It is not wrong to argue that the Lightning Network (a second-layer solution designed to ease the issues Bitcoin (BTC) faces with scalability), has attained monumental adoption levels in recent months. The second-layer ecosystem has watched its maximum capacity increase well over the 700 Bitcoin (BTC). This is a milestone. It has cemented its viability as a cost-efficient, rapid, and secure system that offers more private transactions.
Bitcoin (BTC) Price Today – BTC / USD
Lightening Network Adoption Hasn’t Been Unwarranted
Understandably, this growth has not come unwarranted. The second-layer solution’s sudden rise in adoption has a lot to do with grassroots efforts. Some of which includes that of Lightning Pizza (purchasing food items from Domino’s Pizza using the protocol) and the Trust Chain community initiative. This initiative was launched by the Bitcoin (BTC) backed Hodlnaut only weeks ago.
For those who initially missed the memo, below is more about Trust Chain:
Only weeks ago, Hodlnaut a Netherlands-based Bitcoin supporter began to look for ways to improve the Lightning Network’s traction. He ingeniously brought the idea of starting a chain of transactions. These transactions will allow participants to send more Bitcoin with each “hop” and publicly.
Bitcoin’s Trust Chain Gains Links
Although Bitcoin’s Trust Chain has seen participation from Klaus Lovgreen, Marty Bent, Anthony Pompliano, Elizabeth Stark of Lightning Labs, and leading Bitcoin (BTC) evangelist Andreas Antonopoulos, to mention a few, celebrities in the space continue to praise the initiative.
After Blockstream’s Adam Back made his remarks, he hands the torch over to Reid Hoffman. Hoffman gladly posted a Lightning invoice following Back’s inquiry. Hoffman is the co-founder of LinkedIn. He also serves as a board member of Blockstream, and Microsoft, two of Silicon Valley’s biggest startups.
Once Hoffman secured the torch, he noted that it is good to see “the Lightning Network accelerating Bitcoin’s (BTC) adoption and use cases.
Interestingly enough, he is not the major bigwig of the legacy world who has become a link in the Trust chain.
Digital Asset Services, the crypto-centric arm of Fidelity Investments, publicly accepted a transaction via the Lightning Network last week. The crypto branch of the Wall Street powerhouse, which manages $2 trillion in assets, joined the multi-week Trust Chain. The startup accepted a transaction for 3.64 million in Bitcoin (BTC).
Jack Dorsey, who serves as the CEO of Twitter and Square, also gave his views in the development. As per earlier reports given by Ethereum World News, just days after Dorsey lauded Bitcoin (BTC) as a top contender for the Internet’s native token on Joe Rogan’s podcast, he picked the torch while criticizing altcoins, like TRON (TRX) and Ethereum (ETH).
What’s Next for the Bitcoin Trust Chain?
Although the recent Trust Chain run-ins with tech celebrities may appear as a positive sign for the Lightning Network, there’s more than meets the eye here. Dorsey, for example, recently divulged that he is looking to add his scaling technology into Square. Square is the fintech company that Dorsey heads. It is arguably more valuable and brings more to the table than his social media powerhouse.
It was not clear what this integration will involve as of the time this report was published. However, many in the space are sure it will result in widespread adoption.