Bitcoin Lightning Torch: end in sight

The Lightning Torch reaches its capacity limits. The Lightning torch can change owner or owner about eight times, then it’s over. Despite the approaching end, it can be stated that the experiment was successful.

For about two and a half months, the so-called Lightning Torch makes in the Bitcoin community the round. The idea: A kind of Satoshi chain letter, which is passed from Bitcoin friend to Bitcoin friend, adding about 10,000 Satoshis (about $ 0.45) each.

Launched Twitter user Hodlonaut on January 19 this year.


Capacity limit reached

The Lightning Network is still in its infancy; The technology has only been around for about a year. Although the second-layer network grows exponentially on Bitcoin. However, capacity depends on the mass of users. And that is still low.

So it is to explain that also the Lightning Torch slowly, but burns itself off. Because meanwhile the participants move with approximately 4.22 million Satoshis approximately 170 US dollar per transfer.

Thus, the current lightning limit of 4.29 million Satoshis is almost reached.

    The current Max LN tx size is 4.29 msats

    – hodlonaut® (@hodlonaut) April 7, 2019

    The current maximum size of the Lightning network is 4.29 million Satoshis.

    Hodlonaut

According to Genesis torchbearer Hodlonaut, exactly eight transactions are possible at the moment, and then the experiment may be declared over.

    #LNTrustChain torch is with @RosaRyyti, its fifth straight Finnish torch bearer. 🇫🇮 ⚡️
    With only 8 spots left, will the next pass take it out of the thousand lakes? Next invoice is 4.22 Msats!

    – hodlonaut® (@hodlonaut) April 7, 2019

    With @RosaRyyti the fifth Finn wears the #LNTrustChain.
    Only eight seats left. Will the next round take her out of the land of a thousand lakes? The next Invoice is for 4.22 [million Satoshis]!

    Hodlonaut

Torch becomes a fundraiser

With Jack Dorsey, Justin Sun, Riccardo Spagni and Peter McCormack, host of the “What Bitcoin Did” podcasts, well-known figures from the Bitcoin Space were among the torchbearers. However, the Torch Disciples paid special attention from the beginning to the transmission of the Satoshis to Bitcoin-critical regions such as Venezuela and Iran.

Because even the Bitcoin torch relay should stand under the motto of “boundless money” – one of the great narratives of the cryptocurrency No. 1.

So it should come as no surprise that the LNTrustChain will come to an end in Venezuela. As Hodlonaut announced via Twitter, he wants to donate the balance (about 170 US dollars) in full to Bitcoin Venezuela. It is an organization that specializes in the distribution of Bitcoin and Lightning in the South American country and their Lightning Node had operated at that time with a car battery.

    These guys really deserve all the support we can give them. They’ll receive the #LNTrustChain torch, but that only amounts to around $ 170.

    Please consider sending some notes to the fundraiser here https://t.co/3eGnULIP4x which will be donated along with the torch! 🙏🇻🇪 https://t.co/xpfT8gWmaL

    – hodlonaut🌮⚡🔑 (@hodlonaut) March 19, 2019

    These people really deserve all the support we can give them. You get the # LNTrustChain torch, but that’s only about $ 170. Please consider sending some Sats on the fundraiser here https://tallyco.in/s/thz6f7/, which will be donated along with the torch!

    Hodlnoaut

According to the post, Hodlonaut also calls on the community to increase the donation amount again via Tallycoin. The initiator sets the goal at a BTC; There are already 0.388 Bitcoin (just under $ 2,000) in the pot.

Anyone wishing to participate can take part in the fundraising campaign at this point.

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