Efforts to promote the Lightning Network (LN) for Bitcoin is gaining attention as more notable companies and individuals have started to take part in the “Lightning Torch” – a transaction relay where recipients use LN to forward on a Bitcoin payment. The latest two to join? Fidelity Investments, followed by LinkedIn co-founder Reid Hoffman.
Hoffman is the 224th person/entity to “hold” or “receive” the “torch” after it first began making its rounds in the Bitcoin community in January. Started by Bitcoin enthusiast Hodlonaut, Lightning Torch is also known as the “LN Trust Chain”.
It is so called because each “torch bearer” adds a nominal 10,000 satoshis (a division of Bitcoin; about $0.39) to the total received before sending the sum to someone else via LN whom they trust will continue to pass it on instead of keeping the snowballed amount for themselves.
Twitter has become the social media platform of choice for Lightning Torch participants to publicly declare their receipt of the torch, and who they intend to pass it on to. Twitter CEO Jack Dorsey himself has taken part, as well as other crypto enthusiasts in the community.
The Lightning Torch is set to act as an extra layer for end-users to transfer digital tokens internationally without a hitch and without a third party, as opposed to many conventional remittance tools like MasterCard or Paypal.
Statistics show that Lightning Torch has passed through 137 countries, with 3,700,000 satoshis ($143) accumulated as of Feb 27.