WTF is a trust torch? Lightning network evangelists started the so-called “LN Trust Torch”. It is simply an amount of bitcoin in the lightning network that is sent from person to person without anyone stealing it. It is used to demonstrate the power and utility of the lightning network. It has been a success in raising awareness about the lightning network and how it works. It has been passed to hundreds of users including Fidelity Investments and LinkedIn co-Founder Reid Hoffman.
Why not pass an NFT torch?
While the LN Torch is using the Lightning Network a new layer-two scaling solution there are some old archaic and some might even call brutal on chain token layers on top of bitcoin, one of them being counterparty.
Counterparty is the home of Spells of Genesis, Rarepepe, Age of chains and Bitcorns among other projects. It has been around since 2014 and even facilitated the first ever NFT to be sold at a live auction, the legendary Homerpepe that sold for around 39,000$.
read more: WTF is an NFT?
Puff Puff Pass
How to take part in the first ever NFT trust torch
- Simply create a wallet at counterparty.io, xcpkey.com or use the freewallet app for android, mac, windows, linux.
- You will need a little bit of bitcoin for the transaction fee when it is your turn to pass the joint.
- So go ahead and load your address with some bitcoin. Then head over to twitter and ask for the joint in this thread.
- Then wait until you get the DUTCHIE token and pass it on to the next…
This is a live demonstration on how blockchain technology works. It is also an excercise in understanding why things have value. Why does DUTCHIE have value? Is it worth anything? Why am I sending this thing to strangers? Are we using blockchain to become more efficient machines or to have fun and improve our life? Are the only use cases for blockchain enterprise DLT, speculation and hoarding or are there more uses?
Confused? Add your questions below or contact me on twitter