Stellar Lumens News Today – Headlines for December 11

  • Stellar Foundation is running its own Lightning Torch like Bitcoin Lightning Torch
  • Stellar’s Torch has only generated $67
  • How to track of Stellar’s Torch

Stellar Lumens News Today – At the beginning of this year, a Bitcoin enthusiast that goes by the nickname ‘Hodlonaut’ started a scheme referred to as Lightning Trust Chain. The scheme grew over the months and became very popular as Lightning Torch. The Lightning Torch was a way to test the new second layer network of Bitcoin that allowed for faster transactions, better scaling, and lower transaction costs.

Essentially, the Torch was passed from one person to another. Anyone the Torch gets to adds 10k Satoshis to the account. The funds added to the account were later donated to Bitcoin Venezuela at the end of the testing initiative in April.

Stellar (XLM) Price Today – XLM / USD

NamePrice
bitcoin
Bitcoin
$8,356.25-1.22%
stellar
Stellar
$0.057-2.28%

Stellar Foundation Is Running Its Own Lightning Torch

Turns out, the Stellar Foundation has been running its own version of the Lightning Torch. The Foundation is doing this as a way of showcasing the efficiency of the network. Wouter Arkink started the initiative on June 26 this year. Unlike the Lightening Torch of Bitcoin, where people are free to add any amount that they want to, the Torch of Stellar Lumens only allows contributions of a minimum of 2 XLM tokens and a maximum of 50 XLM. At the time of writing, the torch is at 1150 XLM, which his currently worth $67.

Keeping Track of the Torch

Everybody passing the torch has to use Keybase. Keybase is an end-to-end suite of applications that the Stellar community adopted. Nevertheless, one does not have to be on the platform to receive the Torch. You can pass the Torch to someone on Twitter, and the person you passed it to can receive it when they get on Keybase. Stellar also uses the applications used for its airdrop campaigns.

When a person gets the torch, they post the coordinates of their location in a memo field within the application. That information would be used to keep track of the Torch as it moves from one person to another across the globe. So far, the Torch of Stellar has had 77 bearers, and it has covered more than 500,000 kilometers. Fascinatingly, the total transaction costs have not amounted to a penny yet.

To make it more fun and interesting, a person holding the Torch can pass it to someone in a country where the Torch has never been. By so doing, the torchbearers can claim that country.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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