The network has accumulated 360,000 satoshis in just over 24 hours. User Hodlonaut began by sending the torch to a Venezuelan user.
It was announced that the initiative promoting the use of the Lightning Network for Bitcoin payments has started a second edition one year after its creation. The so-called chain of trust, symbolized by a torch and promoted by the Norwegian bitcoiner @hodlonaut, began again with this user sending 100,000 satoshis to @bitbrothersvzla.
The start of this second chain of trust occurred last Sunday, January 19th. Since then, more than 25 different users have held the torch, that is, the accumulation of funds in their Lightning Network wallets has already reached around 360,000 satoshis.
The same as last year, the premise is that each user receiving the torch must add 10,000 satoshis and send them to someone that they trust so that he or she will keep the chain alive. On this first day, the torch has reached 360,000 satoshis, with the accumulation by the 26 users that have participated until now.
The most recent of these users is Yoni Assia, Founder, and CEO of eToro, who has been questioned for reducing the journey pace of the torch passing between users. At the time of writing this article, the CEO of eToro has not sent the torch to a new user.
Among the users who have participated in the chain is Mati Greenspan, founder of Quantum Economics, who sent the funds to Assia.
The first recipient of the Lightning Network’s torch, @bitbrothersvzla, is not the only user in Venezuela that has spent funds on this initiative. Satoshi in Venezuela, the team that helps educate those interested in Bitcoin in the South American country, has also been part of the chain.
On the website created for this initiative, users can see that the torch has also passed through countries like the United States, Iran, the United Kingdom, Germany, the Netherlands, and Australia.
A succession of the Chain of Trust
User @hodlonaut said that, when he first launched the initiative in 2019, it all started for fun. However, his idea eventually became a demonstration of Lightning Network’s ability as a tool for making micro-payments in BTC.
In its 2019 journey, the torch managed to raise more than 4,000,000 satoshis, which were donated to the non-profit organization Bitcoin Venezuela.
The chain of trust path eventually connected more than 50 countries, among which the most prominent are Argentina, Brazil, Ecuador, Mexico, and Uruguay, as well as Venezuela.
Besides, one of the most remarkable episodes of that first version of the torch was the passage through Iran, which proved to be a bit controversial. Initially, the user who would send the funds to the western Asian country refused to do so. However, a few more steps brought the torch to its first Iranian recipient.
Coinex executive Ziya Sadr received the torch and celebrated as a sign that it is possible to overcome government restrictions on moving money outside a country’s borders.
By Willmen Blanco