Jack Dorsey, CEO and co-founder of Twitter as well as being a fervent bitcoin supporter, has joined a community project demonstrating the functionality of bitcoin’s (BTC) second-layer scaling protocol, the Lightning Network (LN).
Dorsey, who has repeatedly stated that bitcoin will become the currency of the Internet, is now participating in an experiment dubbed LN Trust Chain, a chain of transactions on the LN that began on 19th January. The LN Trust Chain experiment was created as a method of both spreading awareness of the LN and testing its robustness
The project “Lightning Torch”, which is named after the Olympic torch, consists of a series of transactions between users of the Lightning Network. Participants in the project are communicating on Twitter with the hashtag #LNtrustchain, so keep an eye out for that one.
It is all based on trust. For example, a participant receives a nominal amount of 10,000 satoshis (about $0.34) and passes it to someone else they trust, Cointelegraph reports. Communication about the transactions can be viwed on Twitter by searching for the hashtag mentioned above. It is believed that the ‘Torch’ currently contains just under 3 million satoshis (about $98.60). Clearly, as it is a project and an exploration into the speed of transactions, the sums are all purely nominal.
Dorsey was nominated for participation in the project by Matt Odell, an entrepreneur regular bitcoin commentator. Dorsey then had to send Odell an invoice via Twitter; this is the standard method of participating in the Trust Chain. Dorsey’s participation got a lot of good feedback from the crypto community. “This will become one of the most historic tweets by @jack [Jack Dorsey],” a Bitcoin supporter known on Twitter as Armin Van Bitcoin tweeted, and also added, “And so, we begin the era of #BitcoinTwitter #BT[.]”