Thursday, April 8, 2021
Vts-Block
No Result
View All Result
  • Home
  • Blockchain
  • Cryptocurrency
  • Bitcoin
  • Crypto vs Bitcoin
  • Dogecoin
  • Litecoin
  • Ethereum
  • Ripple
  • ICO
  • BTC
  • Home
  • Blockchain
  • Cryptocurrency
  • Bitcoin
  • Crypto vs Bitcoin
  • Dogecoin
  • Litecoin
  • Ethereum
  • Ripple
  • ICO
  • BTC
No Result
View All Result
Vts-Block
No Result
View All Result
Home Crypto vs Bitcoin

Lightning Network Exploits Continue to Hinder the Bitcoin Scaling Solution

by admin
November 1, 2020
in Crypto vs Bitcoin
0
Lightning Network Exploits Continue to Hinder the Bitcoin Scaling Solution
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter


Lightning Network Exploits Continue to Hinder the Bitcoin Scaling Solution

Whereas bitcoin has run-up to all new worth highs in 2020, a large number of crypto supporters have been complaining concerning the mempool backlog and the excessive charges wanted to ship a transaction. In the meantime, the Lightning Community is much from seeing widespread adoption, and quite a lot of assault vectors have been revealed this yr.

On the time of publication, the Bitcoin (BTC) mempool (backlog of transactions) reveals 113,000+ unconfirmed transactions and the backlog hasn’t been this excessive since 2017. When the bull run came about three years in the past, transaction charges and unconfirmed transactions shot by means of the roof. At the moment, in line with bitcoinfees.cash information on October 31, the subsequent BTC block charge is $10.77 and the present median charge is $6.43.

Even with the excessive charges and the mempool clog, the better bitcoin neighborhood continues to be transacting principally onchain. The Layer 2 protocol constructed on high of Bitcoin referred to as the Lightning Community (LN) was imagined to ease the issues, and it was assumed individuals would shift to the LN resolution. Nonetheless, this by no means got here to fruition, because the LN software program has been thought of too difficult for the typical person, many apps are custodial, and there have been quite a few vulnerabilities disclosed this yr.

Despite the fact that the LN total-value-locked (TVL) in 2020 has been at an all-time excessive ($14.3M), it hasn’t come near the over $2 billion worth of bitcoin (BTC) held on Ethereum. The assault vectors have additionally been making crypto advocates leery of the Layer 2 protocol, as there’s been quite a lot of vulnerabilities disclosed. For example, Joost Jager, an unbiased Bitcoin and Lightning Community engineer tweeted about one on Sept. 22.

“Lightning is nice, however can’t say it’s battle-tested,” said Jager. “If script youngsters would have an interest, they might take down these shiny new 5 BTC wumbo channels with negligible value and no effort in any respect.” The truth that any script kiddie might leverage the ‘griefing assault’ to take down these 5 BTC channels, with little or no effort, is kind of discouraging.

The Bitcoin (BTC) mempool (backlog of transactions) reveals 113,000+ unconfirmed transactions on October 31, 2020.

Furthermore, the researchers Jona Harris and Aviv Zohar not too long ago printed a paper referred to as: “Flood & Loot: A Systemic Attack On The Lightning Network,” which is analogous to the griefing assault.

“One of many dangers that had been recognized early on is that of a large systemic assault on the protocol, wherein an attacker triggers the closure of many Lightning channels directly,” explains the paper’s authors. “The ensuing excessive quantity of transactions within the blockchain won’t enable for the correct settlement of all money owed, and attackers could get away with stealing some funds. This paper explores the main points of such an assault and evaluates its value and general impression on Bitcoin and the Lightning Community.”

Moreover, on June 2, 2020, Antoine Riard and Gleb Naumenko published a paper on one other Lightning Community vulnerability referred to as the “time-dilation assault.” One scary indisputable fact that Naumenko and Riard disclose concerning the time-dilation assault, is that it’s “presently attainable to steal the entire channel capability by protecting a node eclipsed for as little as 2 hours.”

Not too lengthy after that subject, Antoine Riard not too long ago mentioned one other inclined exploit referred to as the “Pinning Attack.” Riard notes that to the perfect of his information, “presently deployed LN friends aren’t safe towards [certain Pinning Attack] eventualities.” One specific state of affairs “requires heavy, long-term work on the base layer,” Riard confused.

The Lightning Community has been round for fairly a while, however these vulnerabilities and exploits mixed with how unfriendly the person expertise is, it exhausting to think about the second layer resolution catching on.

