HomeBitcoinTwitter CEO Jack Dorsey receives Lightning torch, passes it to Elizabeth Stark

Twitter CEO Jack Dorsey receives Lightning torch, passes it to Elizabeth Stark

On the evening of February 5th 2019, the Lightning Network has achieved a new goal in terms of adoption an publicity: “the touch of trust”, consisting of an ever-growing quantity of satoshis which get transacted back and fourth by Lightning enthusiasts, has finally arrived to Twitter CEO and co-founder Jack Dorsey.

This is great news for Bitcon’s second layer scaling solution, as its reliability and speed are demonstrated in a community-driven effort which seems to exceed all expectations.Furthermore, it’s always a good sign when bitconers manage to get together and work for a common cause – which, in this particular case, involves raising awareness on what the future of instant and inexpensive payments may look like.

#LNtrustchain torch

If you follow the #LNtrustchain hashtag on Twitter, you will discover that the movement was started by Hodlonaut (@hodlonaut) on January 19th 2019. It was probably thought as a fun little experiment to demonstrate the capabilities of Lightning, as well as point out the virtues of the the technology’s early adopters.

The rules are very simple: an initial amount of 100.000 satoshis was added by Hodlonaut as an initial tip, and every new participant who gets in must add 10.000 sats of his own before passing the touch. In the initial message, it all sounds like a challenge to see how much money can be accumulated until somebody gets greedy and decides to break the chain. It’s also worth noting that the first recipient was bitcoiner JDC (@fartface2000), and from this glorious beginning the movement only grew.

Throughout the next two weeks, hundreds of tweets have been published to talk about the status of “the torch”, and many influential bitcoiners have had the chance to endorse the campaign through participation. It’s somewhat obvious that the initial expectations have been exceeded, yet the limits of this trust chain are yet to be reached.

For instance, Bitcoin educator and advocate Andreas Antonopoulos has tweeted on February 4th to imply that the torch phenomenon is more entertaining than the Superbowl football game.

Also, Node Launcher developer Pierre Rochard, who has written and published the software which allows any Windows and MacOS user to run a Lightning node, has been among the very first recipients of the torch.

And speaking of testing limits and, it’s worth nothing that the glorious all-star passing of the torch seemed very unlikely on January 31st 2019: community member Eduard has attempted to seize the satoshis as a way of proving that you shouldn’t put too much trust in strangers on the internet who seem enthusiastic about a new technology. Nevertheless, the 74 comments he received contributed to a change of mind which helped the torch keep on moving.

Matt Odell boldly tags Jack Dorsey and succeeds to bring Lightning into the mainstream.

Twitter CEO Jack Dorsey has been expressing his enthusiasm for Bitcoin for quite a while now: during Consensus 2018, he spoke about BTC being the native currency of the internet and praised co-panelist Elizabeth Stark’s work with Lightning Labs. Furthermore, during the recent Joe Rogan podcast interview, the entrepreneur has reiterated this bullish view on the future of Bitcoin.

However, in spite of these interview opinions, it’s not often that @jack interacts with members of the Crypto Twitter community. He probably gets tagged very often in posts and tends to ignore most – but when bitcoiner Matt Odell has mentioned Mr. Dorsey as the intended recipient of the torch, the planets aligned for this historic moment to happen.

Not only that Jack Dorsey provided a Lightning address to receive the torch, but he also made the symbolic gesture of passing it to Lightning Labs CEO and co-founder Elizabeth Stark.

Contacting Hodlonaut, the hero who started it all.

In order to find out more about the initiative’s origins, ambitions, and goals, Crypto Insider has contacted Hodlonaut – the community member who made all this possible. It’s thanks to his idea that the community united with the Lightning Network equivalent of the Olympic Torch, and this event may just change the public opinion on the bitcoiners’ characters.

Here are four questions that were answered by Hodlonaut himself:

1. What were your motivations?
To have some fun with LN, see how far the experiment would go, maybe make more people try out LN.

2. How did the movement perform in relation to your initial expectations?
I thought it would maybe do 5-6 hops before being stolen and forgotten. Just tweeted this which expresses how it has exceeded my expectations:

3. Do you think that the torch reveals something special about the Bitcoin community?
Yes. Definitely. I think the bear market has cleansed away most of those who were in it for the wrong reasons. The Bitcoin community is VERY friendly and helpful, I knew this already, and this experiment has driven it home.

4. How far do you think the torch can go?
At this point I think it will go to the LN transaction limit of 4.29 million satoshi. We will then attempt a wumble payment, and in the end donate it to @btcven (Editor’s note: the account of Bitcoin Venezuela).

 

Mr. Hodlonaut has also provided some statistics to prove that the idea is truly meritorious and noteworthy:

Some stats: 151 hops, 141 unique participants, 37 countries, 2,22BTC total transacted, all continents except Antarctica are represented

Written by

Vlad is a political science graduate who got a little tired and disillusioned with the old highly-hierarchical and centralized world and decided to give this anarchistic blockchain invention a little try. He found out about Bitcoin in 2014, had to do a presentation about it at Sciences Po Paris in 2015, but was too foolish to buy any. Now that he’ll never be a crypto millionaire and hasn’t acquired his golden ticket to lifelong financial independence, he’ll just write op-eds on various topics.

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