Lightning Network Popularity Skyrockets As Fidelity Joins Party By Passing Torch
The crypto market saw another milestone last week when Fidelity Investments, one of the renowned Financial derivatives giant, received and passed the Bitcoin Lightning Torch, an experiment that intends to project the worthiness Bitcoin lightning network that facilitates transfer of payments instantaneously between two parties without a need for third-party interference.
Similar to Olympic torch, the Lightning Torch changes hands between the members of the Lightning Network community. The trend began when Hodlonaut, a user of Twitter and a Bitcoin (BTC) supporter, transferred 10,000 satoshis (smallest unit of Bitcoin) to another Lightning user who added another 10,000 satoshis and transferred it another user of the Lightning Network.
Fidelity joined the party by receiving the torch and passing it to the Harvard School Blockchain & Crypto Club, which is scheduled to conduct a dedicated conference soon. Notably, the torch was earlier held by an 88-year old grandmother, a crypto enthusiast, and earlier this month by Jack Dorsey, the CEO and co-founder of Twitter.
Dorsey, the founder and CEO of US-based Bitcoin supporting payment processing service Square, stated that launching the Lightning Network on Square’s Cash App is only a matter of time.
The Lightning Network, a payment protocol that functions as a second layer on top of a blockchain, is eagerly supported by the cryptocurrency community to resolve Bitcoin’s scaling problem.
Fidelity administers over $7.20 trillion in client assets. Back in October, the investment management behemoth launched a new cryptocurrency related firm named Fidelity Digital Asset Services that targets institutional digital asset investors.