After all, among the exploits are extra expensive than different assaults, and engineers are engaged on options to repair these points. Nonetheless, many Lightning Community skeptics don’t imagine the LN protocol will ever be prepared, as one particular person famous on Twitter:

Even when that had been successful (by 2051, with one-third of the patrons already useless of outdated age) Lightning Community would STILL be weak to Flood and Loot assault, and trivial DDOS on the protocol stage. Lightning Community isn’t any resolution in any way.

What do you concentrate on the Lightning Community vulnerabilities disclosed this yr? Do you assume it’s an excellent scaling resolution? Tell us what you assume within the feedback part under.

Tags on this story
Antoine Riard, Attacks, BCH, Bitcoin, Bitcoin (BTC), bitcoin cash, Bitcoinfees.cash, BTC, BUSD, crypto payments, Cryptocurrency, Digital Assets, ETH, Exploits, Gleb Naumenko, high fees, Joost Jager, Layer 2 Protocol, lightning network, Lightning Network solution, ln, Mempool, Payments, The LN, transactions, vulnerabilities

Picture Credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This text is for informational functions solely. It isn’t a direct provide or solicitation of a suggestion to purchase or promote, or a advice or endorsement of any merchandise, companies, or corporations. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the creator is accountable, immediately or not directly, for any harm or loss precipitated or alleged to be attributable to or in reference to using or reliance on any content material, items or companies talked about on this article.





Source link

  • Trending
  • Comments
  • Latest
FXT Plans to Build Binance Smart Chain Powered Ecosystem: Suggests Social Media Posts | News

FXT Plans to Build Binance Smart Chain Powered Ecosystem: Suggests Social Media Posts | News

March 19, 2021
Christie’s to auction Beeple NFT art and will accept ether as payment

Christie’s to auction Beeple NFT art and will accept ether as payment

February 19, 2021
Everything you need to know about Crypto Trading

Everything you need to know about Crypto Trading

October 19, 2020
(GBTC) – Silicon Valley Payments Company Ripple’s Cryptocurrency XRP Up 133% In A Week

(GBTC) – Silicon Valley Payments Company Ripple’s Cryptocurrency XRP Up 133% In A Week

November 24, 2020
4 Types of Earned Media & Who Is Doing It Right

4 Types of Earned Media & Who Is Doing It Right

0
Making a case for Bitcoin’s survival in the greater market

Making a case for Bitcoin’s survival in the greater market

0
XRP and blockchain adoption will explode in the next months

XRP and blockchain adoption will explode in the next months

0
Cybersecurity and Cryptocurrency Prodigy Helping Institutions With Eradication of Ransomware

Cybersecurity and Cryptocurrency Prodigy Helping Institutions With Eradication of Ransomware

0
4 Types of Earned Media & Who Is Doing It Right

4 Types of Earned Media & Who Is Doing It Right

April 8, 2021
U.S. Regulators Assert Broad Jurisdiction Over Offshore Cryptocurrency Trading Platforms – Finance and Banking

Jones Day Global Privacy & Cybersecurity Update | Vol. 27 – Technology

April 8, 2021
Litecoin, Aave, Dash Price Analysis: 08 April

Litecoin, Aave, Dash Price Analysis: 08 April

April 8, 2021
Binance Coin, Dogecoin, Maker: What’s in store for the week ahead

Binance Coin, Dogecoin, Maker: What’s in store for the week ahead

April 8, 2021

Recent News

4 Types of Earned Media & Who Is Doing It Right

4 Types of Earned Media & Who Is Doing It Right

April 8, 2021
U.S. Regulators Assert Broad Jurisdiction Over Offshore Cryptocurrency Trading Platforms – Finance and Banking

Jones Day Global Privacy & Cybersecurity Update | Vol. 27 – Technology

April 8, 2021

Live Price

Name Price24H (%)
bitcoin
Bitcoin (BTC)
$57,529.00
1.43%
ethereum
Ethereum (ETH)
$2,035.60
1.77%
Binance Coin
Binance Coin (BNB)
$411.35
7.46%
ripple
XRP (XRP)
$0.96
0.22%
tether
Tether (USDT)
$1.00
0.12%
Polkadot
Polkadot (DOT)
$40.41
0.56%
cardano
Cardano (ADA)
$1.21
0.97%
Uniswap
Uniswap (UNI)
$29.67
2.30%
litecoin
Litecoin (LTC)
$223.90
-0.04%
JasmyCoin
JasmyCoin (JASMY)
$2.08
-2.13%
  • Home
  • About Us
  • Contact Us
  • Privacy & Policy

© 2020 Vts-Block

No Result
View All Result
  • Home
  • Blockchain
  • Cryptocurrency
  • Bitcoin
  • Crypto vs Bitcoin
  • Dogecoin
  • Litecoin
  • Ethereum
  • Ripple
  • ICO
  • BTC

© 2020 Vts-Block