Bitcoin Lightning Torch has blazed through more than 40 countries and has even struck the OKEx Head of Operations, Andy Cheung. This social experiment mimicking the Olympic torch, started out as something “fun”.
The Bitcoin network is not looking good at the moment. If you went out to buy a meal and decided to pay for it using bitcoin, you would end up by paying much more than the meal itself. This is because you would have to pay the handling fee which could well amount to more than the actual meal itself. Apart from this, the transaction would take a long time to complete. Things are not looking good for bitcoin as users have to go through lengthy procedures and pay quite a large transaction fee before the actual transfer goes through.
Head of operations of OKEx, Andy Cheung said: “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.”
Unlike bitcoin, transactions conducted on Lightning Network are immediate and much more efficient significantly reducing the block size. Eventually you will be able to use Lightning Network for everyday use such as buying a coffee. Once you have opened a payment channel with them, you can use the shared wallet as long as you sign the updated balance sheet with your private key to confirm the transaction.
Andy Cheung said: “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.” Lightning Network is capable of handling the transfer of funds globally without using a broker. Each participant has to add 100,000 Satoshi before passing the torch to the new participant. The Network enables people to transfer bitcoins instantly and fee-free. This is a big leap forward for the cryptocurrency technology.