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Litecoin Creator Charlie Lee passes the Lightning Torch

Litecoin Creator, Charlie Lee has now taken hold of the famous Lightning Torch. He is now the 264th person in the Trust Chain’s. The journey began just 2 months ago, and was initiated by a twitter user Hodlonaut on Jan 19th 2019. Since then, each new link has added 10k Satoshis, in order to test the bandwidth of the chain.

The chain now sits at 4200K Satoshis, and has been over 50 countries, as per data provided by ‘take the torch’. Mark, a community member passed the torch to Lee, much to everyone’s joy. Moreover, Lee sardonicaly offered the torch in lieu of an atomic swap to the Litecoin Network, if anyone was willing. 

As per data by some of the notable torch holders include, Zap wallet creator Jack Mallers Jack Dorsey, CEO of Twitter and Bitcoin enthusiast, Lightning Labs CEO, Elizabeth Stark The face of the cryptocurrency Monero and 1/4 of the Magical crypto friends Ricardo Spagni. Changpeng Zhao the CEO of Crypto exchange Binance, Early bitcoin pioneer and CEO of Shapeshift Eric Voorhees.

It also includes  Creator of SatoshiPlace Lightning K0ala, Ben Davonport CEO of Crypto security company BitGo, Fidelity Digitial Assets Blockstream CEO and creator of HashCash Adam Back and Bitcoin Developer.

Release of the Lightning Loop

Lightning Labs recently released called “ Lightning Loop”  for Bitcoin payment channels. The new feature seeks to improvise on the usability of the lightning network. Additionally, users can receive a larger amount of  Bitcoin in Bitcoin payments, without the need to open new payment channels. This initial release is focused on the ability for people to receive with Loop Out. Lightning Loop Out will allow users to increase their receiving capacity by offloading funds from the network, while keeping channels open. 

Lightning Labs developers Alex Bosworth and Bryan Wu described in a blog post:

“Lightning channels are like tubes of money … Money moves around in the tube, but the total amount of funds remains constant. So, unlike other payment systems, Lightning requires ‘inbound capacity’ in order to receive funds.”

About Lightning Network

Lightning Network is a payment protocol which functions as a second layer on top of a blockchain. A large number of enthusiasts and developers consider Lightning Network to be the right fix for Bitcoin blockchain ’s scaling problem.