Is Lightning Network’s ‘Justice’ stern enough for thefts that occur on Bitcoin’s 2nd layer solution?

Lightning Network, is so far, the best second layer solution that Bitcoin has witnessed in a very long time. BitMEX Research’s third article on LN dives deep into the punishment system for premature and non-informed closure of nodes. As seen in the image below, there are four ways a Lightning Network node will face closure. […]
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Source: AMB Crypto

Max’s Corner: Seeing through the “Blockchain not Bitcoin” Meme

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Max’s Corner: Seeing through the “Blockchain not Bitcoin” Meme
In this edition of Max’s Corner Max responds to an op-ed that criticizes hypocritical and illogical corporate attitudes towards cryptocurrency.
Max’s Corner: Seeing through the “Blockchain not Bitcoin” Meme

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Source: CoinSpeaker

Bitcoin [BTC] Lightning Network (LN) Mobile App Released for User Testing

Lightning Labs, the Research organization working on the development and design of payment channels using Lightning (LN) on Bitcoin [BTC] announced the release of Mobile App. Lightning App is now available on Bitcoin mainnet in alpha for iOS (on Testflight) and Android (on Google Play).
It has developed a fully non-custodial wallet that will open Lightning Channels as soon as the wallets are funded with Bitcoins [BTC]. The core technology adoption of Auto-pilot made it possible. The LN Wallet is available on desktop as well.
Furthermore, the first core technology is implemented through Neutrino. It is a light client specification that allows non-custodial Lightning wallets to verify Bitcoin transactions. Instead, app users only need to download and verify tens of megabytes worth of filter and block headers in a matter of minutes.’
It is slightly difficult for non-technical people in the space to understand the working. Moreover, the alpha release of the App also comes with a warning. They have asked the users to use it mainly for test purposes now; only $5-$20 have been advised in the early stages. The developers have certain UI changes and protocol updates to implement on the App.
Nevertheless, the App will provide first-hand user experience of using Bitcoin [BTC] powered by the Lightning Network (LN). After the wallets are funded, channels would open up with entities already accepting LN payments. Soon, there will be millions of users and the design of the Lightning Network [LN] would interlink the entire set of channels together.
Hence, while it is a small beginning and would not involve a large number of users in the test phase. We can expect a full-scale operation of Lightning soon.
Do you think that Lightning Network (LN) will drive Bitcoin adoption? Please share your views with us.  
The post Bitcoin [BTC] Lightning Network (LN) Mobile App Released for User Testing appeared first on Coingape.
Source: CoinGape

Tether [USDT] Stablecoin to Launch on EOS Blockchain Protocol

The world’s largest stablecoin by market valuation, Tether (USDT) is launching on EOS blockchain, Bitfinex CTO Paolo Adoino says. This is to supplement eosfinex, a decentralized cryptocurrency exchange built on the EOS protocol, Adoino said.
Tether-EOS and other partnerships
Tether is currently operating on Omni, Ethereum and Tron and while the stablecoin is doing well on these platforms, Adoino says the launch on EOS is necessary, citing the highly awaited launch of eosfinex as the reason.
“One of the main reasons is that we need it for eosfinex. Since it is a on chain exchange we need Tether EOS to offer EOS/USDt and crypto-to-stablecoin pairs on it. EOSFinex is one of the most awaited projects in the EOS community but we thought it would be good to start giving everyone the ability to build on Tether-EOS even before EOSFinex launch,” he said.
He further mentioned that the company is already in talks with Blockstream to launch Tether on Liquid by year end and also launch it on Lightning Network at the same time. Launching on several blockchains according to Ardoino is crucial in making stablecoins successful.
Also Read: Bitfinex Vs. New York AG Case: $850 Million Lost? Here are the Facts and Updates
Bitfinex’s choice of EOS couldn’t have come at a better time as EOS has been doing pretty well on the market and just got listed on Coinbase.com yesterday, making it available for use by Coinbase customers worldwide except for UK and State of New York residents.
Bitfinex has many plans
Despite the ongoing case against Bitfinex and Tether, the two seem to be forging ahead regardless. Bitfinex, in particular, has so far launched its IEO platform Tokinex, and followed it up with its first IEO for “smart commodity-money” digital asset Ampleforth (AMPL). With the plans to launch eosfinex, a decentralized crypto asset exchange, the company may be earning a place in the cryptocurrency space as a major player which it really needs after all the controversies surrounding its activities.
The post Tether [USDT] Stablecoin to Launch on EOS Blockchain Protocol appeared first on Coingape.
Source: CoinGape

