Blockstream Developer Rusty Russell Proposes New Bitcoin Address System
Blockstream Bitcoin developer Rusty Russell recently published a proposal for a Segregated Witness-compatible c-lightning system for Bitcoin addresses. Detailing the proposal on his personal blog, Russell laid out plans to to add a prefix at the beginning of each address, as well as eliminate capital letters to improve convenience. Surprised at the lack....
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Rusty Russell , the open software developer has recently shared a proposal to create generic bitcoin wallet address on lightning network. The Bitcoin network is badly in need of an upgrade. As the number of transactions on the blockchain increase, the smaller block size and limited processing capacity has led to confirmation backlogs and an increase in miner fee for transactions across the network. As a solution to this issue, an alternative protocol over the blockchain called lightning network is currently being developed. The implementation of Lightning network for bitcoin transactions....
Prominent Bitcoin enthusiast and proposer of ‘duplex micropayment channels,’ Christian Decker, announced on Twitter today that he will be joining the Blockstream team to work on L2 protocols. Decker Joins Blockstream to Work on Lightning Network. According to Blockstream’s official blog, Decker was hired on to bring his expertise and talent to the company’s current research on lightning networks. While pursuing this line of work he will be joined by Blockstream developer, Rusty Russell, who has made theoretical contributions to the advancement of lightning networks in the past. Decker is....
Bitcoin requires decentralization of miners (or mining pools) and full nodes to achieve what some consider its core property: censorship resistance. As such, the block-size dispute represents a trade-off. Bigger blocks allow for more transactions on the Bitcoin network, but take more time to propagate, favoring larger miners and pools, while the increased data transmission disincentivizes users to run full nodes. Fortunately, there are proposals to increase Bitcoin's efficiency that reduce the risk of bigger blocks. One of the most promising innovations in this regard, are Invertible Bloom....
Readers may remember our coverage of a Roger Ver interview from a few days ago where the veteran Bitcoiner and entrepreneur told Bitcoin Uncensored that Lightning Network was still untested and could take a long time to get off the ground. At the time, he was right. But this morning CCN can report that a successful test, using Bitcoin testnet coins, has been conducted by developers at Blockstream. In the test, the developers used an ASCII cat picture as a demo product. The developer below can be seen manipulating a combination of bitcoind and lightningd, the Bitcoin daemon and Lightning....
Blockstream engineer Rusty Russell has publicly stated his support for SegWit via a user-activated soft fork (UASF), saying the current scaling impasse is “his fault.” In a Medium post published Saturday, the Bitcoin Core contributor said he had not foreseen miner reactions while developing BIP-8. “I chose the state machine to timeout activation after one year,” he wrote. “I figured it was a useful checkpoint in case an updated proposal had a flaw, or (more likely!) someone came up with a far better idea. This way, miners could kill it without forcing everyone to upgrade. […] I hadn’t....