Lightning Network: Torch Experiment

The Bitcoin Lightning Network has been receiving a lot of attention and exposure of late, which is reflected in its overall growth. With over 8,000 nodes involved in the network, it has grown by an outstanding 8% in just one month, boasting a current capacity of 1,062 BTC.

The network offers smaller transactions a much faster and cheaper transfer medium then if you were to use the main Bitcoin Blockchain for diminutive amounts. As such, it is revolutionising the use of Bitcoin and steadily anchoring the currency as the best way to transfer data across the world.

We can thank the involvement of high profile punters for the current successes witnessed on the platform. Jack Dorsey, the CEO of Twitter has not been silent on his positive impression of the network, having actually joined the “Lightning Torch” initiative in a step to market the concept and raise awareness of the social development advantages that can be accomplished through it.

A REMINDER OF WHAT THE LIGHTNING NETWORK IS

The Lightning Network is simply a transactional processing layer built on top of the Bitcoin Blockchain. Its primary objective is to ensure that smaller mBTC or Satoshi transactions can be carried out instantly on an off chain platform, by pooling payments together. Only once the pool reaches its limit, will the transaction be submitted to the main blockchain.

It is essential that smaller transactions can be conducted in this way in order to circumvent scalability issues. Miners on the chain reserve the right to prioritise larger transactions first, leaving smaller payers to wait a while before their transactions are verified.

For a fuller understanding of the lightning network and its processes, please read our Vegas Casino Article on the subject: https://vegascasino.io/bitcoin-blog/why-bitcoins-lightning-network-is-a-big-deal

WHAT IS THE TORCH EXPRIMENT?

The Torch experiment was an initiative started by a Hodlonaut (pseudonym) on 19th January 2019, whereby he/she/they sought to circulate payments through a trust chain, from one prominent high profile individual to another. This would be done until the cap of 0.168 BTC (around $720) was reached.

The intention of the initiative was to market the Lightning Network on a grand scale and to model just how well the platform could cross international borders without a hiccup along the way. To date, Torch has managed to burn through 54 countries and has passed through the hands of over 200 people in 3 months.

HOW THE TORCH WORKS?

There are various members on the platform that are nominated to be a part of the project. The initial deposit of 100,000 Satoshis was sent from Hodlonaut to another recipient on the list, who then added an equivalent of around 30 cents to the total amount and then sent the entire amount to another recipient in the chain. That individual then added their 30 cents and then forward it along the chain to the next individual; handing them the proverbial torch. This process is re-enacted until the transaction limit is reached.

The recipient is nominated by the platform and then tweeted out to all so that they know who to send the payment on to. Once the transactional cap is reached, it will be donated to the non-profit organisation, ‘Bitcoin Venezuela’.

The multi-transactional chain remains completely safe to all invested. If you were a recipient on the chain, the only person with your public Bitcoin address would be the sender of the funds. No other participant would be privy to your private details at all.

While it has been suggested that another torch project is not on the books, there is no reason other initiatives cannot be started. The options are beginning to seem limitless for the Bitcoin market.

WHAT TORCH HAS REVEALED?

The torch initiative has revealed a lot about the Blockchain and the possibilities for the future of Bitcoin and the Lightning Network. The marketing ‘gimmick’ has performed tremendously, to give an insight into just how versatile Bitcoin really is.

  • It has revealed that the world is a much smaller place than it seems with Bitcoin. In fact, it becomes truly borderless with the blockchain. It closes the gap on cultures and people, with the ability to unite the public with one cause.
  • It shows that a small number of people can have a significant global impact in a very short time, should the limits be taken off on the cap.
  • Where unfair political policies restrict trade, The Lightning Network bypasses this, instituting individualism and promoting basic human rights.
  • Without intending to do it, the Torch Experiment has provided the world with a wonderful example of how to raise funds for charity.
  • It has revealed that Bitcoin truly holds the key to the future of data transfer and is making real headway towards becoming the best transactional platform in the world.

BIG TIME BITCOIN BENEFITS

The launch of the Lightning Network and subsequent initiatives like Lightning Torch have had a big impact on the popularity of Bitcoin, as a whole. The exposure gleaned is invaluable. High profile marketing always seems to pique the curiosity of the public.

We have said all along that educating the people will lead to a successful platform. These initiatives have provided the fuel to attract the public into expending some time and effort into learning about what cryptocurrency truly is.

The knock on effect is that all current industries on the Blockchain should start seeing more movement on their platforms. At Vegas Casino, we expect to see a tremendous increase in clientele. As such we suggest that you sign up on our platform before the rush comes. This way, you can grow with us and become a part of the fabric of our casino.