Tag Archive : Privacy

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. 

Twitter Updated Privacy Features, Crypto Community are Not Happy

According to an official update from the social media platform Twitter, it has removed one of its privacy features. Twitter is basically a free platform for users, and advertisers are its main source of revenue. To strengthen that model and maintain a beneficial proposition for advertisers on the platform, Twitter will share certain non-public information with them from now on. 

According to the update, Twitter users will no longer be able to control mobile app advertising measurements. However, it is their discretion, if they want to share non-public data to improve Twitter’s marketing activities on other sites and apps. 

Previously Twitter did not have the right to share data related to the ads you saw or clicked on Twitter with advertising platforms. However, with the recent removal of the data-sharing setting in regard to mobile app measurements, the above-mentioned information will be shared with third-party platforms by default. 

A Twitter spokesperson stressed the fact that this is a very crucial move in order to continue providing free services to users. 

Reaction from the crypto community

This decision has not gone down well with the crypto community. Crypto enthusiasts are by nature very defensive about privacy and security. After Twitter announced the new update, a whole lot of crypto supporters expressed their discomfort via tweets.

Zooko Wilcox, creator of Zcash tweeted that he would rather pay to use Twitter, than have his private information being manipulated supplied to third-party platforms. On the other hand, Ryan Selkis, the founder of crypto data provider Messari, stated that he is ready to pay as high as $1000 for a premium Twitter account. 

The common sentiment in the crypto community is that Twitter should make its service chargeable rather than allowing advertisers to pick up massive amounts of non-public data from millions of Twitter users. 

ARCS Chain Carves a path to Revolutionize Data Banking & Privacy

In a time when data privacy has become scarce and corporations around the globe exploit their customers for their profits, IFA’s ARCS chain brings an ecosystem where personal privacy is precious and users get a fairer distribution of profits made from their personal data. Basically, the ARCS chain is a proprietary blockchain for data banking infrastructure which enables unified management of user data which allows for data to be used with consent and data rights protected. With its data bank and user-centered blockchain-enabled ecosystem, IFA’s ARCS Chain prevents data tampering and provides functionality for data banks so that they can operate effectively and transact with businesses and individuals. The AIre ecosystem has ARCS tokens as its native currency of exchange.  AIre brings new evaluation standards where users are provided with self-sovereign identities and provided with a fairer distribution of profits made from personal data.

On the ARCS Chain platform, users would receive ARCS tokens as incentives for registering their data and for granting companies access to their data. With its revolutionizing features, ARCS Chain has ensured that Users or Companies do not have to pay transaction fees while enabling users and Companies to use normal web applications. As ARCS Chain has been developed as a public blockchain, committing fraud with data becomes impossible which gives data owners complete access to their data. ARCS Chain is all set for a PoC product release in April to its limited users as a beta test. The PoC product release will include a test of identity and verifiable claims with Decentralized Identifiers (DIDs), information management mechanisms between users and data banks, associations of data outside data banks, and fraud, scoring and security features. As the ARCS Chain ecosystem is designed to fairly distribute and reward users, network operators, and businesses, the PoC will include a simulation of the economy to understand participants’ incentives. 

With ARCS Chain’s commitment to improving well-being for people around the world, not only physically, but also mentally and socially, ARCS Chain is focused on building up a bridge for quality projects to accelerate their globalization. IFA is immensely excited to announce the listing of ARCS tokens on LATOKEN, one of the top 20 cryptocurrency exchanges specialized in providing liquidity for new digital assets. LATOKEN is the largest IEO (Initial Exchange Offering) market which has connected over 130 startups with 400,000 users and 1.5 million visitors per month on its platform since 2017. We are also pleased to tell our users that the ARCS tokens are also being listed on ProBit in April itself. 

IFA is also ecstatic about entering the incubation business with its AIre project (AIre token economy is centered around the ARCS token). The aim of IFA incubating, developing and operating AIre is to bridge all aspects of blockchain, such as technology, business, society, and regulations, in a well-balanced manner. The idea is to bring a paradigm shift in the negative image of cryptocurrencies and educate users with correct knowledge about cryptocurrencies and blockchain, along with promoting activities such as business matching and policy proposals. IFA’s AIre project will promote the creation of an organization that will be the base of the incubation business. AIre believes in the wide range of potential uses for blockchain in the future, therefore AIre has launched a study session that calls on a wide range of people, including domestic and foreign companies, governments and experts. This community study session aims to build a place where newcomers can easily participate and have flat discussions. 

With all these exciting developments coming up, ARCS Chain is all set to incubate quality projects and connect with millions of users from around the world!

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