Bitcoin News

The Growth of Lightning Network Torch version

Financial institutions will be seeing Lightning soon

The company Fidelity Digital, a digital asset based company that offering investment opportunities has recently received the Lightning Network Torch version. The company is a large financial institution with more than 27 million customers managing over $7.2 trillion worth of assets.

Torch is similar to a game that is currently being played on the Bitcoin network second-layer scaling solution. This game was first introduced through the platform that goes by the name tippin.me user hodlnaut.

The game is about passing along the torch to users that they trust, the torch gets 10,000 satoshis added to it at every hop and has been making headlines the past few days on social media.

The torch has kept ongoing and has now gotten to Fidelity Digital Assets. A Bitcoin Maximalist called Wiz recently received the torch and has since asked who would like to get it next.

The Fidelity Digital Asset group later replayed with a LN invoice for over 3.64 million satoshis or BTC, worth of over $140 the company honored to be able to receive the torch.

Fidelity later confirmed that it has received the LN Torch, which made it the first financial institution to have participated in this research trust based game on the bitcoin Lightning network.

The company later passed it along to HBS Blockchain and Crypto Club, a student club at Harvard Business School.

Fidelity is expected to launch its own crypto custody service next month as it has become the 229th torchbearer in the trust game.

Other companies have also participated like BitMex Research, Binance’s CEO Changpeng Zhao and Tron among others.

It has also been reported that some people are breaking the trust chain with some managing to steal over 250,000 satoshis as of writing time according to reports on Twitter.

The user did not receive the 10,000 satoshis that were supposed to have been added so he decided to steal the funds. However, this individual was caught through the website that was tracking the torch game along the chain.

The growth of Lightning Network Torch version

Bitcoin’s Lightning Network has been growing at an astounding rate over the past few months. A year ago the Network was being criticized and is now seeing financial institutions like Fidelity Digital Assets start to take an interest on the network, some thing which would have been very odd a year ago.

Fidelity has been moving along into the cryptocurrency ecosystem for some time now and has seen some great results.

The Lightning Network first reached it’s top capacity back in December of last year, surpassing 500 BTC.

According to 1ML, it is now running at 718 BTC capacity worth roughly $2.8 million and is expected to continue growing over the coming months. The Network currently has over 6,500 nodes participating, together with 29,800 payment channels.

Koalo Studios, an online gaming platform building on top of the Bitcoin Lightning Network has just released its first title called Lightning Chess. This will allow players to undo any unwanted moves, extend time periods and wager bets throughout the scaling solutions offered.

What are your thoughts on this development of the Lightning Network Torch version? Please feel free to leave your comments down below.

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coinmag

My occupation is the Research of blockchains and their practical applications in the economy. I have graduated through various levels of education, including electrical technique, Business, Psychology, and innovative technologies.

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