On Feb 22, 2019, Fidelity Digital Assets handed the Lightning Torch over to the Harvard Business School (HBS) Blockchain and Crypto Club. Fidelity alleged that the Torch — an ever-growing amount of Bitcoin being passed around the Lightning Network — should contain 3.65 million satoshis when the Club passes it to the next participant.
In 2018, the club hosted its first annual Blockchain and Crypto Conference. At 8:00 AM EST on Feb 23, 2019, registration began for the second annual conference. Keynote speakers include the founder of NEO, the co-founder of ConsenSys Capital, and the COO of Bakkt.
Fidelity Accepts the Lightning Network Torch
Fidelity Digital Assets was the first financial institution to accept the Lightning Torch. The firm describes its vision as one in which “all types of assets are issued natively on blockchains or represented in tokenized format.”
On Feb 22, 2018, the research arm of Fidelity Digital Assets, the Fidelity Center for Applied Tech, requested the Torch from pseudonymous Twitter user ‘wiz.’ Wiz passed the Torch to Fidelity six minutes later.
Wiz noted that Fidelity is planning to launch an institutional Bitcoin custody chain. Receiving the Torch qualified as the firm’s first transaction on the Lightning Network. Several hours later, its second transaction occurred when it passed the torch the HBS Blockchain and Crypto Club.
— Fidelity Digital Assets (@DigitalAssets) February 23, 2019
What is the Lightning Torch?
Using the Lightning Network, sidechains can be built onto the Bitcoin (BTC) main chain. The sidechains act as payment channels which allow quicker transactions with fewer fees and greater anonymity.
On Jan 19, 2019, a payment channel called the #LNTrustChain was opened between Twitter user hodlonaut and JDG. The amount contained within it, which is now being passed between users on Twitter, is called the “Lightning Torch.”
During the first transaction, Hodlonaut sent 100,000 satoshis to JDG using tippin.me. He then requested that JDG add 10,000 satoshis and pass the Torch on to someone else. Over a month later, the torch has been passed to financial institutions, universities, and even Binance founder and CEO Changpeng Zhao and TRON founder Justin Sun. It is an event that has brought together some of the largest influencers in myriad fields to showcase the utility of the Lightning Network.
Do you think the Lightning Torch is helping to showcase the utility of the Lightning Network? Let us know what you think in the comments below!
Images courtesy of Twitter, Shutterstock.