InsideBitcoins.com

Bitcoin Lightning Network Requires Node Upgrade on High Priority

A bunch of new security vulnerabilities was recently detected in Bitcoin’s Lightning Network which demands a node upgrade or users will lose all their Bitcoin.

A threat to Bitcoin’s payments dream

The Lightning Network was designed as a unique solution on the Bitcoin blockchain designed for smaller transactions. LN makes these transactions cheaper while executing them more swiftly. Even though the solution has a long list of critics who believe that the clunky solution isn’t designed for crypto mainstream, LN has been going strong.

Bitcoin Lightning Network Requires Node Upgrade on High Priority

However, in a recent post shared with recipients on the LN mailing lead, software developer Rusty Russell wrote,

“Security issues have been found in various lightning projects which could cause loss of funds. Full details will be released in 4 weeks; please upgrade well before then.”

Russell wrote a majority of the LN protocol specification. The vulnerability has not yet been discussed. LN will follow the standard practice of allowing developers time to fix the problem and avoid bug exploitation before disclosing the vulnerability. If blockchain projects reveal the nature of the vulnerability before fixing it, malicious elements in the blockchain ecosystem may use it to their own advantage.

What do we know?

Though the real vulnerability is still unknown to the wider community, it appears that the bugs are in Éclair, a Bitcoin wallet that can process Lightning transactions. Russell had also advised the users to update their wallets.

Lightning Network is one of the most crucial as well as controversial projects built atop the Bitcoin blockchain. The idea of LN was first tabled by Joseph Poon, and Thaddeus Dryja in 2015 were they talked about creating an additional layer on Bitcoin blockchain. This extra layer can process transactions quickly and more cost-efficiently, before adding them on a certain block.

It employs the use of a Bitcoin address called a channel where two users can deposit funds and engage in any number of transactions they prefer. Payments are only added to the core Bitcoin blockchain when the users close the channel. This helps in maintaining the integrity of the Bitcoin blockchain while making transactions faster. Note that the current block mining time is 10 minutes, which means that BTC transactions can only be verified after 10 minutes.

Though there are a few wallets that allow users to make these small and quick payments using LN, the number of nodes for this solution is still relatively low. This means that processing LN transactions are a loss-making business for the nodes. Only increased adoption of BTC and LN will help the network become profitable.

Top brokers for buying and trading cryptocurrencies

  • Platform
  • Features
  • Rating
  • Visit Site
  • Excellent choice for U.S. customers
  • Paypal accepted
  • CySEC & FCA regulated
  • Buy 12+ cryptocurrencies
4.5/5

eToro Reviews

    eToro Reviews

    https://insidebitcoins.com/visit/etoro-newsCreate your account
    Hide eToro Reviews
    • Best broker for non-US countries
    • Established stock-exchange listed company
    • Trade crypto CFDs, forex and stocks
    • No withdrawal or deposit fees and low spreads
    4.5/5

    Plus500 Reviews

      Plus500 Reviews

      https://insidebitcoins.com/visit/plus500-newsCreate your account
      Hide Plus500 Reviews
      Remember, all trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.
      Avatar

      Sherlock Gomes loves to write and express his views on anything related to Crypto. He has been covering Crypto for more than two years now. He likes Bitcoin and Cardano. He also writes on Finance, Healthcare, and Technology among other stuff. He can be reached by e-mail on [email protected]