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Breez Wants to Make the Lightning Network More User Friendly

New announcements around Bitcoin’s Lightning Network have been coming almost nonstop lately, with new exchanges, wallets and other services popping up seemingly every day.Two weeks ago, Zebpay announced its Lightning integration. Last week, Lightning Power Users officially launched and Bitrefill released an improvement to its Thor service. Just this morning, Sparkswap announced the public beta of its Lightning-powered exchange platform.Now, there’s a brand-new wallet coming to market with a focus on ease of use. Today, Breez has announced that its mobile Lightning wallet is available in open beta.Hiding Lightning’s ComplexityPerhaps the most unique attribute of Breez is that it doesn’t include an on-chain bitcoin wallet. In other words, it’s all Lightning.“Lightning only,” Breez CEO Roy Sheinfeld confirmed in an interview with Bitcoin Magazine. “This is one of the elements that simplifies the user experience.”Sheinfeld pointed to the fact that no bitcoin wallet management is necessary and users have a single balance — rather than both an on-chain and a Lightning balance — as examples of this simplification.Although on-chain funds cannot be stored in Breez, the app includes the ability to move funds from traditional, on-chain bitcoin wallets to the Lightning-based Breez via Submarine Swaps, which were popularized by Lightning Labs Infrastructure Lead Alex Bosworth.“Breez allows its users to add or remove funds via on-chain transactions,” said Sheinfeld. “We use Submarine Swaps to provide a simple user interface without requiring our users to manage another bitcoin wallet inside Breez.”Sheinfeld also explained how the complexities involved with opening and closing Lightning channels are hidden from users.“Opening a channel is seamless to the user,” he said. “When a user installs Breez, we automatically open a channel funded by our hub. We provide an lncli-like interface for advanced users for extended channel management.”Breez users also don’t need to worry about running a full node (if they trust Breez), as each user automatically runs a Neutrino node, which uses simplified payment verification (SPV), on their mobile devices. (Although it has the same name, this Neutrino node is unrelated to the controversial Blockchain analytics company that was recently acquired by Coinbase.)By default, users can only open channels with a Lightning hub operated by Breez.“Lightning transactions are executed when both user nodes are online,” explained Sheinfeld. “And, since payments are routed via the Breez hub — which is always online — there is no chance of misconduct between Breez users. Advanced users can open channels against other nodes, but since third-party watchtower services are not yet available, we do not recommend it.”Room for ImprovementOf course, this may mean that users must trust Breez not to cheat. It is not a secure best practice to receive Lightning transactions without checking in on the blockchain from time to time, because the user on the other end of a Lightning channel could broadcast a lie about the state of the two parties’ Lightning channel balances.By periodically checking the blockchain for transactions related to the Lightning channel, a user can detect attempts to lie and then broadcast a different transaction to prove that the other person tried to withdraw bitcoin from the channel that wasn’t theirs to take. The user who tried to cheat then loses their share of the Lightning channel’s total balance as punishment.So, the drawback with Breez is that users are unable to securely receive bitcoin on the Lightning Network without checking in with the blockchain every now and then (unless the user is willing to simply trust Breez not to cheat).“Breez hub can close the channel when the user is offline and publish an old state to the blockchain,” explained Sheinfeld when asked about the level of trust users must put into Breez. “However, since the user runs a light node, the Breez hub can be penalized trying to do so. The risk is when the user is offline for days. Once third-party watchtowers are available, they can help mitigate it and completely reduce this trust.”It should also be noted that, while Neutrino is a massive improvement over old SPV models in terms of privacy, some data is still leaked to the full nodes that serve data to the light clients.“Neutrino clients still leak some information about a user’s wallet, since an adversary can potentially observe which blocks the client is downloading and find addresses that are reused across those downloaded blocks,” according to a Lightning Labs blog post on Neutrino. “To mitigate this, we’re exploring the use of Private Information Retrieval for blocks as mentioned above. Nonetheless, we believe Neutrino is still far better for user privacy than other mobile options.”However, these issues around privacy and trust are not specific to Breez and really stem from the Lightning Network being in the early stages of development.Acting as a Lightning Hub for UsersThe Breez hub is a key aspect of this Lightning wallet’s attempt at creating a user interface that is simple to use and easy to understand, and they’ll need to stake enough bitcoin in their hub to allow their users to transact on the network.“Users’ channels are private,” said Sheinfeld. “Currently, for each user we open a channel with one million satoshis capacity. We have hundreds of users in the closed beta and anticipate a few thousand soon after opening the beta. We try to minimize opening public channels to others’ hubs, and only maintain channels with well-connected hubs. We currently have 1.5 bitcoin in our public channels which we rebalance frequently.”In these early days, it will be extremely important for Breez to properly manage its hub’s position in the greater Lightning Network. If the Breez hub is not well connected, its users’ payments will fail and they won’t have the option to open a channel with another Lightning node or fall back to the blockchain to make the transaction.Of course, users can always use a Submarine Swap to move their funds to another bitcoin wallet if they’re unable to make a payment with Breez.According to Sheinfeld, this sort of model, where bitcoin wallets provide their users with a Lightning hub, is one way in which the Lightning Network itself is likely to increase its user base, at least in the first phase.“I think the next step would be to decouple the wallets from the hubs,” he added. “We at Breez are already working to provide the ability for our users to choose other hubs, similar to the internet ISP model. A mobile wallet still needs to provide services that are not related to operating a hub, such as mobile notifications, on-chain updates, Submarine Swaps and others.”In the past, there have been concerns that Lightning hubs (or even smaller Lightning nodes) could be targeted with regulations due to the view that they’re acting as money transmitters. When asked about this matter, Sheinfeld agreed there is reason to be worried about this.“I’m concerned regulators won’t understand our technology,” said Sheinfeld. “As a non-custodial service, we are not managing funds on behalf of our users. Our hub acts as a routing node. In that regard, it’s no different than an ISP or an internet provider.”Additional FeaturesBreez also has additional features outside of its Lightning functionality.The wallet supports FastBitcoins.com for users who wish to add bitcoin to the app via a cash-based exchange, while a credit card-based model through a partnership with a currently unnamed third party is also in the works.“We really want to encourage users to spend bitcoin instead of converting them back to fiat, that’s why we are currently investing our efforts in expanding our marketplace,” said Sheinfeld.The marketplace Sheinfeld mentioned currently only includes Bitrefill, but Breez plans to add ln.pizza integration in the near future.“We’re always looking for serious Lightning merchants to work with us to provide a great Lightning-fast shopping experience,” added Sheinfeld. “There aren’t that many at the moment.”Breez also plans to partner with another third party to handle fiat off-ramps for merchants.“We started exploring with several vendors the ability to provide bitcoin to fiat conversion: this is a must-have for merchants,” said Sheinfeld.There is also a Breez card that allows users to make purchases at traditional payment terminals via near field communication (NFC).“Breez supports NFC, both using a device or via a Breez card,” explained Sheinfeld. “There are cases, like in a restaurant, when you don’t want or can’t hand out your phone to make a payment. In this scenario, it is much easier to use a card. You can give the card to someone else (like your child) to buy something, and since you need to approve the purchase in your device, you have full control on how the card is being used. The point behind the card is to demonstrate the bitcoin payments can be on-par with fiat when it comes to user experience.”Although Breez isn’t completely trustless or private, the app provides a glimpse into how much more user-friendly Lightning wallets could be once additional tools, such as watchtowers and an even more privacy-enhanced version of Neutrino, are available. This article originally appeared on Bitcoin Magazine.
Bitcoin Magazine

