Tag Archive : Lightning

Bitcoin Lightning Network ensures larger payments capability

Bitcoin Lightning Network releases a 0.10 beta version of its LND software, to improve routing efficiency and reliability of its infrastructure. 

According to the latest reports, San Francisco-based crypto firm Lightning Labs has introduced a 0.10 beta version of its LND software. It is one of the most important iterations of the Bitcoin Lightning Network. The key highlights of this latest update include – Multi-Path Payments, Partially-Signed Bitcoin Transaction (PSBT) support, on-chain fees, developer improvements, security, architectural improvements, and other bug fixes. The 0.10 beta version aims to improve the routing efficiency of lightning payments. 

What is the Lightning Network?

It is a second-layer incorporated on top of the Bitcoin blockchain that enables faster and cheaper transactions. Prior to the latest update, users could only lock a limited amount of Bitcoins in the channels. Moreover, there used to be a lot of friction in routing transactions. 

More about the latest update

The most important aspect of the latest update is regarding multi-path payments. The 0.10 beta version will allow users to quadruple the number of BTCs that can be locked in channels. This will essentially improve routing efficiency, and instill a lot more liquidity in the channels. According to the announcement, “A related change is the lifting of the maximum invoice size, which was previously 4.2 million satoshis (0.042 BTC). Starting with LND v0.10-beta, payments up to the maximum size of a channel will be allowed. (Currently, the maximum channel size is 16.7 million satoshis (0.167 BTC.)”

The update also added support for Partially-Signed Bitcoin Transaction (PSBT). It is a cryptographic method for hardware wallets to sign transactions without revealing the keys to a device. 

Another important part of this update developer improvements. Lightning Labs explained, “Finally, in and v0.10-beta, we’ve added an “Experimental Services” section to the LND gRPC API. These services are designed to allow LND developers to experiment with and give feedback on new APIs while they’re in the process of being developed. This will also give new features and APIs a place where they can be tested, stabilized, and matured before being added to the main LND API. For REST developers, we’ve also made the REST API docs more easily accessible.”

As of now, as many as 955 BTCs are locked in Lightning Network channels. This figure accounts only for public nodes. If we consider the private nodes as well, this number could be much higher. 

Researchers Expose Privacy Flaws in Bitcoin Lightning Network

University researchers identify privacy concerns in Bitcoin Lightning Network; propose solutions to trade off efficiency for security.

Researchers from the Norwegian University and the University of Luxembourg have expressed concern over the privacy safety in Bitcoin Lightning Network. They have detailed the possibility of a ‘probing attack with moderate capital commitment and no expenditures on the network at a rate of under a minute per channel’ in their recently published research paper. As per their theory, this could expose anonymous transactions stored across the network. The researchers said that, by using a technique called transfer routing, they could find out the sum of Bitcoins held in balances. 

About the Lightning Network

The Lightning Network is basically a solution that enables near-instant, low-cost Bitcoin transactions. Advocates of the concept claim that it offers enhanced privacy via the Segregated Witness method. In the lightning network, users can either transfer funds directly between two parties, or they can route the transactions via a mutually-agreed-upon third party. 

In the case of the latter, the researchers could use a range of routed transactions on the Bitcoin testnet, thus being able to reveal individual channel balances. 

As of now, the Lightning Network houses 11,000 nodes, 36,000 payment channels, and about 900 BTC.

Proposed Solutions

The group of researchers has proposed several potential solutions to this problem, but at the same time, they acknowledged the fact that in order to implement those solutions and enhance privacy, the network will have to lose some of its efficiency. They suggested a few changes to the network’s protocol but warned that those changes will reduce transaction efficiency at the cost of better privacy. 

However, they vouched for the fact that this is the most viable solution in order to maintain a balance between privacy and efficiency. 

Breeze to victory with Lightning Box’s Blown Away

Slots studio Lightning Box has embraced the elements with its brilliant new game Blown Away.

The latest addition to the Sydney-based company’s portfolio is set aboard a fishing ship which has been thrown off course. The scurvy crew, led by the walrus, are trying to whip up several big wins in order to get them back on track.

Excitement builds when a tornado lands on the last reel.  With a gust of wind, the lowest Royal symbol is removed and another re-spin awarded. 

This can continue until no Royals are left on the reels.  With the Walrus itself being the wild, the odds of winning a big prize are greatly increased.  Three Boat symbols trigger free spins in which removed Royals remain removed for the duration of the spins.  The addition of a hilarious cow multiplier adds to the fun and thrills of the game.

Blown Away, complete with maritime music, is due to go live exclusively with Sky Vegas for two weeks on March 31, before general release on April 15.

Peter Causley, CEO and co-founder of Lightning Box, said: “We’re hoping this newest title will blow players’ socks off, particularly with the tornado respin feature which could boost payouts by up to seven times.

“We’re also looking forward to seeing how it does with Sky Vegas before going on general release elsewhere.