BTC Users Running Lightning Network Nodes Urged To Update After Confirmed CVE Vulnerabilities Exploited

An unfortunate event happened in the Bitcoin Lightning Network recently. According to the recent announcement made on Twitter by Lightning Labs, the network is currently being exploited due to a vulnerability.

According to the tweet, all Ind 0.7, c-lightning 0.7, eclair 0.3 and their editions below that are possible to be affected by the exploit, so people should upgrade to the latest version of the system in order to protect themselves from the attack. The latest versions, 0.7.1 and 0.3.1, are not subject to the attacks.

Olaoluwa Osuntokun, the Chief Technology Officer (CTO) at Lightning Labs, affirmed that there are several cases of people exploiting the network. The exploit was originally discovered a few days ago by Rusty Russel, another LN coder.

According to Russel, security vulnerabilities could make several projects to lose funds. He did not disclaim exactly what was the bug, obviously, in order to protect the users, but someone or a group of people may have discovered the exploit and is using it to steal money from the LN.

The Twitter profile also warned people that LN technology is prone to have bugs as it is still during its experimental phases. Because of this, nobody should put more money on the network than they were willing to lose if a bug happens.

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Author: Hank Klinger

Lightning Network Software Coder Warns Users About Vulnerabilities Found on BTC’s LN

Rusty Russell, an Australian programmer that is focused on the Bitcoin Lightning Network, has recently affirmed that the community should know that some issues have been found in the code of the LN.

According to him, several Lightning projects could be the victim of major problems if they did not update their code. He affirmed that he found several issues in versions prior to the 0.7.1 one. The issue was started in version 0.3 and continued until it was patched out in the 0.7.1 version.

The 0.7.2 version of the LN has just been launched by Blockstream recently, but this does not mean that everybody has already updated, so problems could appear.

Despite the warning that the code could have been compromised and that bugs would possibly be found within the network, Russell did not explain specifically which problems could happen and what exactly was the exploit that he found.

He only affirmed that all the details about the issue would come in 4 weeks and that everybody should upgrade before then. It was a smart actually a quite common decision. Revealing the details could expose the network to hackers and bad actors, so it is best to wait until everybody has upgraded their systems before revealing the possible issues to the world.

The LN, in case you are not aware of this, is a second layer solution that was created last year to turn the Bitcoin network into a much more effective payment method. The idea was to offer payments that could be cheap and fast.

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Author: Lillian Peter

Blockstream’s Samsom Mow: Bitcoin May Be Bad For Payments, But Lightning Network Can Fix It

Samson Mow, the CSO of Blockstream, has recently affirmed that the Lightning Network solves one of the major problems of the Bitcoin network on a recent interview.

According to him, the whole idea behind BTC is not really to be a currency to be used in everyday activities. The way he sees BTC, it is all about a great way to store value digitally. It is, therefore, a medium for the transfer of wealth, not really a currency. He believes that affirming this has made several people dislike him and affirm that he hates Bitcoin, but that’s far from the truth.

His view is only that BTC was created for that purpose, not to be money. Fortunately, he affirmed, the Lightning Network was created in order to give BTC a shot at becoming the kind of currency that can be used any day.

The LN is pretty fast and the fees are very low. It was created exactly with these payments in mind. One the network reaches mainstream adoption, it can change Bitcoin. No longer people would need to wait hours before transactions are complete.

He also affirmed that something that was interesting about Bitcoin was that the token had some kind of “virgin birth”. Unlike the altcoins that came later and copied its concepts, it was really decentralized and unable to be controlled by a single group. All the times that people tried, hard forks happened.

In related news, Mow has recently affirmed that Facebook’s Libra would be screwed if people decided to make the right choice and use BTC instead.

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Author: Bitcoin Exchange Guide News Team

Bitcoin Lightning Network Surpasses $11 Million Capacity as More LN Updates Progressing Along

Bitcoin-Lightning-Network-Finally-Reaches-11-Million-Capacity

The Bitcoin Lightning Network has just reached a new important milestone. Now the network has the capacity to support $11 million USD in trades. There are even more updates on the way, so 2019 is shaping up to be a great year for the users of the LN.

In case you are not familiar with this solution, you should that the BTC Lightning Network was originally created as an off-chain scaling solution for Bitcoin. All transactions are made outside of the main chain, so they are faster. Originally, the software was launched with some bugs, but most of them have been corrected so far.

New Updates Are Coming: Eltoo, Atomic Multipath Payments (AMP) and Payment Points

Not only the LN is doing great now, but three new updates were also announced on Reddit recently by one of the developers. The first one of them is Eltoo, which is supposed to be an answer to the “toxic waste” problem that plagues the protocol.

This problem stems from the fact that the old state of transactions can be used in order to publish a stale unilateral close transaction or, in simpler words, you can use it try to steal funds, which is what makes a part of the protocol “toxic”.

According to the new update, the old state will be gainsaid by the later state and the problem will end up being fixed this way. This can also be a positive update as it will help more people to participate in the protocol.

However, one problem is predicted to arise with the use of Eltoo. The new protocol would end up requiring a new base layer. This could complicate the route finding algorithm and create even more unexpected issues.

The next update, Atomic Multipath Payments (AMP), will be able to split large transactions into smaller ones in order to make them easier to complete. It was originally proposed by Lightning Labs, one of the main developers for the Lightning Network  (LN), and it lets each payment follows its own path.

There are two variants of this technology so far. One of them is the base version, which uses the same payment hash for all routes and the “high” version, which combines features from the two variants.

According to the developer from Reddit, this update could be important in order to bring more reliability to the whole payment process, but the fees may get higher if it is implemented, which is not really something very good.

Finally, there are also the Payment Points. This update would make the LN stop using pre images and hashes in order to use scalars and payment points instead. All invoices would reveal a private key to the funds.

The main advantage of this model is that it can be used as a noncustodial escrow, which would be a new functionality to the network.

At the time, there are over 13 updates planned for the LN, so these are only some of them. It seems that the Lightning Network will continue to grow and get better for a long time.

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Author: Gabriel Machado