Lightning Bitcoin will be created when it strikes in the form of a Bitcoin blockchain hard fork on December 23, 2017 at block 499,999. If you hold Bitcoin (BTC) at the time of the fork and control your own private key, you will be rewarded with an equivalent quantity of Lightning Bitcoin (LBTC).
The pitch of the lightning team, Jack Zhang and Dou Wang, is that Lightning Bitcoin will combine the advantages of Bitcoin and Ethereum by promoting decentralization and supporting smart contracts. It will adopt a proof of work (voting rights for token holders), rather than proof of stake consensus mechanism, and will combine this with a 2M block size, with the goal of improving transaction speeds.
For more information about Lightning Bitcoin, you can visit their official website, LightningBitcoin.io and get updates via twitter.com/LightningBTC
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