Is the "pay for coffee" your standard for micro-transactions? You might want to rethink …
Cryptograffiti, an anonymous artist dedicated to working with topics related to cryptographic and blockchain technologies, recently published on Reddit a post that claims to have conducted a "micro auction" to sell a small work of art derived from a banknote from a dollar.
The piece, which measures barely 3.55 cm x 4.44 cm, is called "Black Swan" and has been auctioned on the cryptograffiti website. However, the auction had a very curious feature: the winner of the job would have been anyone who offered the least amount of money to do so.
I sold this little work of art for 1 millisatoshi ($ 0.000000037) – history in the comments of Bitcoin
With this initiative, Cryptograffiti wanted to create a work of art that could be considered the least expensive art work in the world. Moreover, given the characteristics of the auction, it was evident that the strategy has also promoted the use of Lightning Network as a way to make Bitcoin transfers almost instantly and practically without commissions, being able to send even less of 1 Satoshi.
Cryptograffiti explains that beyond any financial or even artistic reason, the motivation behind this kind of actions is technological. Perhaps in the future, micropayments could help artists find better ways to make transactions, buy small amounts of materials or even use cryptocurrencies for small things like buying a candy, paying for coffee or similar needs:
The promise of micropayments has been instrumental in my becoming an artist in space. In 2012, I read for the first time the idea of fighting spam / DDOS email attacks by uploading negligible amounts of money to send messages / logins. These were the first cases of creative use I had heard for cryptocurrency. It inspired me to think about how micropayments could benefit artists. And in 2013 I started posting street art around the San Francisco / Pacific NW Bay Area with a public-facing wallet so passersby could send little bitcoin amts if they liked the job.
I'm excited for a future where micropayments are omnipresent. Artists paid from the point of view … writers from the poem … musicians from listening. Every day interactions complemented by positive monetary reinforcement, like the inclusion of someone who allows you to combine traffic.
We hope this micro auction inspires others to think big about the future of Bitcoin.
Lightning Network is a second-level solution that solves much of the Bitcoin scalability problem, however, it is still undergoing testing and development, so it's hard to predict a specific date for its official version.
The work was recently sold to the lowest bidder: an anonymous user who offered a millisatoshi ($ 0.000000037) for the piece. This unit is much lower than the minimum value allowed for a standard Bitcoin (BTC) transaction.
Lightning Network: a promising future that still needs time to grow
The Lightning Network development team has made significant progress in designing this solution. Furthermore, the community played a fundamental role in the strength of the network. As reported by Ethereum World News, Lightning Network had earned several thousand followers, reaching historical highs.
In addition, other apps such as dedicated portfolios and an open canvas have been of great importance to stimulate the growth of the user base. With this, the adoption of LN, even in the beta phase, is growing, and cases like Cryptograffiti are representations of the infinite number of uses that can be seen once LN is fully implemented.
Although there is no precise date for the official launch of LN, there are already high expectations from the experts. Recently, Roger Ver and Charlie Lee bet on a possible massive adoption of the protocol: while Ver showed his skepticism, Charlie Lee expressed his optimism about his development, which is expected to be ready by 2019.