Fidelity takes the Lightning Torch

Image for post
Image for post

The Lightning Network Torch has been doing the rounds of Twitter for some weeks now and attracted a substantial amount of attention. Previous holders of the Torch — it is a bit like the relay running with the Olympic torch, but in a virtual manner — include Jack Dorsey and numerous Bitcoin celebrities, and now Fidelity Digital Assets has taken stewardship of the flame.

Fidelity announced on its Twitter channel, “We and our research team at the Fidelity Center for Applied Technology have received the #LNTorch

from @Wiz.” Now it wonders who to pass it to next?

Fidelity received it from @wiz, who is a “bitcoin maximalist interested in mining/trading,” according to his Twitter account. He passed it to Fidelity, pointing out, “They’re launching a new institutional Bitcoin custody service, and the #LNTrustChain worth 0.0364 is their first Lightning transaction.”

The #LNTrustChain experiment shows the Lightning Network enables people to make microtransactions via Bitcoin. To date the torch’s value is still under $1000. It began as a bit of fun and was launched by @hodlonaut, who wondered how long the chain could survive.

When Jack Dorsey held the ‘Torch’, people then suggested it should go to Elon Musk. So far Musk has decided not to take the torch, but he did recently speak on the subject of cryptocurrencies, which is something new, as he isn’t known for dabbling in crypto.

Charlie Shrem is another well-known figure in crypto who took on the Torch. Shrem is famous for founding BitInstant, a convenient and advanced exchange for its day, and for going to prison for money laundering.

According to CCN, there is an Iranian bitcoin enthusiast, Ziya Sadr, who would love to have the torch passed to him, largely because of the impact of US sanctions on Iran, which includes bitcoin transactions. However, Fidelity kept the torch very local by passing it to Harvard Business School Blockchain & Crypto Club.

A blockchain platform that will take banking to another level

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store