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A second-layer solution for blockchain scaling via payment channels.

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🛑BEARISH SIGNAL FOR BITCOIN EMERGING!!!🛑 What's wrong in Crypto right now...?!?

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Latest Lightning Network Release Pushes Security for Funds

The Lightning Network (LN) has announced the release of its lnd v0.8.0-beta to include more safety features, improved routing, and more complete support for lnd-based apps and wallets targeted at mobile devices. Coming ahead of the Lightning Conference in Berlin later this weekend, it did not come as a surprise that the addition of security features is the major improvement to the protocol in this newest version. Rather, it shows that the release would form a part of the talking points at the annual gathering especially as the issue of safety with using the layer 2 protocol has been topical in the crypto space of late. Last month, just as a pair of researchers released the results of a formal verification of LN, a vulnerability affecting many major implementations was fully disclosed after a partial disclosure on August 30th (CVE-2019-12998, CVE-2019-12999, and CVE-2019-13000). I just published Announcing Olympus: Lightning-enabled fiat ramps by Zap What if you could go from fiat in your bank account to non-custodial Lightning payments in seconds? What does onboarding the masses look like? Are you ready? ️🤩https://t.co/uTl5CdcWWU pic.twitter.com/mW1ep8X5FI — Jack Mallers (@JackMallers) September 19, 2019 This goes with the view that as it grows over 35,000 channels and more payment systems being built on it – including Zap, the second-layer payments-focused protocol for Bitcoin is still generally considered new and bugs that could lead to loss of user funds are still being discovered. Hence some of the security features that are added by the latest version. Top among them is the introduction of the “SAFU Commitment” feature which will make successful recovery with a Static Channel Backup (SCB) no longer dependent on a channel counterparty being online and willing to provide the latest commitPoint necessary to claim funds. “Thus, funds recovery with SAFU Commitments should be simpler and more reliable, as the only requirement is for the channel counterparty to force close the channel (eventually or upon request),” Lightning Labs says in a release. It adds that SAFU commitments are only used for new channels created between parties supporting it. LND 0.8 will have a new feature which allows you to interactively reject incoming channel requests. You can make up whatever criteria you want For example instead of having a min channel size, you could require new channels either pass a min channel size or a minimum push amount — Alex Bosworth ☇ (@alexbosworth) September 29, 2019 lnd v0.8.0-beta also has the Per-HTLC Invoice Tracking to allow payment recipients to see additional detail and see correct balances when multiple HTLCs are paid to a single invoice. This is unlike before when multiple payments to an invoice could cause incorrect values to be displayed in LookupInvoice and ListInvoices, and duplicate payments not tracked. As a result,  payments being accepted even after expiration would be fixed as well as payments accepted above or below the quoted price. Other safety improvements introduced include “reproducible builds” which make it possible to verify the source of an lnd binary and determine whether it has  been tampered with in a way that might introduce malicious code; additional automated testing for the bitcoind back-end to bring it to the same level of coverage as already existed for btcd and neutrino; a minor privacy leak addressed; and Bitcoin transaction and channel close transaction broadcasting were also made more robust. Lightning Labs’ Joost Jager describes LN’s development as “the exploration of uncharted territory against a backdrop of changing the world for the better.” This view holds true as the platform that allows micro-payment grows raising curiosity and doubts. While that happens, concerns persist on the trustlessness of LN’s watchtower using a 3rd party as attributed to a Bitcoin Reddit thread moderator, /u/mrrGnome, who has since claimed the commentators are ignorant.
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Steady Bitcoin Lightning Network Development Strengthened by Electrum and Muun

Electrum, a popular Bitcoin wallet announced on Monday, October 14, that its new version would support the Lightning Network. In addition, the Buenos Aires-based bitcoin wallet startup Muun has announced the release of its wallet which aims to provide a seamless experience for Bitcoin and Lightning Network iOS users. The Lightning Network The main goalRead MoreRead More. The post by Edoardo Vecchio appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
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How to SHORT or LONG Bitcoin with Leverage | BINANCE FUTURES TUTORIAL

👇🏻Support the channel by using my affiliate links👇🏻 ✘ Exchanges I'm using: ► Coinbase FIAT https://www.coinbase.com/join/59398125002bcc03276297d6 ► Binance FIAT https://www.binance.je/?ref=35002320 ► Binance Altcoins https://www.binance.com/en/register?ref=K2Z92OMU ► Bitmex Futures https://www.bitmex.com/register/s0r1z5 ► Bybit Futures https://www.bybit.com/app/register?ref=RPyME ► Deribit Futures & Options https://www.deribit.com/reg-2331.1757 ✘ My Chart Tool: ► TradingView https://tradingview.go2cloud.org/aff_c?offer_id=2&aff_id=12339 ✘ My Hardware Wallets: ► Ledger https://www.ledgerwallet.com/r/f7c4 ► Trezor https://shop.trezor.io/product/trezor-one-white?offer_id=14&aff_id=1164 ✘ Keep your Private Keys safe: ► https://cryptosteel.com/product/cryptosteel/?csr=517 ✘ Support the Channel via BTC Lightning Network: ► https://tippin.me/@sunnydecree ✘ BTC: ► 12vg29zgveAqm31yiUrL9kM2ANmYMFaA93 ✘ Follow me: ► https://twitter.com/sunnydecree ► https://discord.gg/Psrt8Yn ► https://www.youtube.com/sunnydecreede #Bitcoin #BTC #Crypto
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Is Lightning Network Suitable For Bitcoin Deposits, Withdrawals?