Boltz: A New Crypto Exchange On The Bitcoin Lightning Network

The Lightning Network is growing stronger every day. In addition to seeing the number of nodes double in a few months, a new project has added another element of crypto infrastructure: an account-free, non-custodial cryptocurrency exchange. Boltz has just announced the alpha launch of their exchange, making it easier to exchange on-chain coins with the Lightning Network. In an announcement published to Medium, developers said they wanted to solve the “glaring issues” of Bitcoin’s scaling system.  Instead of entrusting coins to the exchange, Boltz uses ‘Submarine Swaps’ to exchange coins from Lightning Channels to the blockchain. Submarine Swaps are Hash Time Locked Contracts that tie ownership of transaction data to whether or not an invoice on the Lightning network has been paid. The Alpha release is focused on releasing Boltz tech to the Lightning community, and currently offers instant swaps between BTC and LTC. Later milestones on the roadmap will focus on increased functionality, an improved frontend, increased security measures, and further currency options for atomic swaps. The Bitcoin Lighting network has already seen rapid expansion since its inception, as new nodes jump online every day. Though not flawless, it does provide some of the missing pieces to the Bitcoin puzzle like transaction speed and scalability. With the integration of atomic swap exchanges like Boltz, the Bitcoin protocol will only get stronger. The author is invested in digital assets, including BTC, which is mentioned in this article.  Join the conversation on Telegram and Twitter! The post Boltz: A New Crypto Exchange On The Bitcoin Lightning Network appeared first on Crypto Briefing.
CryptoBriefing

Mike Novogratz Bashes Litecoin and Sparks a Debate in the Crypto Community

Of all the cryptocurrencies that experienced significant price increases, Litecoin was one of the most notorious ones. The token created by Charlie Lee performed so well that it took 4th place in the global marketcap. The excellent performance of this altcoin awakened its “sleeping” community. However, not everyone was enthusiastic about the price rise of this popular crypto. One of those who finds such a bullish streak illogical is Mike Novogratz who wrote on his Twitter account the following: Gold has an $8.5 trillion dollar market cap. Silver is $15bn That is .17%. $BTC has a $90bn mkt cap. $ltc is $5.7bn which is 6.4% of $BTC. Silver is at least useful for industrial production. $ltc is a glorified test net for $btc. I don't get this rally. Sell $ltc buy $btc.— Michael Novogratz (@novogratz) April 3, 2019 Mr, Novogratz has always compared Bitcoin to gold; however, he has consistently refused to accept that Litecoin could be the equivalent of digital silver, a contrast that has been used by many experts and analysts, including Charlie Lee. Even though Litecon was born as a Bitcoin fork aimed at providing lower fees and faster transactions, the fact that Novogratz called it a “glorified testnet” for Bitcoin seems triggered the sensitivity of many people in the crypto ecosystem. Charlie Lee was undoubtedly one of the first to react and just said that Michael Novogratz was wrong. Litecoin a glorified testnet?BTC LN makes LTC useless?Can't be more wrong!High BTC fees? With https://t.co/Q6tfOYkIbb, just do a cross chain submarine swap from LTC on-chain to BTC⚡️. Send LTC to fill up your BTC⚡️ wallet! 🤯Fast: ~2.5 minsCheap: pennies in fees#reckless https://t.co/4NB7VO9dcT— Charlie Lee [LTC⚡] (@SatoshiLite) April 4, 2019 Likewise, Mati Greenspan, a renowned analyst at the social trading platform eToro explained that Litecoin has many advantages in terms of efficiency over Bitcoin which make it precisely the equivalent of silver if Bitcoin is considered as digital gold: LTC is literally silver to bitcoin's gold. It's far more useful for transactions as it's cheaper and faster than BTC. Feel free to review our in depth research paper: https://t.co/tk2Q1lxFve— Mati Greenspan (@MatiGreenspan) April 3, 2019 Mr. Greenspan attached a document in which they thoroughly investigated this blockchain. It explains that the similarities are not only at technical levels but also from a financial point of view it seems that the BTC-LTC relationship is very similar to that of Gold-Silver. Other obvious difference is the coin supply. While the theoretical maximum supply of Bitcoin is around 21 million coins, that of Litecoin will reach approximately 84 million. This, and the subsequent lower value of Litecoin, are one of the reasons why many people consider Litecoin to be the “silver” to Bitcoin’s “gold.” Others like Litecoinbro called for serenity. While it is possible to have conflicting opinions, tribalism and attacks are detrimental to an ecosystem as young as the crypto-verse. Please don't try and make this a tribal thing. We are all in crypto together. Let's build it up, not tear it down. @SatoshiLite has done so much for Bitcoin over the years. That man had a vision of how to compliment Bitcoin and executed it before most even knew what Bitcoin was.— Łitecoin Bro (@LitecoinBro) April 5, 2019 Right now, Litecoin has a marketcap that exceeds 5.4Billion dollars and a token price of approximately 88 USD. The post Mike Novogratz Bashes Litecoin and Sparks a Debate in the Crypto Community appeared first on Ethereum World News.
Ethereum World News

