The lightning torch is back. This is an iconic process by which people will continuously stack and pass Bitcoin through the Lightning Network-designed to pay for Bitcoin faster-an activity that has restarted this year after a major success last year. This time, it moved faster.
Hodlonaut, the initiator of the lightning torch, said:
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"When I saw people tweeting about the (Lightning Torch) first anniversary, I decided to start again. I think it will move faster this time, and it has proven it. 95 in three days Participants, passing on average more than once per hour. "
"In addition, this time the torch was passed more ordinary bitcoiner than celebrities in the circle. So I think this time has more grassroots attributes."
The lightning torch is very simple. Hodlonaut sends 100,000 Satoshi (the smallest bitcoin unit, equal to 0.001 bitcoins) Bitcoin transactions through the Lightning Network. The recipient of this transaction will then add 10,000 Satoshi and send it to the next participant, and so on. As of press time, 104 torchbearers from 44 countries had participated in the event.
The problem is that the more transactions carried by Torch, the more difficult it will be to pass on. The Lightning Network is still an experimental technology and it is designed for small transactions. As the network expands, it will be able to handle larger and larger transactions.
Therefore, the lightning torch is also a good example of network development. If the torch contained a larger amount before the failure than last year, then the network has grown.
In 2019, many celebrities-in the cryptocurrency space and beyond-participated in the Lightning Torch Relay, including Bitcoin evangelist Andreas Antonopoulos, co-founder and partner of Morgan Creek Anthony Pompliano, and co-founder of Twitter By Jack Dorsey.
Cryptocurrency analyst Mati Greenspan said:
"When I received the torch for the last time, it was in the hands of Jack Dorsey, Andreas Antonopoulos, Jameson Lopp, Pomp, and Magical Crypto Friends, only one step away from its final destination."
He added that this time, participants "seemed to have a lot less patience, more speed, not (spiritual) height. What matters is not who holds it, but how fast it moves."
This state is fully consistent with Lightning Network's mission to solve Bitcoin's scalability issues and significantly speed up transactions. For a long time, researchers, developers, and the community have been trying to find a way to allow Bitcoin and other cryptocurrencies to accommodate more and faster transactions, and their current main research is focused on the Lightning Network.
Hodlonaut pointed out that last year the community responded very positively to this initiative and should give more use and exposure to Lightning Network. Judging by the current rate of progress, 2020 may be even more successful.
"I do n’t have any expectations or goals for this activity. It will develop into what should be allowed to happen naturally … I started this activity again because it had a positive impact last time and gave more use of Lightning Network. And exposure. Hope to see the same thing happen again. "
December 2019 is a year of continuous development of Lightning Network. There is no doubt that the agreement has taken a big step towards mainstream adoption, but there is still a long way to go.