Fidelity Investments Is the Latest to Receive Lightning Torch

Fidelity Investments Is the Latest to Receive Lightning Torch

The Lightning Torch found a new home on February 22, 2019, when it was passed to Fidelity Investments, who then gave it to the Harvard School Blockchain & Crypto Club.

Pass the Torch

Fidelity Investments has become the latest in the line of Lightning Network members to be passed the Lighting Torch. This was announced on February 22, 2019, by the firm’s official twitter handle.

“We and our research team at the Fidelity Center for Applied Technology have received the #LNTorch from  @Wiz Who should we pass it to? #LNTrustChain,” the tweet read.

The Lightning Torch is a concept similar to that of the Olympic torch. Members of the Lighting network are “passed” the torch and, in turn, must pass it to another group or individual.

The use of the Lightning Torch first began when a network member called Hodlonout sent 10,000 Satoshis to another member who then added 10,000 satoshis to the balance and sent it to another member. This chain has continued since then with several people, including an octogenarian and Jack Dorsey of Twitter receiving the torch at some point.

Fidelity assets received the torch and then passed it to the Harvard School Blockchain & Crypto Club, who will add another 10,000 satoshis to the balance and pass it on.

The Significance of the Torch

The passing of the Lightning Torch, like the Olympic torch, is merely symbolic and is designed to draw attention to its cause. It functions in the same vein as other Internet challenges such as the ALS Ice Bucket challenge which sought to begin awareness of the ALS condition.

It has so fulfilled this end. In 2019, it was held by the CEO of Twitter and bitcoin holder Jack Dorsey who stated that Square’s CashApp would eventually support the Lightning Network.

“We have a massive seller network of businesses [of different sizes] […] We would love to make [bitcoin payments] as fast and efficient and transactional as possible, and that includes looking at our seller base and our register. It’s not an ‘if,’ it’s a ‘when,’” he said.

As the torch continues to be passed around the corners of the Internet, more awareness will be raised, and further adoption will continue to be achieved.

Published at Mon, 25 Feb 2019 18:00:25 +0000