Fidelity Investment And Reid Hoffman The Co-Founder Of LinkedIn Receive The Lightning Torch
The lightning torch continues to grow in popularity with support from big-name companies and individuals. Most recently the torch was passed to the Chief Executive Officer of Twitter Jack Dorsey and in the latest round; it was passed to Fidelity Investments as well to Reid Hoffman the co-founder of LinkedIn.
Big names embracing lightning torch
“We and our research team at Fidelity Centre for Applied technology have received #LNTorch from @wiz. Who should we pass it to?” read a tweet from Fidelity Digital Assets after they received the torch. Fidelity could go on and finally pass the torch to Harvard School Blockchain and Crypto Club.
The lightning torch is an experimental technology that is designed with an additional layer to bitcoin that allows sending of payments quickly around the world without the need of a third party like in conventional payment options such as PayPal and MasterCard. It was initiated by crypto enthusiast, Hodlonaut, in January 2019 when he sent 10,000 satoshi’s to another Twitter user through the lightning network. The user will then augment the balance with an additional 10,000 satoshi’s before sending to another user who will pass on to another user to continue the chain.
The lightning torch has become viral on the internet and has sparked a lot of discussion regarding cryptocurrency and the sending of payments. Since the inception of the lightning network, the torch has so far been passed to prominent people in the crypto community such as Jack Dorsey, the Twitter CEO. Jack lauded the network indicating that it was a cool way of experimenting between Bitcoin and Twitter on the network.
The lightning network has sent over 3.7 million satoshi’s
The network could be the beginning as Dorsey indicated that Square’s CashApp could support the torch payments. He said that they have a vast seller network for various business sizes and it could be appropriate to enhance bitcoin payments to be fast and efficient.
It is also known as the "LN Trust Chain" because the holders are required to send the payment to someone trustworthy who will continue the chain. The torch has so far gone through 137 countries having been held 224 times with over 3.7 million satoshi’s transacted which is equivalent to $143.
The torch has increased awareness about cryptocurrency and the ability to send money without third parties which have led to prominent businessmen to consider the potential of the blockchain.