Mike Novogratz Isn’t a Fan of Litecoin

Litecoin is feeling the burn from billionaire Mike Novogratz. Novogratz: Bitcoin Is Better Than Litecoin The former Goldman Sachs partner and Fortress hedge fund manager is not anti-crypto. Far from it. In fact, his reasons for attacking Litecoin have to do with him liking bitcoin so much. He is advising all investors – whether they’re into cryptocurrencies or not – to purchase bitcoin, saying it’s the next big thing the market has to offer. Novogratz’s comments come at a rather inopportune time, however. Litecoin recently underwent a solid rally that took it to nearly $100 in just a few days. The currency was trading for $80, then ultimately shot up to $87 and $90 respectively. And for all we know, $100 is still right around the corner, though it has thus far failed to push beyond present resistance levels. Still, the billionaire remains unconvinced. In a rather savage tweet, Novogratz slammed the brainchild of creator Charlie Lee, saying it was “overvalued.” He commented: Gold has an $8.5 trillion-dollar market cap. Silver is $15 billion. That is .17 percent. Bitcoin has a $90 billion-dollar market cap. Litecoin is $5.7 billion, which is only 6.4 percent of bitcoin. Silver is at least useful for industrial production. Litecoin is a glorified test net for bitcoin. I don’t get this rally. Sell Litecoin and buy bitcoin. Naturally, Lee didn’t take too kindly to Novogratz insulting his “baby.” Within minutes of Novogratz posting his message, Lee fired back at the billionaire entrepreneur, commenting: Litecoin is a glorified test net? Bitcoin Lightning Network makes Litecoin useless? Can’t be more wrong! High bitcoin fees? With http://boltz.exchange, just do a cross chain submarine swap from Litecoin on-chain to bitcoin. Send Litecoin to fill up your bitcoin wallet! Fast: ~2.5 minutes. Cheap: pennies in fees. He finished off his tweet with “#reckless.” Litecoin’s recent rally is in line with bitcoin and the rest of its crypto cousins. Bitcoin experienced a massive jump last Tuesday that saw the currency spike beyond the $5,000 mark, which it hadn’t done since late 2018. Other currencies, like Ethereum, saw their prices spike along with bitcoin’s. Ether tokens were trading for roughly $174 each, while Ripple’s XRP stepped in at just under 60 cents. Litecoin Is Experiencing Difficulty with Present Resistance Levels Other currencies, like Stellar Lumens (XLM), saw gains of roughly four or five percent, which were nonetheless impressive, but didn’t quite compare with the gains of bitcoin and other mainstream cryptocurrencies. Litecoin was among the currencies to see massive spikes, though at the time of writing, resistance seems to have gotten the better of it. After a rise to $90, the currency dropped by three dollars and has been trapped at $87 ever since. This is still stronger than the $50 – $60 positions we have been witnessing since early 2019, though enthusiasts are expecting more. The post Mike Novogratz Isn’t a Fan of Litecoin appeared first on Live Bitcoin News.
Live Bitcoin News

This New Bitcoin Lightning Network Exchange is a No-KYC, ShapeShift Killer

Boltz, a new lightning network based bitcoin exchange, has officially launched and won’t ask for your personal information. What’s more, it also allows for swapping bitcoin and litecoin using LN or cross-atomic chain swaps.  Financial Sovereignty Uber Alles Trading shouldn’t require an account. So claims the tagline of new instant, account free, and non-custodial digital asset exchange, Boltz. Well that’s three for three so far. And as you may already have guessed from the name, it also plays nice with Lightning Network. But ‘Account Free’ cryptocurrency exchanges are nothing new, I hear you say. That’s right, but we are at risk of them becoming exactly the opposite – consigned to history. On the website, Boltz specifically calls out ShapeShift for its about-turn on data-collection last year. While introducing membership as a requested ‘feature’, it conceded that it was soon to be mandatory… and that it ‘sucked’. Boltz points out that by creating an account on a KYC’ed custodial exchange: you are giving the government and anyone who can access that KYC data, the power to not only know that you have crypto assets but also to confiscate them during a trade. So in bold letters, Boltz claims it… “does not and will never collect any data that could identify our users.” Built On Lightning Network to Build Lightning Network While Lightning Network helps with scaling Bitcoin, and provides faster and cheaper transactions, it does have its own challenges. Boltz therefore bridges the two layers with submarine swaps, so that on-chain transactions work seamlessly in conjunction with LN. The theory being, that on-chain transactions can act as a catalyst to encourage the growth of Lightning Network. This would work by giving LN the escape velocity needed until the network effect overcomes issues with infrequent transactions and inbound capacities. In order to achieve trust minimisation, Boltz uses submarine swaps to exchange coins between lightning channels and the main chain. Testing, Testing, 1, 2, 3 The platform is currently available for alpha-testing, so limits are in place, but exchanges between Bitcoin and Litecoin are possible, in both Lightning and non-Lightning flavors. One of the current benefits of this service is that it can provide inbound capacity on lightning channels. Acquiring inbound liquidity can be a hassle without making outbound transactions, especially for merchants. Lightning Labs’ Lightning Loop provides a similar service, but without the graphical user interface of the new exchange. Another entrant in the category of lightning-enabled, account free exchanges is ZigZag.io. Currently still in beta-testing, it allows exchanges from bitcoin lightning to BTC, LTC, DASH, and ETH and back. It also claims to support bitcoin cash, but that doesn’t seem to be an available option. Payments are exchanged off-chain, but ZigZag hopes to implement atomic swaps in the future, to improve trust-minimisation. Whilst Boltz is still very much in the experimental phase (like LN itself), it will be interesting to see if it achieves its stated goal of encouraging Lightning adoption. Will no-account, instant exchanges using LN make Shapeshift obsolete? Share your thoughts below! Images via Shutterstock The post This New Bitcoin Lightning Network Exchange is a No-KYC, ShapeShift Killer appeared first on Bitcoinist.com.
Bitcoinist

