Bitcoin Lightning Torch Strikes OKEx Head of Operations Andy Cheung

The Bitcoin Lightning Torch experiment continues to gain traction with more and more influential figures passing the “torch”. Mimicking the Olympic torch, Hodlonaut, a Norwegian Bitcoiner on Twitter, started this social experiment as something “fun”. But the movement immediately went viral* when famous people like Twitter CEO Jack Dorsey also engaged in carrying the torch. Now passed through over 200 torchbearers, the lightning torch has struck our Head of Operations, Andy Cheung.

Tesla CEO Elon Musk and Amazon CEO Jeff Bezos were tagged in the tweet

 

“I was passed the torch by Mia Tam (a Chinese cryptocurrency influencer). After all, the torch is not only about the lightning network, it also shows the world that we can transfer funds around the globe without any brokers with Bitcoin,” said Andy Cheung.

OKEx and the Bitcoin Lightning Network

When asked about if OKEx will support the Bitcoin Lightning Network, the Head of Operations said his team is still looking into the possibility.

“We will look into every opportunity that benefits the crypto community and we are delighted to be part of it to spread the awareness. The adoption is growing rapidly but security is always our first priority as there are millions of customers who use our platform. The key consideration is that we have to make sure the network is safe and secure before integrating it into an exchange. Therefore, we are in close dialogue with Blockstream. We hope that we will see it happen very soon,” said Andy Cheung.

#LNTrustChain

Dubbed as #LNTrustChain, the movement demonstrates that the Lightning Network is capable of handling the transfer of funds around the world without a broker. Kicked off by Hodlonaut with 100,000 Satoshi for the “torch payment”, each torchbearer has to add 10,000 Satoshi before passing it to the new participant.

Bitcoin Lightning Network

Although Bitcoin is still the king of cryptocurrency, it also has its limitation. The biggest drawbacks of Bitcoin are the transaction speed and price during rush hours. This makes the cryptocurrency really difficult to become a good medium for day-to-day microtransactions.

And this is where the Lightning Network comes in. The network acts as a second layer over the Bitcoin network, enabling people to transfer Bitcoins instantly and fee-free. Although the lightning network is only one of the solutions to Bitcoin’s limitations, it is picking up the pace and begins to mature. There might still be a long way before it becomes fully operational. But its appearance is already a really big leap forward for the cryptocurrency technology.

You can read more about the Bitcoin Lightning Network here.

 

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