Yesterday, an auction was held by cryptocurrency and blockchain certification artist @cryptograffiti for a piece titled “black swan,” which the artist produced making use of “fiat and counterfeit detector pen ink.” The artist, who turned associated with bitcoin in 2013, held the auction on a internet site in which end users could only bid by using Lightning Network micropayments, with the initial man or woman to bid the smallest sum being the winner.
Cryptograffiti and Bitcoin Journal would like to choose this chance to announce the winner of the auction. Congratulations Twitter person @BTC_Spot!
The successful selling price was the first of quite a few 1 millisatoshi bids (one hundred billionth of 1 bitcoin). At the time of crafting, the US-greenback denominated worth of the bid is roughly $.000000037.
The auction marks a significant occasion for Lightning’s use between the Bitcoin neighborhood. It even served as a mastering lesson for individuals who participated.
“Many other people had been unaware that sub-satoshi payments were being probable via LN,” the artist explained to Bitcoin Magazine.
Thoroughly concluded, the auction attracted 77 bids to the tune of 182,252 satoshis (.00182252 BTC). Cryptograffiti pointed out that 14 bidders connected to his Lightning node the working day prior to the auction right after he despatched out a tweet hinting at the occasion.
As he explains in a Twitter thread, Cryptograffiti developed “black swan” for two causes. The to start with, to poke exciting at mainstream media’s emphasis on the a lot less appropriate areas of Bitcoin like its rate, alternatively of the groundbreaking technologies currently being crafted. The title alone is a seemingly playful nod to the black swan event theory, an occasion that is unpredicted yet has paradigm-shifting ramifications.
He also developed the piece to enable spread awareness about the Lightning Network.
“The promise of micropayments was instrumental in my getting an artist in the room,” he claims. He carries on to reveal that it was in 2012 when he 1st recognized the impact micropayments could have for artists. He even started attaching general public experiencing wallets to his road art in 2013 as a way to let for ideas.
The Set up
To his have admission, the artist was not technically skilled in location up the payment processor. He arrived at out for assistance to Twitter user @notgrubles, who he states was a crucial participant in getting the auction off the floor.
With @notgrubles’ support, the artist chose c-lightning, a typical compliant implementation of the Lightning Community protocol, and, making use of this, they established up nanotip. Nanotip is a web server built on Lightning Charge, a Blockstream-built software package package deal that will make it easy to build applications on Lightning.
“In addition to nanotip/Lightning Cost, I purchased a CasaHODL node, set up BTCPayServer with Zap, and built-in Globee for merch payments,” the artist additional.
“As a non-programmer, I still never have a company grasp on all the things, but I know more than I did just before earning black swan and I’m psyched to see excellent strides getting created in UX!”