Twitter CEO Jack Dorsey contributes to ongoing Bitcoin and Lightning storm

FILE PHOTO: Twitter REUTERS/Anushree Fadnavis/File Photo

Twitter CEO Jack Dorsey showed his love for Bitcoin and the Lightning Network by participating in the ongoing “Lightning torch” payment chain of transactions.

Bitcoin users have been playing a running game wherein each participant adds a little Bitcoin to a payment chain then passes it on to someone on Twitter that they trust. This is being referred to as passing around a so-called “Lightning torch.”

The initiative was started in order to spread awareness of the Layer 2 Lightning Network technology, widely seen as the future of Bitcoin as it improves scalability and allows for instantly verifiable Bitcoin payments.

With Dorsey’s participation, the payment chain has now reached roughly 2,860,000 satoshis (worth close to $100). To date, roughly 150 people have taken part in what has become a global experiment to pass on a chain of payments (for no fees) across the Lightning Network.

Crypto podcast host Matt Odell was the one to proposition Dorsey to participate, tweeting: “You ready to carry the torch? Send me an invoice for 2,860,000 sats.”

The Twitter founder and CEO responded the next day by posting a Lightning invoice – similar to a regular invoice in that it’s used to request and retrieve a certain amount of funds. Odell then sent the necessary funds over to Dorsey.

Dorsey didn’t have the torch for too long, however. He quickly sent it on to Lightning Labs CEO Elizabeth Stark – as the point of the experiment is to keep passing it along with a chain of Lightning transactions.

Dorsey is an investor in Lightning Labs and has said positive things about the technology in the past. After his initial tweet on Tuesday, Dorsey responded to a user saying that he holds Bitcoin but no other cryptocurrency.

When asked why he only believes in Bitcoin, Dorsey went on to say that “Bitcoin is resilient. Bitcoin is principled. Bitcoin is native to internet ideals. And it’s a great brand.”

https://dev.coinrivet.com/lightning-network-capacity-approaches-3-million-as-new-channels-see-40-growth-in-a-month/

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Nawaz Sulemanji

Nawaz has been hooked on crypto since buying his first Bitcoin’s in 2013. After studying maths in London, Nawaz initially spent the first eight years of his career working globally across corporate supply chain’s before transitioning into the decentralised finance industry as a margin-trader and consultant. He’s a fan of open-blockchains because “it enables self-sovereignty”.