Litecoin (LTC) creator and computer scientist Charlie Lee has become the latest cryptocurrency personality to receive the Lightning Torch.
On March 30, 2019, The Litecoin Foundation posted a blog post on its official website informing that Lee had become the 264th person to receive the torch in the Bitcoin (BTC) Lightning Network trust chain. It was the 275th hop since the movement began — thereby taking the total to 4.11 million satoshis in the payment channel.
Lightning Network: Demonstrating Capability and Adoption
On March 28, 2019, Charlie Lee tweeted that he was the custodian of the Lightning Torch and that there were 4.11 million Satoshis in the channel. He further said that he had received it from Twitter user @bondizzle024 who welcomed the Litecoin founder to the Bitcoin Lightning Network.
The Torch has so far been in the hands of Twitter CEO Jack Dorsey, Lightning Labs CEO Elizabeth Stark, Binance CEO Changpeng Zhao, Bitcoin pioneer Erik Voorhes, and Fidelity Digital Assets — to name a few.
Lee has now passed on the Lighting Torch to Abra CEO Bill Barhydt.
Every single participant, so far, has played a notable role in the cryptocurrency industry and the Lightning Network.
The Lightning Torch was a movement started by Twitter user @Hodlonaut to increase awareness about the Lightning Network in January 2019. He sent 100,000 Satoshis through the potential scaling solution and asked recipients to add 10,000 satoshis and send it to another person. The initiative received tremendous support from the Bitcoin community.
Litecoin’s Lightning Network
Litecoin, which is frequently described as ‘the silver to Bitcoin’s gold,’ is also working on adopting the Lightning Network.
When Charlie Lee passed the Lightning Torch to Bill Barhydt, he joked about converting the 4.11 million Satoshis to litoshis using an atomic swap.
There are 7,742 nodes and 39,135 channels in the Lightning Network and the network capacity stands at 1,059 Bitcoin.
Have you used the Lightning Network for Bitcoin payments yet? Let us know in the comments below!