12/23/2023 0 Comments Electrum lightning![]() Read more: Bitcoin Lightning Fraud? Laolu Is Building a ‘Watchtower’ to Fight It In addition to support for Lightning payments, Electrum 4.0.2 now supports a number of other innovations with this new release that could make using Lightning more secure and less bumpy for users.įor one, Electrum has implemented its own Lightning watchtower, an important component of the Lightning Network, which scans the Bitcoin blockchain in order to detect and prevent fraud. ![]() Related: Listen: What a Bitcoin Researcher Says About Lightning ![]() That’s one reason the release took so long. In order to support Lightning transactions, the developers actually wrote an entirely new implementation of the Lightning protocol “from scratch,” SomberNight said, instead of using a popular implementation, such as Lightning Labs’ LND or Blockstream’s c-lightning. Read more: What is Bitcoin’s Lightning Network? It also allows fast, cheap and more private payments,” pseudonymous Electrum developer SomberNight told CoinDesk in an email. Lightning is quite complicated and not without its issues but ultimately it is the most promising currently known way of scaling Bitcoin. “ decided to adopt Lightning because we see it as the way forward for Bitcoin. Electrum founder Thomas Voegtlin first told CoinDesk last summer that Lightning would make it into the next release. Only in the event of non-cooperation is the court involved – but with the blockchain, the result is deterministic.Lightning support in Electrum is a long time coming. By making the transactions and scripts parsable, the smart-contract can be enforced on-blockchain. This is similar to how one makes many legal contracts with others, but one does not go to court every time a contract is made. Transactions can be made off-chain with confidence of on-blockchain enforceability. As a result, it is possible to conduct transactions off-blockchain without limitations. The nodes along the path are not trusted, as the payment is enforced using a script which enforces the atomicity (either the entire payment succeeds or fails) via decrementing time-locks.īlockchain as Arbiter. By creating a network of these two-party ledger entries, it is possible to find a path across the network similar to routing packets on the internet. This entry can be closed out at any time by either party without any trust or custodianship by broadcasting the most recent version to the blockchain. Only the most recent version is valid, which is enforced by blockchain-parsable smart-contract scripting. They can update their individual allocations for the ledger entry by creating many transactions spending from the current ledger entry output. ![]() Both parties create transactions which refund the ledger entry to their individual allocation, but do not broadcast them to the blockchain. Two participants create a ledger entry on the blockchain which requires both participants to sign off on any spending of funds. By using real Bitcoin/blockchain transactions and using its native smart-contract scripting language, it is possible to create a secure network of participants which are able to transact at high volume and high speed.īidirectional Payment Channels. The Lightning Network is dependent upon the underlying technology of the blockchain. Lightning is a decentralized network using smart contract functionality in the blockchain to enable instant payments across a network of participants.
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