Jack Dorsey has taken part in a ceremonial usage of Lightning Network “for the laughs.” The idea mimics the Olympic torch. Participants pass microscopic amounts of around the Lightning Network, using Lightning-enabled wallets to generate and pay invoices.
Dubbed the #LNTrustChain, the experiment demonstrates that Ligthning Network can send tiny amounts of . Each participant receives the full amount of the torch and adds 10 Satoshi to it. They then pick another person and the “trust chain” gets longer. The experiment even has a .
The first transaction was for 100 Satoshi. By the time it got to Dorsey, the torch was 2860 Satoshi, which rounds up to 10 cents at press time.
Cool example of experimenting on the Lightning Network.
🔥
⚡️Torch received, now passing along to !— jack (@jack)
The process is simple enough. Twitter is used for the entire thing. The sender tags the person, who generates an invoice. The sender then creates the transaction, and the recipient posts confirmation, like this one:
Received!
Who’s next? 🤔
— elizabeth stark (@starkness)
Non-Lightning wallets can’t participate. The experiment would not be possible without the Lightning Network – it’s the reason the fees are low enough. Ordinarily transactions this small would not make sense on the main chain.
‘Nah’ to Altcoins
Dorsey on the Joe Rogan podcast. He said, “I believe the Internet will have a native currency and I don’t know if it’s .”
All the same, when a Twitter user asked for to offer other cryptos besides , Dorsey was decidedly uninterested:
Nah
— jack (@jack)
Elon Musk: The Next Frontier?
In an attempt to up the ante, Samson Mow is attempting to involve Tesla CEO Elon Musk.
you have until noon tomorrow to confirm, else the torch goes to me. 🔥 text your bf.
— Samson Mow (@Excellion)
However, the billionaire is probably a bit too busy at this point. He recently oversaw testing of SpaceX’s next-generation rocket.
A Global Chain
The chain has so far stretched into every major country and continent.
The Torch has now been to 37 countries.
Lightning Labs co-founder Elizabeth Stark was the last person to take the torch at time of writing. Jack Dorsey passed it to her.
Phew, takes the Lightning Torch, sends it to me, tweets a bunch about , agrees to do a podcast on the spot with and me. Pretty sure is now officially a thing!⚡️
— elizabeth stark (@starkness)
The Lightning Network is both Core’s preferred scaling solution and its answer to the question of microtransactions, one of the primary arguments for the .
Lightning has been functional for months, but mass by merchants and users is still in progress. One could speculate that this is why some developers are discussing making blocks smaller, in an attempt .
Published at Wed, 06 Feb 2019 16:43:09 +0000
zerohedge.com / by Tyler Durden /