Cryptocurrency News

Fidelity Investments Receives, Passes On #LNTorch

February 23, 2019

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Fidelity Investments Receives, Passes On #LNTorch

Boston-based financial services company Fidelity Investments has received and passed on the Lightning Torch. This news comes via a tweet posted by the company on its Twitter account yesterday.

What is the Lightning Torch, you ask? First off, it’s not an actual torch, or even a digitally tangible one. Instead, it is a symbolic hashtag — #LNTorch — that users of the Lightning Network have been sending each other on Twitter in order to build the community and spread awareness of the network. In that way, the spirit of it resembles the Olympic torch.

The trend seems to have started when Twitter user Hodlonaut, who mainly tweets about cryptocurrency, sent 10,000 satoshis — or 0.00000001 BTC, the smallest amount of Bitcoin possible to hold or send (the same idea as a penny) — to another user of the Lightning network, who then added 10,000 satoshis of their own and sent it to another Lightning user.






Receiving it from Twitter user Wiz, Fidelity eventually passed the torch to Harvard School Blockchain & Crypto Club. Earlier in its journey, the torch was “held” by the 88-year-old grandmother of Twitter CEO Jack Dorsey, who is a noted cryptocurrency fan. Dorsey himself even held the torch earlier this month.

Earlier this month, Dorsey, who is also the founder and CEO of payments service Square, which supports Bitcoin transactions, said that introducing Lightning Network to Square’s Cash App was a question of “when, not if.”

A bit about the Lightning Network — it is a “Layer 2” payment protocol that operates as a second layer on top of a blockchain. It enables transactions to be made without hitting the actual blockchain, but once the transactions are completed, the balance is saved and made public on the blockchain. Lightning Networks are not as secure as the actual blockchain, but they are useful in making payments — generally small payments — more quickly and reducing strain on the blockchain.