A Twitter poll by bitcoin evangelist Pierre Rochard discussed whether the Lightning Network is a suitable tool for BTC transactions on crypto exchanges.  Poll Signals to Lightning Network Curiosity Should Bitcoin exchanges enable Lightning deposits and withdrawals? — Pierre Rochard (@pierre_rochard) October 14, 2019 Proponents of LN believe it would be a good fit for crypto exchanges. Lately, exchanges have become extremely skeptical of inbound transactions, especially after a series of partial spending or 51% attacks affecting coins based on their core technology. It is not unusual for bitcoin exchanges to require as much as 100 node confirmations for networks that have fallen prey to double-spending. The most notorious cases include Bitcoin Gold (BTG), as well as Ethereum Classic (ETC). On-chain bitcoin transactions are hardly threatened by attacks, and exchanges only require a few confirmations when processing a deposit/withdrawal. But the Lightning Network is still experimental and may lead to unexpected consequences. LN still has a relatively small capacity in comparison to exchanges, which trade millions of bitcoins each day. The entire lightning network capacity is still pegged at 818 BTC. #LightningNetwork https://t.co/Q0CaYRhLWD observed:10,151 nodes (5,855 with active channels)35,174 channels818.344 BTC capacity ($6,826,392) median node capacity: 0.005 BTC ($41.21) past 24h:+7 nodes +103 channels +0.784 BTC ($6,536)#Lightning #LN #bitcoin $BTC — Lightning Network statistics (@LNstats) October 14, 2019 Microtransactions to Boost BTC Adoption LN is viewed as an opportunity to allow Satoshi transactions with zero fees and no time lag, to drive popularization for BTC micropayments. Exchanges function on a higher tier, often having a relatively high minimum threshold, or adding extra fees for the smallest on-chain transactions. Adding the Lightning Network would then allow small-scale clients to move funds with ease. But so far, not one of the leading exchanges has seriously looked at implementing the technology. Comments also included the possibility for veiled sending, as LN nodes are still pseudonymous and do not track their users. Currently, large-scale coin movements trigger whale-watching bots, which signal big fund movements. However, it is also uncertain if large-scale whales would be ready to entrust their funds to a network of voluntary peers. Loss of coins is still possible and may have happened before a recent bug was discovered and disabled. The bitcoin network works out on-chain transactions close to $1 billion every day. The LN only managed to process $6,536, or around 0.784 BTC in the past 24 hours, as the real-life usage remains small. What do you think about the potential of Bitcoin’s Lightning Network? Share your thoughts in the comments section below! Images via Bitcoinist Media Library, Twitter: @pierre_rochard, @LNstats The post Is Lightning Network Suitable For Bitcoin Deposits, Withdrawals? appeared first on Bitcoinist.com.
Bitcoinist

Grin 101 – What is Grin and How it Works

One of the biggest challenges for the adoption of bitcoin as a global currency is scalability. There have been several attempts at solving this, among others: The implementation of SegWit (malleability fix but allows for scaling through layer 2 solutions like Lightning Network) Changing block sizes (like the BCH fork) New currencies that use different protocols including the one of interest today called Grin So, what is Grin, how does it work and why is it interesting? What is Grin? Grin is a community-supported implementation of the MimbleWimble protocol. The MimbleWimble protocol seeks to accomplish 3 main things: Ensure privacy by using zero-knowledge proofs Keeping a small blockchain by registering less information on the blocks Have fast transaction verification processes Grin seeks to accomplish scalability and privacy by having no addresses and no amounts stored on the blockchain. How does it work? MimbleWimble relies on Confidential Transactions and CoinJoin to keep information about the transaction private. Confidential transactions use blinding factors to hide the amounts in a transaction, and nodes only need to verify that no new money is being created. An example of how blinding factors work in cryptography can be conceptualized through the following sample equations: 1 + 2 = 3, or 1 + 2 – 3 = 0 Adding a blinding factor would look something like multiplying every value by 5: 1×5 + 2×5 = 3×5, or 1×5 + 2×5 – 3×5 = 0 Secretly multiplying every original value by 5 does not change the fact that the equation is balanced (nodes verifying the process will see 5 + 10 = 15 and confirm no new money was created) but will obscure the original values. This zero-knowledge proof works when both parties involved in the transaction communicating directly: Both parties agree on the amount to be transferred Sender chooses inputs which will add up to the amount that was agreed upon. Sender then choses blinding factors for the transaction and adds them together before sending to receiver Adding together all the blinding factors for every input in the transaction proves you own them Receiver picks the blinding factors for the output of the transaction and adds them together and sends back to sender Knowing the blinding factor for a given output allows you to spend it Why Does Grin, Which is Based on MimbleWimble, Matter? Grin claims to follow the original spirit of Bitcoin by being a community-supported project and remaining decentralized and somewhat ASIC mining resistant. It is a one of a kind coin; its closest competitor is BEAM, another implementation of the MimbleWimble protocol but under a more centralized approach. Right now, Grin can be mined in PCs, and it has the potential to be a truly private, decentralized, and scalable coin. The post Grin 101 – What is Grin and How it Works appeared first on BitcoinChaser.
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Privacy is Essential

This week Redditors discussed the opportunities to pay via BCH in Korea (South Korea, for sure), turned back to fundamentals in the market, and… More of Reddit-life is in our weekly digest.

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An overview of the Lightning Network payment protocol provided with an example of its practical application, description of it working proccess as well as its benefits

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Bank of Canada Exploring Possibility of Launching a Digital Currency

Bank of Canada, the Canadian central bank, is exploring the possibility of launching a digital currency that would replace cash and track how people spend their money. The aim of the proposed currency would be to mitigate the “direct threat” posed by cryptocurrencies to the economic sovereignty of governments and central banks, an issue that has featured prominently in the headlines recently amidst intense regulatory pushback on Facebook’s proposed coin, Libra. The proposal was pitched to Stephen Poloz, Governor of the Bank of Canada, and its board of directors in a presentation entitled “Central Bank Money: ... ﾿ Read The Full Article On CryptoCurrencyNews.com Get latest cryptocurrency news on bitcoin, ethereum, initial coin offerings, ICOs, ethereum and all other cryptocurrencies. Learn How to trade on cryptocurrency exchanges. All content provided by Crypto Currency News is subject to our Terms Of Use and Disclaimer.
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Bermuda Kicks Off Natural Blockchain I.D System Development With Shyft Network

Bermuda's blockchain identification system recently kicked off. This project is currently under development with the main partners being Perseid and Shyft Networks. The blockchain i.d ecosystem is set to leverage decentralization in keeping records for the citizens of Bermuda. This small Island nation joins Catalonia who is also creating a digital ledger for i.d record […]
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Brave Blockchain and Privacy Browser Scores 8 Million Active Monthly Users

Blockchain-powered privacy web browser, Brave, has just announced in an official blog post that the browser now has 8 million active users who use it monthly and a daily user mark of 2.8 million. The platform’s growth has been quite commendable and is slowly increasing in popularity, gearing up its head to compete with other bigger browsers. The Brave platform now also has 290,000 Brave Verified Publishers, who earn Brave’s Basic Attention Tokens (BAT) as payments for the content they produce and make available. Of this number, the announcement states that 15,000 are Twitch streamers with 33,000 website publishers and creators and a whopping 200,000 content creators on YouTube. Two months ago, Brave began allowing Twitter users to tip other accounts that post interesting content, using BAT. Since inception, 28,000 users have now signed up for this service and are free to tip and receive as well. The Brave team is heavily focused on putting control in the hands of content creators and eliminating the middlemen as much as possible. For a long time, major ad services companies like Google and Facebook, have not only been profiting too much off users’ contents but seem to unnecessarily tracking ad and user activity. Since the Brave platform is powered by blockchain technology, there is little to no chance that there will be any unnecessary tracking. Brave also incentivizes its users to watch ads on the platform and pays these viewers in BAT. The Brave Ads platform is an opt-in service that was officially launched back in April and according to design, users are paid 70% of revenue from the ads just for viewing them. Today, there have been 385 successful campaigns on the platform. Furthermore, Brave also reports that its platform engagement has hit an impressive 14% click-through rate, much higher than the industry average of 2%. The post Brave Blockchain and Privacy Browser Scores 8 Million Active Monthly Users appeared first on ZyCrypto.
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Privacy-focused Brave browser boasts 8M monthly active users

Privacy-focused internet browser Brave has hit 8 million-mark in terms of monthly active users. Announcing the news on Wednesday, Brave said daily active users, on the other hand, have surpassed the 2.8 million mark. The browser, with opt-in blockchain functionality, also compensates content creators, users and advertisers in its native Basic Attention Token (BAT) for viewing online ads. Brave said it has delivered nearly 400 ad campaigns to date. The browser maker further said that it now has over 290,000 verified publishers - 200,000 of those are YouTube creators, 33,000 website publishers, 15,000 Twitch streamers and 28,000 are Twitter accounts. Brave also offers a cryptocurrency wallet for ether (ETH), ERC-20 tokens and collectibles, including BAT.
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