The use of this platform to make auctions is increasing. The objective is to encourage micropayments, avoid spam attacks, intermediaries and also help artists to sell their pieces of art. This micro auction will inspire others to think big about Bitcoin’s future
Last Wednesday, December 19th, the artist @Criptograffiti auctioned his work entitled: “Black Swan” through the electronic micropayments platform Lightning Network (LN).
The piece of art became the cheapest in history. Its price is only 1 Milisatoshi, or the equivalent to 0.000000037 dollars. This operation, like the auction itself, was conducted by means of Lightning Network, which allows these payments to be made instantly and without any intermediaries or trustworthy persons who could retain the money to carry out the transaction.
Unlike traditional auctions, in which the highest bidder always wins, in this case, the winner turned out to be the user who offered the lowest amount of satoshis. This happens because the main objective is to encourage the use of micropayments and promote them as a way to avoid Spam and Distributed denial-of-service attacks (DDSO) by means of emails. Criptograffiti believes that this would help artists to create ideas to sell their creations through these small amounts of money.
The artist also talked about it through his official Twitter account: “Congratulations to @BTC_Spot who won with his @CasaHODL node! Spot has been in space (of cryptoactives) since 2013 and runs a Bitcoin Meetup in Fresno”. In addition, he named his artwork as the “least expensive work of art in history”.
The particular piece of art is a montage on a canvas of approximately 1.4 x 1.75 inches (35.56 x 44.45 millimeters) which characterizes a black swan, made with cuts of American dollar bills and strokes with a pen, or special black pencils for detecting false bills. This work aims, according to the artist, to raise awareness about the use of the Lightning platform; and it works as a “mockery” for the Great Media of Communications (GMC) that, in his opinion, is trying to mitigate the use of cryptocurrencies in the global economic market.
Criptograffiti said he is very excited about the sale of his artwork and that “with luck, this micro auction will inspire others to think big about the future of Bitcoin”, he concluded.
The artist has dedicated all his projects around the use of cryptocurrencies and to generate viable solutions for those who make life with art. He says he dreams of a future where artists are paid for their art instantly. “Artists paid for by sight… writers for the poem… musicians for listening”, he said.
Lightning Network is revolutionizing the way to make daily purchases, using transaction with cryptocurrencies as a flag and make almost insignificant payments immediately, through payment channels that serve as secure transaction paths between the issuer and the receiver.
The platform also seeks to avoid the use of waiting times for confirmations, commissions for miners or intermediaries. This makes Lightning Network the perfect platform for current artists to be remunerated for their big art on a small scale, thanks to the existence of cryptocurrencies and blockchain technology.
By María Rodríguez