Australian Bitcoin Coder Warns of Bugs In Bitcoin’s Lightning Network September 1, 2019 September 1, 2019 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Bitcoin NewsSeptember 1, 2019 by Kelly Cromley

Australian Bitcoin Coder Warns of Bugs In Bitcoin’s Lightning Network

In multiple Bitcoin Lightning Network initiatives, security flaws have been found that have the ability to lead customers to loose their cryptocurrency.

Those operating Lightning Network nodes were recommended to upgrade their software as quickly as possible, such as those associated with the mainstream wallet facility Eclair.

Precise data is currently difficult to obtain, but the initial post exchanged through a mailing list of the Lightning Network pledges to publish “full details” in four weeks. This notification process is not unusual.

In an equally staggered manner, privacy-oriented altcoin Monero has frequently published information of risky security flaws. The basic idea is to offer the network sufficient space to fix safety issues while continuing to keep hackers in the dark at the same moment, which (presumably) prevents misuse of bug.

Australian computer programer and Bitcoin’s (BTC) Lightning Network programmer Rusty Russell, who initially presented the alert, stated that “security issues have been found in various Lightning projects which could cause loss of funds.”

Russell issued a tweet asking operators of LN nodes to upgrade their software as quickly as feasible. His caution relates to all c-lightning variants earlier to 0.7.1, lnd older than 0.7, and eclair up to version 0.3, as per the message. Specifically, Blockstream announced the launch of version 0.7.2 of its BTC scalability software c-lightning in early August.

Russell openly cautions users of security problems in a PGP-signed statement released on the domain of the Linux Foundation and guarantees that further information will be made available in the short term:

“Full details will be released in 4 weeks (2019-09-27), please upgrade well before then.”

Lightning Network is a Bitcoin off-chain second-layer scalability facility designed to allow immediate and near-free BTC transfers. Chief strategic director of Blockstream, Samson Mow, of late said Bitcoin is terrible for transactions, but this could be addressed by Lightning Network.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.