As you know, in Bitnovo we have added our own Lightning Network node that will allow you to make instant transactions with insignificant network fees.
Public blockchains like Bitcoin have always been blamed for not being able to be robust, decentralized and scalable at the same time. Bitcoin has been proving its robustness and decentralization for almost 12 years, but it has yet to grow at the transactional level. Lightning Network allows you to achieve the desired scalability by being able to process thousands of transactions immediately, without waiting, and practically for free.
In Bitnovo we love being at the forefront of crypto innovation and that’s why we have become one of the first companies in the world to have our own LN node. To celebrate this incredible news, we decided to support a great initiative of Bitcobie, which promotes an Antorcha Lightning Network!
How does this LN Torch work?
The idea is to create a network of users who are passing funds through Lightning Network like a torch going from hand to hand.
Each user adds a few satoshis to the torch and passes it back to another user. It’s interesting to experiment with the trust and honesty of the users, who are receiving more and more satoshis, while they learn about the possibilities that this scalability solution offers them on Bitcoin.
Everything collected by the Torch will be donated on January 3, 2021 (anniversary of the Bitcoin Genesis Block) to the NGO Blockchain For Humanity.
What is Blockchain For Humanity?
Blockchain for Humanity (b4H) is a non-profit foundation that aims to promote the adoption of emerging technologies capable of providing a positive social impact.
The NGO focuses on the intersection between social innovation and targeted development and recognizes that it will be a force4good and pro-social mindset that will lead us to achieve the Sustainable Development Goals Program for 2030.
Do you want to take the torch?
To participate it is recommended that you join the Bitcobie Telegram channel, which is where the route of the torch is communicated.
When someone asks for an invoice, all you have to do is generate it in your wallet and paste it into the community chat. The torch holder will send the corresponding satoshis directly to your wallet and you will have the Torch Lightning in your hands.
Another option, and it’s the best known, is to tag the exact person you want to pass the Bitcobie torch to, in that case, mention it and wait for their response.
Once you receive the funds, don’t break the chain and let the community know that you have received them, someone will give you an invoice with the corresponding amount (+100 satoshis) and you will simply have to pay it to pass the Bitcobie torch.
If you want to know more about how LN works, see our article: What is Lightning Network?
You can also find a step-by-step guide on how to interact with the Bitnovo node explained by our blockchain engineer, José Molina.
If you already know how to do it, you can check the information of our node in this link and open a channel so we can interact directly without routing problems. This way you will be able to send payments as big as you want in thousandths of seconds and with zero network commissions.