On Feb 11, 2019, Binance CEO Changpeng Zhao (CZ) handed the Lightning Torch to the Founder of Trust Wallet, Viktor Radchenko, who then passed it along to Justin Sun, CEO of Tron and BitTorrent.
The Lightning Torch is part of a social media campaign called #LNTrustChain. As part of the campaign, a small number of satoshis are sent across the Bitcoin (BTC) Lightning Network (LN) to a trusted party.
The purpose is to showcase how the LN can be used efficiently and prove that trust can be established along a distributed peer-to-peer (P2P) network of relative strangers.
Furthermore, it suggests that a movement toward cooperation over competition might be occurring within certain segments of the cryptoasset industry.
What is #LNTrustChain?
In recent weeks, a number of new Lightning Applications (lApps) have emerged to showcase the utility of the Lightning Network. #LNTrustChain, however, showcases the general usage of the Lightning Network for its intended purpose: to facilitate peer-to-peer (P2P) transactions across a distributed network free of third-party intermediaries.
The campaign showcases how trust can be built into a supposedly trustless network. Every time the Lightning Torch is passed from one person to another, all of the money within it is transferred as well. Anyone receiving the Torch could claim the contents for themselves. It might not even technically be considered stealing since the Torch is sent from someone else without the receiver asking for it.Not only is the #LNTrustChain proving the effectiveness of the Lightning Network, but it also suggests that cooperation over competition might be the best route toward mass adoption of blockchain technology. Click To Tweet
The campaign began on Jan 19, 2019, when pseudonymous Twitter user hodlonaut first passed the Torch to JDG. He sent 100,000 satoshis and asked JDG to add another 10,000. Then JD was asked to send the 110,000 onward to someone else who would add another 10,000. He did, and the campaign has now spread across dozens of countries with several hundred contributors.
10,000 satoshis are worth less than USD($)0.40 at current values. Nonetheless, as the Torch is passed from one person to the next, it can grow to contain hundreds — or even thousands — of dollars. This suggests an overall level of trust among a distributed group of people with relatively little connection to each other.
— Justin Sun (@justinsuntron) February 12, 2019
Bringing People Together
#LNTrustChain has brought people together from all across the world — with influencers and leaders within the cryptocurrency industry joining together to facilitate mass adoption of the LN and, thereby, Bitcoin (BTC). This suggests that at least some of those in the forefront of the cryptocurrency and cryptoasset industry are beginning to recognize that social integration of any specific cryptoasset will require the integration of blockchain technology within society more generally.
Not only is the #LNTrustChain proving the effectiveness of the Lightning Network, but it also suggests that cooperation over competition might be the best route towards the mass adoption of blockchain technology and the cryptoassets which use them.
Do you think #LNTrustChain will help lead to mass adoption and social integration of blockchain technologies? Let us know your thoughts in the comments below.
Images courtesy Shutterstock, Twitter.