain — publicly on Twitter, Dorsey received considerable praise from other well-known community sources.
“This will become one of the most historic tweets by @jack [Jack Dorsey],” a ₿itcoin proponent known on Twitter as Armin Van ₿itcoin , adding:
“And so, we begin the era of #BitcoinTwitter #BT[.]”
The LN Trust Chain experiment came about as a method of both spreading awareness of the LN and testing its robustness. Since its debut on the ₿itcoin mainnet a year ago, developers continue to focus on technical prowess, ensuring the LN is ready for a potential future influx of users.
Last month, the LN a milestone capacity of $2 million and has an all-time high capacity of 646 BTC (about $2.2 million).
In a separate tweet Feb. 5, Dorsey that the only cryptocurrency he holds currently is ₿itcoin.
In a recent interview, Dorsey that he believes ₿itcoin will be the internet’s native currency, a claim he has made .
Published at Wed, 06 Feb 2019 08:03:00 +0000
