In readiness for the fourth Bitcoin halving, crypto firms are exploring ways to maximize their profits before April 2024, when the reward for mining BTC will be reduced by half. The attempt to solve the complex puzzle revolving around the upcoming Bitcoin halving has posed a threat to the crypto industry’s growth.
An official communication from the former researcher and developer at the Lightning network, Antoine Riard, reveals that developers neglect to uphold security standards when integrating Bitcoin Lightning Network. He blamed the Lightning developers for forgetting to adopt adequate security measures while developing the Lightning Network.
Attackers Targeting to Exploit Payment Network Through Replacement Cycle Attack
He noted that most Lightning-oriented developments aim to maximize investors’ profit. Riard defined a Lightning Network as a Layer-2 solution built on the blockchain network of the Bitcoin ecosystems. The integration of the Lightning Network aims at improving the scalability and efficiency of Bitcoin (BTC).
Last month, before resigning from the Lightning Network, Riard regretted that the attackers had developed new strategies to steal from the customers.
He observed that the lousy actor recently launched a replacement cycle to exploit vulnerable payment networks. With the emergence of new types of attacks, Riard regretted that this development posed a threat to the Lightning network.
The executive explained that the replacement cycling attack is a trending exploit allowing attackers to heist funds from a network. This attack involves exploiting vulnerabilities between mempools on the blockchain network.
He stated that the new attacks threats Lightning Network and places it in a perilous position. In the meantime, Riard is improving the Bitcoin base layer to fix any vulnerabilities. The executive has urged other developers to invest in improving the safety of the Bitcoin Lightning.
Bitcoin Developer Urges Lightning Network Creators to Fix Existing Bugs
He requested the developers to stop being lazy and start creating effective solutions that sustain the decentralized and open nature of Bitcoin Lightning. He encourages the developers to invest in improving the base layers.
After reviewing the latest development in the Lightning sector, Riard noted that most developers are failing to attain Lightning’s core objectives. The executive noted that most Lightning developers working for venture capital or business entities must deliver within the specified time.
Riard noted that tight deadlines expose users to long-term risks. With the development of the Lightning Network, the official envisages that in the future, some companies might desire to gain a competitive advantage over others.
Riard revisited the ‘tragedy of the commons,’ a theory developed by William Forster Lloyd that stated that entities with access to public resources would act in manners that would only benefit them.
Antoine Riard Predicts a Dull Future for Bitcoin Lightning Network
The developers noted that the VC Lightning companies sought to trade off decentralization. Riard pointed out that centralized systems are more efficient than decentralized platforms.
The executive noted that centralized systems have lower user censorship costs, which threatens Bitcoiner.From his in depth analysis Riard predicts that the future of Lightning Network seems dull with ongoing developments.
He confessed that he did not want to be associated with the development of the Lightning sector due to the inherent risks that will emerge in future. Riard stated that he felt discouraged to continue working in his previous role since he was unwilling to be charged or held accountable for Lightning Network security.
The executive noted that not much can be done to stop the breach of the censorship-resistance and permissionlessness of the Lightning Network core values.
The post Bitcoin Developer Blames VC-Funded Lightning Firms for Failing to Fix Security Bugs first appeared on CryptocyNews.com.
from CryptocyNews.com https://www.cryptocynews.com/bitcoin-developer-blames-vc-funded-lightning-firms-for-failing-to-fix-security-bugs/
via Bitcoin News
via Bitcoin News Today
No comments:
Post a Comment