Bitrefill Opens First 1 BTC Public Channel on Bitcoin Lightning Network

Bitrefill has announced the first-ever public Lightning Network Channel to carry 1 BTC ($8,700). The channel was opened in collaboration with Bitcoin technology company Acinq and their eclair implementation. The new channel breaks the record of the 0.16777216 BTC channel limit and transactions are already running on the channel.
First 1 BTC lightning Network channel
Lightning Network
The Lightning Network is a layer 2 protocol for Bitcoin transactions that are meant to reduce the traffic of on-chain transactions and bring scalability to the Bitcoin network. The network has grown significantly, particularly after the “Lightning Torch” exercise earlier this year. It was however reported that the network capacity reduced 4% in just one month. The news on Bitrefill is a relief after the capacity decline development.
Also Read: Trader Who Predicted the 2008 Recession Labels Bitcoin [BTC] as a Huge Opportunity
Bitrefill customers to enjoy higher limits
Discovering that it is possible to exceed the stated limit, Bitrefill intends to explore it to give its customers better shopping experience by increasing their limits on channels. This is expected to bring more liquidity to other aspects of the network as well as their Thor products. Speaking on the partnership with Acinq, Bitrefill said:
“It was awesome working with ACINQ on this and we really appreciate all of their work to make this possible with us! We are strong believers that the Lightning Network is a big part of Bitcoin’s future and are happy to have people that are willing to be #reckless with us!”
If the capacity continues to increase, the dream of BTC becoming more scalable may just become a reality in the near future.
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Source: CoinGape

Bitcoin Mass Adoption is ‘Inevitable’ as Square Moves Closer to Its Crypto Project Launch

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Bitcoin Mass Adoption is ‘Inevitable’ as Square Moves Closer to Its Crypto Project Launch
Square said they plan to “improve money” through their Bitcoin and crypto development, while Square Crypto is poised to hire its first dedicated employee, with many cryptocurrency investors hoping Square will lead a wave of fresh bitcoin adoption.
Bitcoin Mass Adoption is ‘Inevitable’ as Square Moves Closer to Its Crypto Project Launch

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Source: CoinSpeaker

Bitcoin’s Lightning Network loses spark as network stats start to slouch

Bitcoin’s Lightning Network designed to free up Bitcoin’s on-chain congestion and improve its scalability seems to have lost its mojo as the network capacity, among others, have started declining for over a month.
The network capacity for Lightning Network, at press time, was 1020 BTC, which is worth $8.1 million. Over the course of a month, this has decreased by approximately 4%.
Source: 1ML
A similar trend of decline can be observed in the number of active channels on the network. It decreased by 5.4% over the month and was at approximately 36,592 channels, at press time. The number of new nodes in the last 24 hours has also declined by 15% and the current number of new nodes were at 17.
However, the number of active channels at press time increased by 1.35% in the last month and was currently at 4294 active channels. The fall in the activity of Lightning Network is noteworthy because the last few weeks have been rough as the on-chain fees for Bitcoin has reached somewhere between $3 and $4. Moreover, the number of unconfirmed transaction has been increasing simultaneously, increasing the mempool size of Bitcoin.
One can only imagine what would happen if the bull run actually begins and the price of Bitcoin skyrockets leading to similar, if not worse, situations as it did during December 2017.
A Reddit user Henry Cashlitt, commented:
“People don’t want to use LN when tx fees are high because it costs too much to open a channel. People don’t want to use LN when tx fees are low because then they can just send transactions cheaply directly on-chain.”
The post Bitcoin’s Lightning Network loses spark as network stats start to slouch appeared first on AMBCrypto.
Source: AMB Crypto

Will eBay Finally Accept Cryptocurrencies Or It’s Just a Clever PR

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Will eBay Finally Accept Cryptocurrencies Or It’s Just a Clever PR
eBay, the US-based e-commerce behemoth, is rumored to make a foray into crypto after its Consensus ads recently leaked online. If eBay does open arms for crypto payments, it could be a boon for adoption.
Will eBay Finally Accept Cryptocurrencies Or It’s Just a Clever PR

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Source: CoinSpeaker

Bitcoin [BTC]: Andreas Antonopoulos elucidates the differences between the Lightning network model, BTC model

