These are uncertain times in the crypto space as Bitcoin is going through consolidation/accumulation phase. There hasn’t been any much movement in the markets for several weeks now, and yesterday Monday 4th February, Bitcoin registered the shortest range since October 2018, a few weeks before the mid-November crush.
This has led several speculators to posit that Bitcoin is about to crush some more in the next few weeks, while other bullish members of the community including Galaxy Digital CEO Mike Novogratz saying that Bitcoin is poised to make a rally for greater highs in the not so distant future.
Now as the markets seem dull, some members of the Bitcoin community are not sitting around and waiting for the price to make a move. They are embroiled in an experiment to promote the Lightning Network technology, which is Bitcoin’s 2nd layer solution to scaling.
Started on January 19th by pseudonymous Twitter user Hodlonaut, the experiment is dubbed the “Lightning Torch” and entails receiving a payment and passing it on to someone you trust with more satoshis added to the transaction. The experiment has been effectively dubbed the #LNTrustChain on Twitter.
Starting the “experiment,” Hodlonaut wrote on Twitter that he was going to send 100K satoshis to any person who replies to the tweet. Once that individual receives the amount, they will be required to pass it on to the next person they trust with the ‘torch’ but this time, they will add an additional 10K sats (an amount equivalent to $0.34).
“Some LN fun..
– I send 100k sats with http://tippin.me to the first person I choose to trust that replies to this.
– That person adds 10k sats and sends 110k to someone (Either from reply to a new tweet, or this thread) .. and so on. How many sats before it breaks?”
So far the experiment has attracted 140 “unique participants” based in about 37 countries across the globe. Notable participants include crypto influencer and author Andreas Antonopoulos and Lightning Labs CEO Elizabeth Stark among several other.
Lightning Network has a payment channel limitation in that it cannot support the transaction of amounts in excess of 4,390,000 satoshis (about $150). Which means that once the amount being passed on reaches this figure, the experiment will automatically break.
Foreseeing this event, Hodlonaut has suggested that the amount will be donated to charity and as gone as far as making his favorite suggestions which are Bitcoin Venezuela and CoinPanicDotCom.
