The Bitcoin Lightning Torch has now been passed for the last time, completing its journey in Venezuela.

Torkel Rogstad and Chris Stewart were the penultimate holders of the Lightning Torch initiative started by Twitter user and Bitcoin community member Hodlonaut.

The Lightning Torch payment channel had received 4.29 million Satoshis in donations from crypto members. The proceeds will reportedly be donated for helping those affected by the effects of hyperinflation in Venezuela.

Lightning Torch Reaches Its Destination

Torkel Rogstad thanked other Lightning Torch holders for their contributions. He also gave credit to Hodlonaut, the original founder of the Lightning Torch movement. A few days ago, Australian businessman Craig Wright sent Hodlonaut legal threats for labeling his claim of being Bitcoin’s original creator false.

Hodlonaut was supposed to pass on the Lightning Torch to Bitcoin Venezuela and complete the initiative, however, due to mounting pressure from the ongoing drama with Bitcoin SV and Craig Wright, he has since deleted his tweets and Twitter account.

Lightning Labs founder Elizabeth Stark launched a crowdfunding campaign titled ‘We Are All Hodlonaut’ to financially assist Hodlonaut in his legal fight against Wright. The crypto community generously donated and the movement crossed the stipulated $20,000 target within a single day.

Wright and Calvin Ayre have both sent legal correspondence to their critics over the past week. Their actions have triggered a wave of anger within the community, and have resulted in users clamoring for the delisting of Bitcoin SV from cryptocurrency exchanges. Some believe that Wright will be forced to withdraw his lawsuits if his cryptocurrency is threatened.

Elizabeth Stark has announced that all funds raised from the campaign would be donated to Bitcoin Venezuela if Wright withdraws his case against Hodlonaut. Stark said that Hodlonaut had chosen Bitcoin Venezuela as his preferred organization for donating the funds if the legal matter was not pursued further.

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Lightning Network: The Future of Micropayments

The Lightning Torch initiative was started by Hodlonaut in January 2019 to increase awareness about the off-chain scaling solution and highlight its advantages.

Hodlonaut sent 100,000 satoshis to the first recipient and asked subsequent participants to add 10,000 satoshis before passing the entire amount on. The initiative was well received by the community, with several notable figures such as Twitter CEO Jack Dorsey, Binance CEO Changpeng Zhao, Lightning Labs CEO Elizabeth Stark, Litecoin founder Charlie Lee, and Shapeshift founder Erik Voorhees all passing along the torch.

[bctt tweet=”The Lightning Torch was successfully sent through more than 50 countries, demonstrating its capabilities as a cross border payment system.” username=”beincrypto”]

What do you think about the Lightning Torch initiative? Let us know your thoughts in the comments below.

Rahul N.

Rahul Nambiampurath is an India-based Digital Marketer who got attracted to Bitcoin and the blockchain in 2014. Ever since, he's been an active member of the community. He has a Masters degree in Finance. Email me!

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