Bitcoin’s Lightning Network Has Serious Security Vulnerabilities

Bitcoin’s Lightning Network, a second layer solution to BTC’s scalability issue, contains a security issue that could lead to a ‘loss of funds,’ claims an Australian software programmer. With the project’s whitepaper released in 2016 for the first time, the Lightning Network has gathered an active development community over the years.

Lightning network

A software developer from Australia, named Rusty Russel, posted a warning on his Twitter account, pointing out a security issue on Bitcoin’s lightning network, which could cause a ‘loss of funds.’ While not immediately disclosing what the security issue is, the developer announced that the full details will be released on the 27th September, less than four weeks from the time of writing.

Russel urged all lightning node operators who use software older than 0.71 (c-lightning), 0.7 (lnd), and 0.3 (eclair) to upgrade their software. Moreover, he posted a link on his Twitter post, which leads to a signed message located on the Linux Foundation’s site. The signed messaged continued, explaining that node operators should upgrade as soon as possible.

At the moment, the newest software version for c-lightning is version 0.72, which was recently revealed by Blockstream, a blockchain development company. C-Lightning is an individual implementation of the Lightning Network protocol, meant to act as an additional layer that will allow users to swiftly conduct transactions with lower fees. The new version introduces a dynamic plugin management system and the upcoming ‘signet’ feature.

Pointed out by Blockstream’s CTO Samson Mow, Bitcoin has a scalability issue which prevents it from being used as a large-scale payment system. According to Mow, additional upgrades such as Bitcoin’s Lightning Network can lead to instant transactions, without the outrageous fees commonly found in an overactive bitcoin network.

Furthermore, Andreas Antonopoulos, a crypto-supporter and known favorite among the community, announced the future release of his new book named ‘Mastering Lightning Network’. The book is made with the intention to provide educational literature pertaining to the Lightning Network and will be released in approximately a year.

Add a Comment

Your email address will not be published. Required fields are marked *

1 × 4 =