Original Pizza Day Purchaser Repeated History By Documenting First Ever Pizza Purchase On Lightning Network
Feb 27, 2018 Posted / 7295 Views
Laszlo Hanyecz shared his lightning network experience on Lightning Dev mailing list on 25th February. Laszlo wanted to experience trading using the lightning network for a physical good. He did not know about any nearby pizza outlet accepting payment as through lightning network as “pizza/bitcoin atomic swap software” is not available yet, So, he involved a friend from London who “sub-contracted.”
“In short, I paid bitcoin using the lightning network, and he arranged for the pizza to be delivered to me. In this trade, my friend is just a middleman that is taking the risk of accepting lightning payments, but it demonstrates the basic premise of how this works for everyday transactions.”
The very first BTC transaction took place on May 22, 2010 and celebrated as Bitcoin Pizza day. As per twitter feed, the amount paid in 2010 for two pizzas was 10,000 BTC which is equal to around $97,560,750., as per current Bitcoin value.
This time Hanyecz paid 649000 satoshis which is equal to $62 for both pizzas.
Further explaining his Lightning network experience Hanyeczstated that in order to receive pizza he had to convince the driver that the payment has been initiated and pizza belongs to him. Best way to do so was by disclosing the first four and last four digits of the hex string of his lightning network. If the digits match, then he will get the pizza.
“I didn't want to prepay and end up with no pizza. As far as I know, we don't yet have pizza/bitcoin atomic swap software, but we improvised and decided that I would need to provide the payment hash preimage to the delivery driver in order to claim my pizza. If I can't produce the preimage, proving that I paid, then the pizza would not be handed over, and it would be destroyed. This works because I can't get the preimage without paying the invoice.”
Hanyecz received pizzas as a reward for his successful experiment. He further mentioned-
“It's probably not a good practice to share the preimage.”
This was the first ever documented BTC transaction using the Lightning network, also known as “second layer” which is considered as an evolution in Bitcoin transactions making them instant and even more secure.
Hanyecz ended his post about the successful lightning transaction by a question with an obvious answer, “So is there any point to doing this instead of an on chain transaction? For what I described here, probably not:”
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
Hottest Blockchain Newsletter
For updates and exclusive offers, enter your e-mail below.