Andreas Antonopoulos, the author of Mastering Bitcoin and a famous Bitcoin [BTC] bull has been a prevalent figure in the cryptocurrency space due to his efforts to propagate the advantages of the world’s largest cryptocurrency.
In a recent video, Antonopoulos explained the differences between the famous Lightning Network [LN] and the mainstream UTXO model. He was asked whether the two networks were the same and if they run on the same blockchain model. The Bitcoin bull stated that the LN is not a blockchain, but is rather a routable network of smart contracts exchanged between parties. In his words:
“In case of the lightning network, the smart contracts are basically signed BTC transactions or LTC transactions. Participants in the network exchange signed BC transaction and one important thing to note is that the transactions do not occur on the Bitcoin blockchain. The LN is different from the BTC blockchain as it is a layer on top of the BTC blockchain and other blockchains.”
He elucidated on the benefits by stating that the LN provides a way to quickly exchange values which are confirmed instantly. According to Antonopolous, small amounts can be sent on the LN very quickly as the scalability is available to a much larger degree, while at the same time using the underlying security of the BTC blockchain.
The author went on to explain the ways in which users can participate in the Lightning Network practically and easily. He said:
“Actually there are a number of ways that users can participate and it does not always involve a node creation step. The best way is obviously creating a node but that might be technically difficult for some users as they have to run a full BTC node and then run the LN on top of it. Maybe in the future, there will be a lightweight blockchain that will be easier to run but then again that will take time.”
Antonopoulos suggested an easier method of running desktop wallets like Zap that includes the functionality of a full node, but also warned users that running such desktops wallets would consume a lot of space on the user’s hard disk; somewhere in the range of 150 GB to 250 GB.
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Source: AMB Crypto

Rap Icon to Accept Bitcoin Lightning Payments at Online Store

The 18-year-old rap musician Lil’ Pump has announced that his online store will accept payments for products via the Lightning Network. Fans of the artist will be able to spend Bitcoin on merchandise from Lil’ Pump’s fashion line, “Unhappy” using the innovative micropayment solution.
Although such acceptance stories do not directly translate into increased Bitcoin adoption, it is worth noting that the Miami-born rapper does boast 1.24 million followers on Twitter. Likely many of these will be already familiar with Bitcoin. However, seeing it, and particularly the newer Lightning Network, offered as a payment method by an individual who they presumably admire will certainly help to cement crypto even more firmly into the public psyche.
Lil’ Pump to Welcome Bitcoin Lightning Payments
Bitcoin’s Lightning Network is having a great 2019 so far. The micropayment scaling solution intended to reduce the number of transactions occurring on the main Bitcoin blockchain has been lauded by the likes of Twitter and Square’s Jack Dorsey, as well as having a host of high-profile celebrities demonstrate the network’s capabilities by sending and receiving payments as part of the so-called Lightning Torch. Notable personalities involved included Dorsey himself, Elon Musk, and even Miss Universe.
We are now starting to see real businesses embrace the technology. The latest to do so is Miami-based mumble rap icon, Lil’ Pump. He will allow fans to pay for a range of t-shirts and hoodies from his clothing brand, Unhappy, using Bitcoin’s Lightning Network. The news broke via a website which monitors businesses that accept the second-layer Bitcoin scaling solution called LightningNetworkStores:

New venue https://t.co/ifTSuQCDot Lil Pump (@lilpump) official merchandising storehttps://t.co/m9ID3qvPr0#LN #btc #lightning #bitcoin #bitcoinLNS #LightningNetwork pic.twitter.com/mIHI0fNHYE
— LightningNetworkStores (@bitcoinLNS) April 24, 2019

The rapper’s clothing website is the latest addition to a growing list of companies that will accept Bitcoin on Lightning Network. Many of the others listed so far are for online betting or gambling platforms, web services such as hosting, creative freelancers, and adult products/videos.
A browse down the complete list of those accepting Bitcoin Lightning payments shows that no major names from conventional industries have opened up to the relatively new payment method yet. Perhaps the most well-known business accepting Lightning payments prior to Lil’ Pump’s announcement was live webcam model site LiveJasmin.
However, the fact that the rapper’s 1.24 million followers (who are not necessarily into crypto or even technology) have been exposed to the Lightning Network is yet another hugely positive development for the nascent tech in 2019. It seems only a matter of time before even bigger names from more traditional industries will follow suit.
Rap Musicians Quick to Embrace Crypto
This is hardly the first time a rap music icon has showed interest in cryptocurrency. Being as two of the genre’s dominant themes are money and a disdain for centralised figures of authority, it is hardly surprising that musical form has been so keen to embrace Bitcoin and other crypto assets.
NewsBTC has previously reported on the likes of Eminem and Soulja Boy incorporating the world’s number one digital currency by market capitalisation into their music. The former’s latest album Kamikaze featured a tune called “Not Alike”, which is a collaboration with Royce Da 5’9′. The track contains the lines:
“Remember everybody used to bite Nickel, now everybody doing bitcoin.”
More brazen entirely was the track by Soulja Boy that was simply titled “Bitcoin”, which appeared on the rapper’s latest full-length album, Young Drako. The piece is hardly the critique of central banking you might hope for, however, and mostly focuses around the potential financial gains possible by investing in highly speculative digital assets.
 
