Crypto adoption is a challenge, and torch campaigns are one way of attracting attention. These campaigns work just like the Olympic relay: participants pass the flame to other users, or they keep an unbroken chain of transactions alive. This allows blockchain platforms to show off their true potential.
This sort of campaign is feasible because many blockchain platforms offer low fees and fast transactions. But there’s an element of trust as well: participants must pass the torch onto people they trust to keep the train of transactions alive. This means that many participants are high-profile, trustworthy figures or celebrities.
Eventually, the torch relay ends, and someone gets to keep the torch and hold onto its monetary value, if it has any. So far, several blockchain communities have tried to build a viral campaign on this model, with some success.
Here are the biggest torch campaigns so far.The Lightning Torch
The Lightning Torch was the first and most popular campaign of its kind. It was designed to promote the Lightning Network, a second-layer payment network for Bitcoin transactions. This campaign involved a series of small Bitcoin transactions, which ultimately added up to 0.41 BTC (worth $2000 at the time, or $4700 now).
Hodlonaut, an online cryptocurrency personality, began the campaign on January 19th, and in the following months, the torch was passed between 282 different people, including Twitter CEO and co-founder Jack Dorsey. On April 13th, the campaign ended, and the accumulated value was donated to a humanitarian group called Bitcoin Venezuela.The Monero Torch
Now, it’s time for a newer torch: this week, the Monero community began a torch campaign in order to show that Monero transactions are hundreds of times cheaper than Bitcoin. These advantages come from Monero’s bulletproofs upgrade, which dramatically reduced Monero fees and transaction times last October.
Monero is a priv...