Bitcoin News

Fidelity Digital Assets finds the next Lightning Torch holder

Fidelity Digital Assets, a section of Fidelity Investments concentrating on wealthy cryptocurrency investors, has announced it has found the next Lightning Network Torch (LNTorch) holder after it received the torch from a previous holder.

In a tweet, Fidelity Digital Assets noted:

We and our research team at the Fidelity Center for Applied Technology have received the LNTorch. Who should we pass it to?

The Torch was passed to them by a tweeter user by the name of Wiz. The LNTorch, also being called the Lightning Torch, is being passed over from one member of the Lightning Network (LN) fraternity to the next. The LNTorch-passing movement was first started when a member of the LN community sent 10K satoshis (smallest Bitcoin fragment) to another member .

To start passing on the torch, the member increased the amount sent to them by an additional 10K satoshis and passed to the next member in the community.

After a few passes, the LNTorch came to Fidelity Digital Assets. Fidelity has indicated that it no longer holds the torch since the Harvard School Blockchain & Crypto Club are the new holders. According to Fidelity Digital Assets, the club is planning to hold a conference.

Others who had held the torch include Jack Dorsey, the CEO of Twitter a social media platform, and an 88-year old grandmother.

The Lightning Network has been implemented on a number of blockchain such as Litecoin to facilitate faster transactions involving small amounts of crypto.

Mostly, the network is implemented on top of blockchains that are perceived to have longer transaction confirmation times. Bitcoin comes as the best example with a transaction processing time of 10 minutes. Litecoin has a transaction processing time of 2.5 minutes.

Do you think Fidelity Digital Assets receiving the LNTorch will help drive adoption of the lighting Network?

Let us know your thoughts in the comments section below.

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coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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