Litecoin’s [LTC] Charlie Lee responds to Michael Novogratz’s comments on silver coin

Galaxy Digital’s Michael Novogratz was in the news this week after he blasted Litecoin [LTC], calling it a ‘glorified testnet’ for Bitcoin [BTC]. Novogratz stated that the digital silver’s market cap was just 6.4% of BTC’s, mockingly claiming that actual silver was, at the very least, useful with respect to industrial production. Following this, Charlie Lee, the Creator of Litecoin, responded to Novogratz’s statements. Lee refuted Novogratz’s statements, claiming that he couldn’t “be more wrong”. Lee also ridiculed the former hedge fund manager’s statement about Litecoin and Bitcoin’s Lightning Network. He had claimed that BTC’s Lightning Network made Litecoin useless. Charlie Lee’s full tweet read, Source: Twitter Charlie Lee also proposed a solution for the high BTC fees. Lee shared the news of Boltz’s alpha release, an instant, account-free, and non-custodial digital asset exchange built on top of Bitcoin’s Lightning Network. The creator of Litecoin suggested the use of Boltz for on-chain submarine swaps from LTC to BTC. Using Boltz costs pennies and guarantees a transaction speed of no more than two-and-a-half minutes, he claimed. Charlie Lee’s response gained a lot of traction online, with many in the cryptocurrency community opining on the matter. Cobra, the co-owner of Bitcoin.org, commented, “Replace “Litecoin” with “Bitcoin Cash” and “LTC” with “BCH” and this reads exactly like a Roger Ver tweet. Only difference is Roger believes his own bullshit and didn’t dump all his BCH on his followers at the top.” Bull Bitcoin’s CEO, Francis Pouliot, commented, “Suckers. Thanks for losing your money for the benefit of bitcoiners!” There were some who defended Lee and Litecoin too. Twitter user, @JasonEbacher, responded, “Cobra, you forgot the part about LTC having segwit first & having lightning network, atomic swaps & soon to have confidential transactions… @satoshilite is nothing like roger in any way, Especially he doesn’t say his coin is bitcoin and doesn’t claim babies are dying.” Novogratz had previously requested everyone to forego their LTC holdings and buy BTC instead. His comments came at a time when Litecoin and the collective cryptocurrency market was seeing a surge in its fortunes. At press time, the silver coin was trading at $87.51, with a market cap of $5.35 billion. It had a 24-hour trading volume of $3.9 billion. While the coin was falling by 0.47% at press time, it had registered a 43% surge over the past seven days. The post Litecoin’s [LTC] Charlie Lee responds to Michael Novogratz’s comments on silver coin appeared first on AMBCrypto.
AMBCrypto

Bitcoin’s Lightning Network welcomes Lightning Loop for a more efficient, stable, and cheaper network

On 20 March, 2019, Lightning Labs announced the launch of Lightning Loop Alpha, “a non-custodial service” that connects on-chain and off-chain Bitcoin, with the implementation of submarine swaps. The key advantage of the Lightning Loop is that it will make receiving funds on the Lightning Network easier for users. Announcing the same, Lightning Labs stated that the Lightning Loop’s vision was to enable users to move their funds “securely” in and out of their Lightning Channels, with “non-custodial Bitcoin contracts”. The announcement further claimed that all users and node operators will be able to keep their channels open “indefinitely” with Lightning Loop, ensuring the efficiency, stability, and inexpensiveness of the network. The announcement read, “As we’ve watched the network and the number of Lightning applications grow over the past year, many users have told us they were interested in a solution to help with receiving on Lightning. We’ve also seen more and more use cases, from earning satoshis on microwork sites, to selling goods with Lightning […], where the ability to receive is key.” In the release, Lightning Labs enabled the Loop-out feature, allowing users of the Lightning Network to “increase their receiving capacity by off-loading their funds” to either an on-chain address or a cold wallet via an exchange platform. Further, this ensures that users can off-load their Bitcoins without requiring to close their channels. It also paves a path for new users to accept payments, without the need to wait for another user to open channels with them. According to the Lightning Labs Github post, Loop-out provides users with three main benefits; Source: GitHub Next on the list was the Loop-In feature, allowing users to re-fill funds from their on-chain Bitcoin wallet or exchange to their Lightning channels. The benefits of Loop-In feature are: Source: GitHub gotamd, a Redditor, said, “They created problems so they could build solutions that allow them to profit. It’s pretty sad.” Yuri de Gaia, a Twitter user, added, “What a day! You can now receive LN payments easily and withdraw them to your onchain wallet using Lightning Loop.” The post Bitcoin’s Lightning Network welcomes Lightning Loop for a more efficient, stable, and cheaper network appeared first on AMBCrypto.
AMBCrypto

Lightning Network Capacity to Explode in Coming Months in the Light of Ongoing Trend

