A new, decidedly social feature on the ₿itcoin Lightning Network is gaining popularity this week after one user set up cryptocurrency’s answer to the Olympic flame.
Lightning Torch Reaches 2.3M Satoshis
Dubbed ‘,’ the initiative involves passing a lightning payment between nodes, with each receiving user adding 10,000 satoshis ($0.34) and passing on to a new node.
Since its debut January 19 from the user known as hodlonaut, the Torch has gathered a total of 2.3 million satoshis ($78.30).
Hodlonaut originally used Lightning Network-based tipping service tippin.me to send the first transaction, describing it as “fun” while explaining the process:
– I send 100k sats with to the first person I choose to trust that replies to this.
– That person adds 10k sats and sends 110k to someone (Either from reply to a new tweet, or this thread)[.]
Some LN fun..
– I send 100k sats with to the first person I choose to trust that replies to this.
– That person adds 10k sats and sends 110k to someone (Either from reply to a new tweet, or this thread).. and so on
How many sats before it breaks?
— hodlonaut
(@hodlonaut)
(@hodlonaut) Testing Lightning In 2019
While ostensibly a small-scale effort, the Torch appears designed to test the strength of Lightning for low-level payments, one year after the technology debuted on the ₿itcoin mainnet.
As Bitcoinist reported throughout 2018, despite Lightning’s swift advances, using it remains more of an activity for the technically literate, and success is .
Nevertheless, end-user implementations have improved significantly in recent months. This week, Bitcoinist published a on apps anyone can now use to access Lightning for ₿itcoin.
Outside the dedicated community, other cryptocurrency entities are attempting to bring Lightning more into the mainstream. This month, mining business BitFury payments to their first cryptocurrency exchange environment through a collaboration with BTCBIT.
The new functionality “will help more people use ₿itcoin in their everyday lives in a faster and more convenient way,” the company promised.
At , the Lightning Network had 5741 nodes, 22,334 channels and a total capacity of 579 BTC ($1.96 million). The statistics represent monthly growth of 16 percent, 34 percent and 10.5 percent respectively.
What do you think about Lightning Torch? Let us know in the comments below!
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Published at Tue, 29 Jan 2019 19:00:25 +0000
