Bitcoin “Lightning Network” is an upgrade on bitcoin network that can supposedly increase its transaction speed at cheaper rates. To promote this lightning network, social media platform Twitter has been engaged in a game called ‘lightning torch.’ In this game, the user adds funds to the bitcoin payment and then send the ‘torch’ along to another person to add more funds and so on.
This game is promoted by the founder of tech firms Twitter and Square, Jack Dorsey. He is still bullish about the world’s most valuable cryptocurrency, Bitcoin. In his tweet on February 6, he said that, out of hundreds of virtual currencies in existence, the only one he currently holds is Bitcoin.
Even after the 80 percent price slash in bitcoin’s value after December 2017, Dorsey continues to be bullish about the digital coin. He hopes that one day Bitcoin becomes the ‘native currency of the internet.’
I only have bitcoin https://t.co/C24xNJxuFB
— jack (@jack) February 5, 2019
Dorsey also promoted Bitcoin Lightning Network by engaging in the social media game ‘lightning torch’ and passing on the torch to Elizabeth Stark, CEO of Lightning Labs, a blockchain company he has invested in. He commented, “Cool example of #BitcoinTwitter experimenting on the Lightning Network,” as published on CNBC.
The silver lining that has kept bitcoin community engaged is the Lightning Network, a scaling system or a side change which can facilitate a maximum of 628 BTC worth $2.14 million. One of the main applications of the Lightning Network is the payment processing app named OpenNode. Its beta version was released in October 2018 with the aim to reduce the gap between bitcoin and everyday transactions, as mentioned on AMBCrypto.
The team behind the payment apps is optimistic that it will reduce the transaction fees by offering incentives to the new/existing users. They believe this announcement has the ability to effectively increase the popularity of Bitcoin Lightning Network that can be used for instant and low-cost transactions.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]