Lightning Network Exploits Continue to Hinder the Bitcoin Scaling Solution
While bitcoin has run-up to all new price highs in 2020, a great number of crypto supporters have been complaining about the mempool backlog and the high fees needed to send a transaction. Meanwhile, the Lightning Network is far from seeing widespread adoption, and a number of attack vectors have been revealed this year. At the time of publication, the Bitcoin (BTC) mempool (backlog of transactions) shows 113,000+ unconfirmed transactions and the backlog hasn’t been this high since 2017. When the bull run took place three years ago, transaction fees and unconfirmed transactions shot....
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For the vast majority of Bitcoin Core contributors, the Lightning Network is viewed as the best option for scaling Bitcoin to many millions of new users. But the system has not yet been implemented on the Bitcoin blockchain, which has left many to wonder whether it is wise to put so much hope and reliance behind an untested solution. At a recent event at the Coinbase offices in San Francisco, Lightning Network creators Joseph Poon and Tadge Dryja gave a presentation on their design for scaling Bitcoin via a generalized network for payment channels. During their talk, Dryja and Poon....
Lightning has seen major growth as Bitcoin’s medium of exchange scaling solution, but is still in its infancy stage as companies build on top of the protocol.
The Lightning Network is a design improvement for Bitcoin that could allow users to make micropayments in a decentralized manner and help the entire network scale more efficiently over time. While this proposal has received a large amount of attention in the Bitcoin community, there is another, similar option currently in development by C. J. Plooy. Plooy recently gave a presentation on his alternative implementation, Amiko Pay, at Scaling Bitcoin Montreal. During his talk, Plooy noted:"If you look at the basic design of the Lightning Network -- a network of payment channels. This is....
Bitcoin’s layer 2 scaling solution, the Lightning Network, has seen payment volume increase by over 400% as real adoption grows. A new report highlights how the Lightning Network has grown in popularity as a way of transferring digital assets quickly and efficiently around the globe. CNBC today told the story of Alena Vorobiova, a Ukrainian refugee currently seeking sanctuary in Poland. Vorobiova used Lightning to transfer $100 worth of Bitcoin from Miami, where it was then withdrawn from an ATM in the equivalent Polish currency — all within the space of three minutes. That’s the sort of....
Bitcoin has seen a surge in its main use case via the second layer payment solution Lightning Network. On the rise since the start of 2021, this application could silence its detractors as it gains more adoption in the coming months. Related Reading | 4 Reasons Why The Bitcoin Lightning Network Will Continue To Grow A […]