Will the Second Lightning Network Torch be as Successful as the First?
The first Lightning Torch was launched in 2019 by the now famous Twitter user Hodlonaut. It was a promotional test of the Lightning Networks capabilities. The "torch" initially began with 100,000 satoshis and each participant added an additional 10,000 satoshis. Many notable figures in the world of cryptocurrencies participated. This included Binance's CZ, Twitter's Jack Dorsey and Lightning Labs CEO Elizabeth Stark. The funds were later donated to the Bitcoin Venezuela organization.
Introducing Lightning Network TrustChain 2
Yesterday Hodlonaut, announced the kickoff of the second Lightning Torch. The 2020 Torch has already crossed 12 countries and an interactive map was launched tracking its progress. Twitter users can follow its progress by checking the hashtag #LNTrustChain2.
Some LN fun..— hodlonaut🌮⚡🔑 (@hodlonaut) January 19, 2020
- I send 100k sats to the first person I choose to trust that replies to this tweet with a 100k sats LN invoice
- That person adds 10k sats and makes a tweet asking for a 110k sats LN invoice
.. and so on
How many sats before it breaks?#LNTrustChain2
The torch most recently reached market analyst and founder of Quantum Economics, Mati Greenspan. Greenspan thanked his former employer for introducing him to Bitcoin and Ethereum and passed the torch to him. The Torch now sits with Greenspan's former boss, the CEO of eToro, Yoni Assia. Assia seems to be looking for an individual with a good reason for wanting the torch in order to pass it to the next individual.
The second lightning torch will likely be as successful as the first if not more-so in some respects. It will likely cross a multitude of countries from across the globe and have big name participants.
While the torch or "trustchain" will likely be a success there are still questions remaining regarding the Lightning Networks ease of use. There was the infamous incident where a Redditor "lost" and recovered his 4 BTC months later. Recently Blockstream's CEO Adam Back touted Liquid Network as an alternative. Bitcoin Cash evangelist and Executive Chairman of Bitcoin.com, Roger Ver is also well known for his criticisms of the network.
While the second lightning torch will likely be a roaring success, one can wonder when and if the Lightning Network will go mainstream.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado