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Twitter's co-founder and CEO, Jack Dorsey, has joined a community project demonstrating the functionality of the Bitcoin Second Layer Scaling Protocol (BTC), the Lightning Network (LN), on February 5th.
Dorsey, who has repeatedly baderted his belief that Bitcoin is becoming the de facto currency of the internet, is now participating in an experiment called the LN Trust Chain, a chain of transactions on the LN that began circulating the January 19th.
Based on the concept of the Olympic Flame, the "Lightning Torch" is a series of transactions between users of the Lightning Network, participants communicating on Twitter with the hashtag #LNtrustchain. Each user receives the transaction, adds a nominal amount of 10,000 satoshis (about US $ 0.34), and pbades it on to another person they trust.
The torch currently contains a little less than 3 million satoshis (about $ 98.60).
Dorsey – who is also the founder and CEO of the mobile payment company Square – has been appointed On February 4th, Matt Odell, a typical Bitcoin entrepreneur and commentator, participated in a tweet.
Having sent his bill to Odell – the standard method currently used to participate in the chain of trust – publicly on Twitter, Dorsey has received considerable praise from other well-known community sources.
"This will become one of @jack's most historic tweets. [Jack Dorsey], "A Bitcoin supporter known on Twitter as Armin Van Bitcoin responded, add:
"And so, we start the era of #BitcoinTwitter #BT[.]"
The LN Trust Chain experiment was conceived as a way to make the LN better known and to test its robustness. Since its debut on the main Bitcoin network a year ago, developers continue to focus on technical prowess, ensuring that the LN is ready for a future influx of users.
Last month, the LN exceeded capacity by $ 2 million and currently has a record capacity of 646 BTCs (approximately $ 2.2 million).
In a separate tweet on February 5, Dorsey revealed that the only cryptocurrency he currently holds is Bitcoin.
In a recent interview, Dorsey said he felt Bitcoin would be the currency of the Internet, a claim he had made before.
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