Michael Saylor, the founder of the largest known institutional holder of Bitcoin (BTC) Microstrategy, has publicly admitted to using the Lightning Network, a layer 2 scaling solution built on top of the Bitcoin blockchain, to execute several transactions.
To further show his support for the Lightning Network innovation, the Microstrategy founder hosted a Meme competition where he noted that the BTC (3,000,000 Satoshis) rewards for winners will be transferred using the Lightning Network service.
The layer 2 scaling solution Lightning Network can be dated back to February 2015 when its draft was proposed by these two researchers Joseph Poon and Thaddeus Dryja.
Following its subsequent development and introduction into the crypto and blockchain industry, its adoption has been on the rise regardless of the fact that the solution which was built to solve the slow transaction speed and high fees problems experienced on the Bitcoin blockchain poses a few risks.
Michael Saylor Hosts a Meme Contest To Show Support for Lightning Network
Earlier today, Eric Wall, a popular crypto proponent and researcher, created a poll to get his followers’ thoughts concerning the Microstrategy founder and the Bitcoin Lightning Network.
In the Twitter poll, he asked, “Do you think Michael Saylor has made more than three Lightning transactions in his life?” Out of the 10,143 votes on the poll question, 52.2% of the participants agreed to the fact that Michael Saylor has made more than 3 Lightning transactions while 34.8% voted No.
Do you think Michael Saylor has made more than three Lightning transactions in his life?
— Eric Wall X 🏴 (@ercwl) October 4, 2022
Saylor who replied to the poll created by Eric Wall cleared the air by disclosing that he is a strong supporter of Bitcoin (BTC) and the Lightning Network, citing that he has made more than 3 transactions using the layer-2 solution.
In addition, the former CEO of Microstrategy announced a Meme contest noting that he will make another 3 Lightning Network transactions of 1,000,000 satoshis each to the three winners of the competition.
“The correct answer is Yes, and I will make three more transactions of 1,000,000 sats each to the 3 posters of the most liked Lightning memes in the comments below,” Saylor replied to Eric Wall’s poll exercise.
— Michael Saylor⚡️ (@saylor) October 4, 2022