Key highlights: Bitcoin Lightning Network capacity has crossed 563 BTC, over 2 Million at the current price Litecoin Lightning Network capacity is up 128% in the past month With the current trend, Lightning Network capacity could explode to $1 Billion in about 15 months Bitcoin & Litecoin Lightning Network Capacity Already Surging According to the data provided by the 1ML, the Bitcoin Lightning Network capacity has reached 563.98 BTC with a 12 percent increase in the past 30-days. At current Bitcoin price, this amounts to just above $2 million. The number of channels is seeing a surge of about 37 percent at 21,616 while the number of nodes has reached 5,614 with 17.79 percent increase in the past 30-days. Meanwhile, the performance of Litecoin Lightning Network is already seeing an explosion with a surge of 128 percent in Litecoin capacity at 60.73 LTC that amounts to just about $2,000 at its current price. While the number of nodes at 124 is seeing an increase of 25 percent in the past month, with 79 percent surge, the number of channels are currently 524. While the Bitcoin and Litecoin capacity on Lightning Network is already increasing, in the coming months it is expected to explode. In the light of upcoming developments on the Lightning Network in terms of Neutrino, Submarine Swaps, Dual Funded Channels, Atomic Multi-Path Payments (AMP), Splicing, Wumbology, Sphinx-send, and Watchtowers that are in line for this year, 2019 is expected to be a progressive and interesting one. Also, a Redditor shared an interesting post, “If the current trends continue, the lightning network will have a capacity of over $1B within the next 15 months.” However, the Redditor expects the public channels to be possibly more than what being advertised. Recently, Bitrefill, a business that allows their customers to buy prepaid phone minutes, gift cards among other digital goods with cryptos has been working on building the infrastructure around Bitcoin Lightning Network. “If someone’s looking to receive bitcoin, as tips or other earnings, this is a quick and easy tool to get started. Bitrefill’s node is a highly interconnected in the Lightning network,” reads the company’s announcement about Thor. Bitrefill’s John Carvalho recently revealed that the Lightning Network now accounts for more payments than any of the altcoins that they accept. “It’s increasing every day almost,” said Carvalho and further added, “It’s actually double most of the altcoins.” The post Lightning Network Capacity to Explode in Coming Months in the Light of Ongoing Trend appeared first on Coingape.
CoinGape

What are Submarine Swaps? - Bitcoin to Lightning Network Transfers!

💰Get on the Waiting List ★ http://yen.io Why called submarine? // GET THE APPS 💰 Social Exchange - http://yen.io 🚀 Market Cap - http://coinpuffs.com 💥 Stay Woke - http://cryptoyum.com 📚 Free Email Course - http://10daysofbitcoin.com // GET STARTED 🚀 Become a Cryptonaut - Support us on http://patreon.com/pub 💻 Join us at the PUB! - http://thebitcoin.pub 💰Get a Coinbase Wallet! - http://dctv.co/dctv-coinbase - Sign up! // WE DO SOCIAL 🔑 Decentralized Newsletter - https://dctv.co/dctv-news 📔 Twitter - https://dctv.co/dctv-twitter 💻 Google+ - https://dctv.co/dctv-googleplus ✏️ LinkedIn - https://dctv.co/dctv-linkedin 💻 Medium - https://dctv.co/dctv-medium Music by Charles Giovanniello, a Bitcoin Pub community member! Note: This is not financial advice as all investing is speculative. Have fun and good luck!
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Litecoin Price Analysis: LTC A Buy Due to Lightning Network and Submarine Swaps Development

From statistics, Litecoin is a top performer adding eight percent in the last day. While general sentiment is pro-bullish, we expect Litecoin to close higher by the end of the week confirming last week’s revival. While traders are expectant, there should be some market boosting fundamental thrusting prices above $70. Latest Litecoin News By design, Litecoin is meant to complement Bitcoin as a payment platform. Transaction processing in Litecoin is fast because it confirms blocks every 2.5 minutes and merchants get to pay perpetually low fees. That’s unlike Bitcoin where medium fees can spike when there is an influx of users. A case in point is last year when fees soared to $25 with transaction settlement taking hours. Off-chain solutions are some of the proposals fronted to infinitely scale the network. Lightning Network development is on course and with Litecoin playing wing man, merchants stand to benefit cementing Litecoin position as a go-to network spurring adoption. Aside from fast and cheap transaction, there is privacy and complete immutability free from counter-party risks even if processing is done off-chain. A developer Alex Bosworth introduced the concept of Atomic Swaps allowing direct conversion between BTC/LTC without the need of a third party. This feature allows for invoices at the LN domiciled in BTC to be paid in a one-step procedure called submarine swaps. Submarine swaps enable merchants or adopters to settle invoices in the LN using any coin. This way, the LN could act as a decentralized exchange and a one-in-all scaling solutions for cryptocurrency networks. Litecoin Price Analysis LTC Weekly Chart Technically, our previous Litecoin trade plans are valid. This is so because despite a weekly gain of eight percent, Litecoin prices are still trending within our tight $20 range with clear support at $50 and our bull trigger line at $70. This level is an important resistance line and a previous bear break level of week ending Aug 12. If anything, prices are in consolidation mode and as they accumulate, momentum is shifting from bearish to bullish. However, before we confirm that, bulls must first build enough momentum and breach the $70 level completing a three-bar bull reversal pattern from around the 78.6 percent Fibonacci retracement level anchored on last year’s high lows. From a more cautious angle, even if there are higher highs, the simple fact that buyers are yet to completely reverse week ending Sep 9 losses mean sellers are somehow in charge. As such, a contrarian and deflating move will see prices dipping below $50 nullifying this bull projection. LTC Daily Chart Yesterday’s 10 percent surge did temper risk-off traders who were waiting for a pull-back from last week’s high before ramping up. Because of yesterday’s rally, bulls can buy at spot rates with stops at Sep 25 lows at $50. From our last Litecoin price analysis, first bull target will be at $70. But any strong close above $70 will trigger an influx of risk-on, conservative type of buyers eyeing $90. Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
Bitcoin Exchange Guide

Litecoin, Not Bitcoin, Will Drive The Lightning Network

The Lightning Network is supposed to fix Bitcoin’s slow transactions and high fees, but so far it’s caused as many problems as it solved. Luckily,  there’s another cryptocurrency waiting to take up the slack.  The idea of using Litecoin as an easy onramp to Lightning payments is not new. As Charlie Lee tweeted earlier this summer:   Litecoin will also be the easiest onramp onto the Lightning Network. BTC takes too long and fees to high? No problem. Open an LTC payment channel on chain cheaply and quickly, then atomically swap for BTC if/when you need to. This can be done in one step using submarine swaps! 😮 — Charlie Lee [LTC⚡] (@SatoshiLite) July 11, 2018   The idea of Litecoin as “silver to Bitcoin’s gold,” has fallen out of favor as Mr. Lee’s esteem diminished. But for a number of reasons, not only is Litecoin a likely contender, it may be Lightning’s only path to adoption. Lightning Still Throws Sparks Before we get under the hood, let’s recall how the engine works. The Lightning Network is the solution to Bitcoin’s slow blocks and high fees, which make everyday spending impractical. While some cryptos have explored other scaling solutions, the Lightning Network is an exchange of instant, peer-to-peer IOUs, which makes it reasonable to use Bitcoin to buy a sandwich.  Although Crypto Briefing has poked gentle fun the Lightning Network’s, routing problems and bugs, these are problems that clever developers can eventually solve. But there are a few problems that can’t be solved, because they are inherent to the Lightning Network’s design. One is that there’s no way to totally escape transaction fees: although Lightning transactions are extremely cheap, you still have to pay a regular Bitcoin fee to open and close your channels. By one calculation, it takes sixteen transactions before Lightning is cheaper than Bitcoin Cash, with comparable figures for other altcoins  That’s a lot of sandwiches. The second problem is that Lightning channels are not secure, and therefore unsuitable for large volumes. Lest we be accused of exaggerating, here it is in the words of Andreas Antonopolous, one of Lightning’s most respected advocates:   There is a security risk. That system will have keys on it, so it is a hot wallet. And if you’re running that hot wallet with lots of bitcoin on it then it’s a target for attack, and someone can hack into your node and use it to drain your wallet.   So the result is something a bit like a Rewards card. You might put a few dollars in a Starbucks card to save a few percent on coffee. But you wouldn’t put more than a ten or twenty, in case you lose the card; and you’d be crazy to put more than a hundred. At the time of writing, the average Lightning channel had a capacity around $59. But it takes sixteen lattes to get your money’s worth, and you can’t top up as you go. While some maximalists might relish the thrill of Lightning for Bitcoin’s sake, most of us have enough trouble using a regular crypto wallet. Big and Small Transactions, but not Medium Ones The result is that Lightning is a brilliant solution, but for the wrong problem. At present, Bitcoin is a good way to make a hundred-dollar transaction, and through the Lightning Network can also route a hundred different one-dollar transactions. But it’s not a great solution for medium-sized or infrequent transactions, except among true believers. Which is where Litecoin comes in.   Source.   Since the Lightning Network launched in mid-March, Bitcoin fees averaged at around a dollar, although they declined as prices fell. The red line hugging the X-Axis is the average fee for Litecoin, which never exceeded 0.21 cents. That’s a world of difference, especially to the casual users to whom “mass adoption” refers. No rational actor is going to spend a dollar to open/close a Lightning channel, unless they’re very frequent users. A Lightning channel with Litecoin, on the other hand, could be funded with ten or even five dollars, and cost less than what you’d leave in the tip-jar. The result is a currency that fills up all the holes in the crypto-economy: not only for macro- and micro-transactions, but also everyday expenses. In crypto as well as in real life, silver, not gold, is the best conductor of electricity.   The author is not invested in Litecoin, but does own Bitcoin and Bitcoin Cash.   The post Litecoin, Not Bitcoin, Will Drive The Lightning Network appeared first on Crypto Briefing.
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Daily Crypto News - Monero Site Hacked | Fidelity Gets Licensed | SLP Postage | LocalCryptos | More!

Daily Cryptocurrency News: November 19th, 2019 - Bitcoin, Ethereum, & More Crypto Content! Topics Include: ► Price Overview ► Monero Malware Warning - https://twitter.com/DarkDotFail/status/1196668999519657984 ► Greyscale Bitcoin Trust's SEC Filing - https://medium.com/grayscale-investments/gbtc-sec-filing-8b4cb229088 ► Coinbase & Coinbase Pro To Migrate DAI/SAI - https://blog.coinbase.com/coinbase-and-coinbase-pro-plan-to-support-multi-collateral-dai-514407679b86 fI ► Fidelity Digital Assets Gets NY Trust Charter to Custody Bitcoin for Institutions - https://medium.com/@FidelityDigitalAssets/enabling-institutions-to-access-a-new-medium-for-assets-b9d8329c8766 ► Announcing LocalCryptos - https://blog.localcryptos.com/announcing-localcryptos/ ► Dash Evolution Open-House - https://www.dash.org/evolutionopenhouse19/ 😀 𝙏𝙝𝙖𝙣𝙠 𝙔𝙤𝙪 𝙁𝙤𝙧 𝙒𝙖𝙩𝙘𝙝𝙞𝙣𝙜! 🚩 Remember to subscribe and hit the bell "🔔" icon, so you don't miss your daily cryptocurrency news! 👉Sign-Up For BlockFi & Earn Interest On Your BTC/ETH Every Month: https://blockfi.com/?ref=1ed0f176 -~-~~-~~~-~~-~- 𝘞𝘦 𝘥𝘰 𝘰𝘶𝘳 𝘣𝘦𝘴𝘵 𝘵𝘰 𝘮𝘪𝘯𝘪𝘮𝘪𝘻𝘦 𝘢𝘥𝘴, 𝘢𝘯𝘥 𝘦𝘭𝘪𝘮𝘪𝘯𝘢𝘵𝘦 𝘴𝘱𝘰𝘯𝘴𝘰𝘳𝘴𝘩𝘪𝘱𝘴 𝘰𝘯 𝘵𝘩𝘪𝘴 𝘤𝘩𝘢𝘯𝘯𝘦𝘭, 𝘴𝘰 𝘵𝘩𝘢𝘵 𝘺𝘰𝘶 𝘤𝘢𝘯 𝘳𝘦𝘭𝘺 𝘰𝘯 𝘵𝘩𝘦 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘺𝘰𝘶 𝘨𝘦𝘵 𝘩𝘦𝘳𝘦. 𝘐𝘧 𝘺𝘰𝘶'𝘥 𝘭𝘪𝘬𝘦 𝘵𝘰 𝘴𝘶𝘱𝘱𝘰𝘳𝘵 𝘵𝘩𝘪𝘴 𝘦𝘯𝘥𝘦𝘢𝘷𝘰𝘳: ⭐ Please Support The Channel On Patreon - https://goo.gl/vpX5sW ⭐Please Support The Channel On YouTube - https://bit.ly/2I4omX2 -~-~~-~~~-~~-~- 💓𝐂𝐫𝐲𝐩𝐭𝐨 𝐃𝐨𝐧𝐚𝐭𝐢𝐨𝐧𝐬 𝐀𝐥𝐬𝐨 𝐀𝐫𝐞 𝐑𝐞𝐚𝐥𝐥𝐲 𝐀𝐩𝐩𝐫𝐞𝐜𝐢𝐚𝐭𝐞𝐝 (𝐀𝐧𝐝 𝐏𝐫𝐞𝐟𝐞𝐫𝐫𝐞𝐝)! 💎►Donate Ether and Ethereum-Based Tokens: 0x1466032B4F0F13910DA35B16371807428CB40714 💎►Donate Bitcoin: 3JKQycXHdD5yqSRTf5VabM28Ff9AfXYcJD 💎►Donate Bitcoin Cash: qrsq45lsrumctyu98mgjgc0qjaleng2jdgau3qz90x 💎►Donate Dash Xn1sUfFDkZAwArJ6mtJUYVLndnmXctxA1L 💎►Donate Monero 463EDu2cqU4ASxLVVKYkVMbk1Nz6TQyy9Wt8b3D5CdJjZh9JukZNGUyLvbJnXoJNRXTN98cSpLSRVN2bYoDTmsxkJSUKtmy 💎►Donate Using Paypal: https://goo.gl/7m1X4Z -~-~~-~~~-~~-~- (っ◔◡◔)っ 𝙈𝙐𝙎𝙏 𝙃𝘼𝙑𝙀𝙎 ► Ledger Nano S Crypto Hardware Wallet - https://bit.ly/2TQG8PZ ► Personal Book Recommendations, Crypto Clothing, & More - https://www.amazon.com/shop/obham001 ► Crypt0 Merch - https://bit.ly/2uHudK4 ►The Brave Browser (Fast Browser That Will Pay You In Tokens If You Choose To View Ads): https://goo.gl/NpNa53 -~-~~-~~~-~~-~- 🚀𝙁𝙊𝙇𝙇𝙊𝙒 𝙐𝙎 ► Steemit - https://goo.gl/YNAK2u ► Facebook - https://bit.ly/2FSR5gb ► Reddit - https://www.reddit.com/r/crypt0snews/ ► Instagram - https://goo.gl/tV9kZh ► Twitter - https://goo.gl/fY2W2k ► Soundcloud - https://bit.ly/2uGY3hF ► Twitch - https://bit.ly/2FSFu0i ► Sticher - https://www.stitcher.com/podcast/omar-bham/crypt0s-news -~-~~-~~~-~~-~- **Nothing I state, share, express, or allude to should be considered professional advice or recommendations of action. This channel is intended for educational and entertainment purposes only. All content contained within is all just my own opinion and experience. Consult a professional (or two...or more) for any tax, accounting or legal related questions you may have. #bitcoin #ethereum #cryptocurrency #blockchain #crypto #economics #investing #trading #futurism #cryptonews #btc #eth #eos #litecoin #technology
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Grayscale Files to Make Bitcoin Trust First to Be Regulated by SEC

Grayscale Investment has submitted a filing with the U.S. Securities and Exchange Commission (SEC) that could change the status of its popular bitcoin investment product.  On November 19, 2019, the company filed a securities registration form with the SEC which, if approved, would see its popular Bitcoin Trust product become the first-ever digital currency investment product to be regulated by the SEC.  The Bitcoin Trust was initially launched as a way to give more investors exposure to bitcoin with some barriers to entry eliminated, like the need to protect your own private keys. The pursuit of regulation by the SEC through this voluntary filing appears to be an effort in the same vein. “This filing is the latest step on the road to regulatory maturity for digital currencies,” according to a Grayscale press release sent to Bitcoin Magazine. “After creating the first FINRA-regulated Bitcoin investment product, Grayscale once again is leading the industry in facilitating responsible regulatory oversight of the asset class. If the SEC approves the filing, the structure of the Bitcoin Trust would not change, nor would its regulatory classification. “This is a voluntary filing that, if deemed effective, would designate the Trust as an SEC reporting company and register its shares pursuant to Section 12(g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),” the press release reads. An SEC reporting company is also called a “reporting issuer.” By becoming a reporting company, Grayscale would likely be subject to periodic and ongoing disclosure requirements designed to keep investors informed on major updates concerning their investment. Potential Changes for Bitcoin Trust Investors Following approval from the SEC, accredited Bitcoin Trust investors would see a reduction in the statutory holding period for their investment from 12 months to six months, giving them liquidity sooner. This means that investors who had previously purchased shares in the trust’s private placement could resell them on the secondary market within six months. The trust would also be changing how it files quarterly and annual reports. With SEC approval, it would have to file its reports and audited financial statements as 10-Qs and 10-Ks — specific report templates as designated by the SEC.Grayscale’s Bitcoin Trust became the first publicly traded bitcoin fund in 2015 (as the Bitcoin Investment Trust), having received approval on the OTC Markets Group’s OTCQX exchange. The company, which is behind a significant “Drop Gold” advertising campaign, has seen its bitcoin product rise in popularity since its launch. Per a recent quarterly report, Grayscale attracted $254.9 million in net investments for its products, with two-thirds of the inflows secured attracted by the Bitcoin Trust. The post Grayscale Files to Make Bitcoin Trust First to Be Regulated by SEC appeared first on Bitcoin Magazine.
Bitcoin Magazine