Related Reading: Meet CoinDaddy: Mink Suit Wearing “Bitcoin Rapper” and Cryptocurrency Enthusiast
Featured Image from Shutterstock.
 
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Source: New feedNewsBTC.com

Lightning Labs Completes Its Major Milestone Rolling Out Desktop App on Bitcoin Blockchain

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Lightning Labs Completes Its Major Milestone Rolling Out Desktop App on Bitcoin Blockchain
Currently, Lightning Labs’ new desktop app, allowing for easy Bitcoin transactions, works on MacOS, Windows, and Linux devices, with applications for mobile devices already being planned. 
Lightning Labs Completes Its Major Milestone Rolling Out Desktop App on Bitcoin Blockchain

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Source: CoinSpeaker

Is Bitcoin’s Expensive Onchain Transaction Concern for Lightning Network?

On April 23, a researcher and writer in the field of decentralized technology and economies, Noam Levenson shed some light on the actual nature of the Lightning Network (LN) on the Subreddit called r/BTC. Here, a note-worthy observation by the researcher was the trouble that the high-cost onchain BTC transactions could attract the users.
He first stated the challenges forming in regards to the Lightning Network, such as difficulty in maintaining a network map. According to Levenson, a topology is required to route transactions. Here, he added:
“Problems with this are both the eventual enormous size of the topology and the number of messages that would need to be sent in order to determine the topology.”
The techie also introduced solutions to the above conundrum, mentioning that the network could either be utilized for microtransactions or the users would have to rely on centralized hubs to maintain the network.
Also Read: Crypto Investment Rises in South Korea as the Middle Age Population Doubles its Exposure Taking It to USD 6100
In case of relying on centralized hubs, he raised the issue of high cost on onchain transactions for Bitcoin, which might give the hubs more power over individuals. He also mentioned:
“This is especially relevant to any transactions that fall under the “dust” level of BTC (i.e. the cost of onchain transactions). If a transaction falls under this metric, time lock hashes cannot be used and the transaction ceases to be trustless.”
As a result, users could lose a lot of money on onchain transactions in the form of dust. Furthermore, they would not be able to switch to another hub if the one being used turns out to be untrustworthy. In addition to this, Levenson propagated that this is particularly because executing an onchain transaction to open a new channel with a different hub could be very expensive.
However, his main intent was not to criticize the Lightning Network but to fetch several distinct opinions of experts on the subject. While he presented many other concerns for the technology, he also marked his purpose at the beginning of the post, saying:
“Currently, I’ve read everything I could on the LN, including criticisms and responses to those criticisms and so on. Before I publish my article, I want to post my conclusions here for anyone to present any counter-arguments. Please do so.”
The post Is Bitcoin’s Expensive Onchain Transaction Concern for Lightning Network? appeared first on Coingape.
Source: CoinGape

World’s First Lightning Network (LN) based Decentralized Bitcoin Exchange, ‘Sparkswap’ Goes Live With Beta Version

Sparkswap, the world’s first Lightning Network (LN) based Decentralized Exchange (DEX) went live with its beta version on Monday, 8th April 2019.
SparkSwap is an ambitious Cryptocurrency Exchange that is both decentralized and also world’s first Exchange built on the Lightning Network (LN). The private keys of the Sparkswap Exchange Wallets are held with the users itself providing protection from exchange related issues.
Terry Griffith, Sparkswap Founder announced that
Sparkswap, the first cryptocurrency exchange built on Lightning Network Atomic Swaps is live for trading on MainNet in its Public Beta.
Nevertheless, trading will be limited during the beta launch, and only BTC/LTC trading pair will be active as the developers perform would need the incubation time to assess the real-time operations.
Exchange of the Future
Lightning Network Atomic Swaps is the core technology upon which the Exchange operates. The Lightning Network (LN) on Bitcoin (BTC) will be used to facilitate the cross-blockchain swaps and transactions along with Sparkswap’s DEX software. Together they are both fast and reliable.
“At no point can either Sparkswap or your counterparty deprive you of your assets — the trades either complete or they do not,” Sparkswap Founder Trey Griffith told Bitcoin Magazine. “We are also a venue for trading, not an over-the-counter service like ShapeShift, so users are trading with each other.”
Griffith also noted that:
“Our focus is on making cryptocurrency trading fast enough for professional users without sacrificing Bitcoin support and self-custody,”
Snapshot of the Sparkswap Exchange
However, the user interface of the exchange resembles the DOS window currently, which might cause a hindrance in its mainstream adoption.
The platform was initiated sixteen months ago, soon after the Lightning Network development started on Bitcoin (BTC). The Exchange also stands as a testimony of the development of the Lightning Network (LN). While the founder agreed that ‘Lightning Network is not a finished product’ yet, but even now it offers a plethora of applications like cross-chain swaps.