Monero Website Hacked, Downloads Infected with Crypto-Stealing Malware

The official Monero website has been hacked and versions of its downloadable Command Line Interface (CLI) software have been infected with XMR-stealing malware. A security warning was sent out on Twitter alerting users that “CLI binaries available on http://getmonero.org may have been compromised at some point during the last 24h. Investigations ongoing.” #Monero Security Warning: CLI binaries available on https://t.co/UYopePqqdo may have been compromised at some point during the last 24h. Investigations ongoing.https://t.co/BqnONy4PPg — Monero || #xmr (@monero) November 19, 2019 Shortly thereafter, Monero’s core development team confirmed the incident on Reddit, admitting that the infected files had been served from the website for roughly 35 minutes before they switched to a secure fallback source for serving downloads. Cautioning users to always check the integrity of downloaded files, the team said: “If you downloaded binaries in the last 24h, and did not check the integrity of the files, do it immediately. If the hashes do not match, do NOT run what you downloaded. If you have already run them, transfer the funds out of all wallets that you opened with the (probably malicious) executables immediately, using a safe version of the Monero wallet (the one online as we speak is safe — but check the hashes).” Monero Team Still Investigating The hack was originally discovered by GitHub user nikitasius who posted on the official Monero project repository that he had noticed that the SHA256 hash for the downloaded file did not match the SHA256 hash shown on Monero’s website. Upon further scrutiny, he also noticed that the hashes for monero-wallet-cli didn’t match either. At the time of writing, the Monero team is still investigating the incident to determine how the files were compromised. Although it is not known yet how many users downloaded the infected software, at least one person has come forward reporting that their Monero wallet had been drained after downloading and running the infected binary file. Reddit user moneromanz posted: “I can confirm that the malicious binary is stealing coins. Roughly 9 hours after I ran the binary a single transaction drained my wallet of all $7,000. I downloaded the build yesterday around 6pm Pacific time.” He added that it appeared that “the attacker forked from commit f07c326f1 in the public repo” and warned users not to run the binary in order to check the version. The automod in the r/Monero subreddit appears to have deleted the original for reasons unknown. The price of Monero abruptly fell by more than five percent Monday morning – from $62.43 to $59.12 in less than three hours. After falling further to $58.56 overnight, XMR has since begun to regain some lost ground and is currently trading at $60.03. The post Monero Website Hacked, Downloads Infected with Crypto-Stealing Malware appeared first on CryptoPotato.
CryptoPotato

Mimblewimble Attack is ‘Factually Inaccurate’, Grin Team Responds

The claim that hired computing power could “break” the Mimblewimble privacy tool for Litecoin (LTC) is inaccurate, according to a response from the Grin development team.  Weakness Did Not Reveal Final Senders or Receivers The Grin team admitted that the protocol held a known weakness, but directing hired computing power from AWS did not constitute an ‘attack’. The analysis of Ivan Bogatyy managed to glean some network data, but the conclusions that the flaw could not be repaired were also inaccurate. While transaction linkability is a limitation that we’re looking to mitigate as part of our goal of ever-improving privacy, it does not ‘break’ Mimblewimble nor is it anywhere close to being so fundamental as to render it or Grin’s privacy features useless The creator of Litecoin, Charlie Lee, also tweeted that Mimblewimble had a known weakness, but this did not challenge the system as a privacy feature for LTC. This limitation of MimbleWimble protocol is well known. MW is basically Confidential Transactions with scaling benefits and slight unlinkability. To get much better privacy, you can still use CoinJoin before broadcasting and CJ works really well with MW due to CT and aggregation. https://t.co/M5sx92nzlZ — Charlie Lee [LTC] (@SatoshiLite) November 18, 2019 The information that could be gleaned was not as valuable as previously thought. The breaking of Mimblewimble veiling could not yield addresses, but only information about transaction outputs. The Grin team added that this could not link identities to wallets and addresses, an approach often used by law enforcement. The team admitted that so-called “sniffer nodes” collected data, but only for a particular time period. By no means were all Mimblewimble transactions being tracked. Additionally, the information was not as relevant as previously thought, only linking outputs. For the team, this was old knowledge, which did not compromise the veiled identities of users. Another inaccuracy was that the analysis did not unravel the “transaction graph”, and did not arrive at any possible identifying information about counter parties. The “sniffer nodes” mapped the activity, but could not trace where transactions originated. Within the Mimblewimble network, transactions never appear as identifiable information to outside observers, and no addresses exist. Mimblewimble Offers Stripped-Down, Private Blockchain Mimblewimble was proposed back in 2016, as a protocol to obscure transactions for multiple coins. The protocol was most prominently adopted by Litecoin, as a tool to make the asset a rival to Monero (XMR) and ZCash (ZEC). The Grin project is an implementation of the Mimblewimble blockchain. The protocol uses limited data to keep the distributed ledger, without linking addresses. So far, Mimblewimble has minimal usage, with very few transactions within the network. The GRIN token currently trades at $1.27, after a daily slide of 10% following a downturn across all markets. Mimblewimble is the brainchild of pseudonymous user Tom Elvis Jedusor, none other than the French anagram of “Je suis Lord Voldemort”. What do you think about Grin’s response? Share your thoughts in the comments section below! Images via Shutterstock, Twitter @SatoshiLite The post Mimblewimble Attack is ‘Factually Inaccurate’, Grin Team Responds appeared first on Bitcoinist.com.
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BUTTON Wallet building new exchange solutions for Zilliqa (ZIL)

BUTTON Wallet, a messenger-based cryptocurrency solution for trading and buying digital assets, announced today its involvement in the LongHash Hatch and ZILHive Incubator, a joint 12-week incubation program that provides a full range of support for early-stage blockchain projects. The BUTTON Wallet team is using the Incubator as an opportunity to further develop simpler, more […] CryptoNinjas: BUTTON Wallet building new exchange solutions for Zilliqa (ZIL)
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