One more step on our way to building infrastructure for the future of the financial system. https://t.co/wMGWZTDfUp
— Trey Griffith (@tgriff3) April 8, 2019

Moreover, the Startup also raised $3.5 million in the initial seed round from Initialized Capital, Pantera Capital, Foundation Capital, and Y Combinator. Pantera Capital is an investment firm and hedge fund operating exclusively on Bitcoin, other digital currencies and companies in the space.
Do you think that the exchange will gain mainstream soon like the Binance Exchange? Please share your views with us.
The post World’s First Lightning Network (LN) based Decentralized Bitcoin Exchange, ‘Sparkswap’ Goes Live With Beta Version appeared first on Coingape.
Source: CoinGape

Bitcoin’s Lightning Network: Users can lose all their money through no fault of their own, says Peter R Rizun

Peter R Rizun, the Chief Scientist of Bitcoin Unlimited, was previously in the headlines following his comments about the Lightning Network, the second-layer protocol proposed to solve Bitcoin’s scalability problem. The Chief Scientist is in the news again after he claimed that a Lightning Network user can lose all his money, without doing anything wrong.
Lighting Network, the second-layer solution, allows users to make off-chain payments, thereby ensuring faster and cheaper Bitcoin transactions. The Lightning Network is dependent on the underlying technology i.e. the Bitcoin blockchain, and was mainly created to serve the needs of small transactions. It enables users to make payments without having to record them on the blockchain, until it is settled. Moreover, the Lighting Network can act as multi-currency routing network in the future.
Peter R Rizun had this to say about the LN on Twitter,
“A Lightning user can lose all of their money through no fault of their own, in an environment with high and volatile L1 fees. BTC’s block size limit ensures high and volatile fees whenever demand for block space spikes.”
To this, Emin Gur Sirer, a Professor at Cornell University, said,
“Satoshi did not design for blocks that are mostly full, and the devs who came afterwards have not been able to design a fee mechanism that leads to stable and predictable fees.”
Further, Jungans, a Redditor, questioned whether this was not the same for on-chain funds scattered across several UTXOs. Peter Rizun clarified that the two were different cases. He said,
Source: Reddit
The Lightning Network was in the crypto-space’s limelight recently after it crossed around $5 million per channel capacity, with the reason speculated to be the Bitcoin bull run. Further, the Lightning Network gained support from one of the leading cryptocurrency exchanges Zebpay, after it announced Lightning payments in around 131 countries.
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Source: AMB Crypto

Bitcoin [BTC] Lightning Network achieves $5 million capacity on the back of the bull run

Bitcoin [BTC] Lightning Network reached a milestone, after recording an impressive $5 million in capacity, on the back of the bull run in the cryptocurrency market.
According to data released by 1ml.com, the network capacity of the Lightning Network, at press time, was listed to be 1,068.17 BTC, around $45.3 million. This is an all-time high for the 2nd-layer payment protocol.
When compared to last month, Bitcoin’s transaction capacity increased by over 50 percent. The number of active channels recorded was 39,124. The number of channels surged by 22.36 percent over the past 30 days.
The capacity per channel, at press time, remained at an average of $128 and was indicated by the violet line. However, as the blue line indicated, the capacity per channel achieved higher efficiency, raising the average to around $425.
Source: Bitcoin Visuals
The progress of the Lightning Network was highlighted by the development of Lightning Loop, a non-custodial service that made it easier for people to receive funds, last month. The objective of the loop was to simplify the process of the transaction over the 2nd layer payment protocol.
Another advocate for the increased popularity of Lightning Network has been the Lightning Torch experiment. The experiment continued into its third month, involving more and more well-known personalities from inside and outside the cryptocurrency sphere.
At press time, Henry Brade had the Lightning Torch, after he received it from @CryptoRafe, a Bitcoin enthusiast on Twitter.
Source: Twitter
Other famous personalities to be involved in the experiment were Tron’s Justin Sun, Binance’s Changpeng Zhao and Twitter CEO Jack Dorsey.
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Source: AMB Crypto