Though there are a few watchtower implementations out there now, they still aren’t commonly used yet across the Lightning Network, despite being an important piece. Read more: Bitcoin Lightning Fraud? Laolu Is Building a ‘Watchtower’ to Fight It
In addition to support for Lightning payments, Electrum 4.0.2 now supports a number of other innovations with this new release that could make using Lightning more secure and less bumpy for users.įor one, Electrum has implemented its own Lightning watchtower, an important component of the Lightning Network, which scans the Bitcoin blockchain in order to detect and prevent fraud. Related: Listen: What a Bitcoin Researcher Says About Lightning That’s one reason the release took so long. In order to support Lightning transactions, the developers actually wrote an entirely new implementation of the Lightning protocol “from scratch,” SomberNight said, instead of using a popular implementation, such as Lightning Labs’ LND or Blockstream’s c-lightning. Read more: What is Bitcoin’s Lightning Network? It also allows fast, cheap and more private payments,” pseudonymous Electrum developer SomberNight told CoinDesk in an email. Lightning is quite complicated and not without its issues but ultimately it is the most promising currently known way of scaling Bitcoin. “ decided to adopt Lightning because we see it as the way forward for Bitcoin. Electrum founder Thomas Voegtlin first told CoinDesk last summer that Lightning would make it into the next release. With the addition of Lightning features to Electrum, bitcoin transactions will be much faster and cheaper than they are now, and since this is by far one of the most widely used BTC wallets in the world, it is possible that it will allow this new technology to be deployed on a wide scale.Lightning support in Electrum is a long time coming. However, the new Electrum implementation will not use Electrum servers, but Lightning Network’s gossip protocol that allows peer-to-peer communication based on a system similar to that with which epidemics spread within a population. The new solution seems similar to that of Eclair, an existing Lightning wallet that uses Electrum’s servers to interact with the Bitcoin network.
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This version will not be an integration of existing Lightning clients, but it will be its own implementation, as the goal is to allow users of the wallet to have full control over their funds. Voegtlin also confirmed that the development of this integration is almost complete and that they are close to making it operational.ĭuring the Odessa event, Voegtlin also showed a test version of the new Electrum wallet with LN. However, after his statements, it is expected that this could happen by the end of July or at the latest in early August. Voegtlin confirms that the next version of Electrum will also have support for Lightning Network, although he did not want to reveal the release date. This is going to happen in the coming weeks until the end of July, and it means that the next major release will have lightning support.” “We’ve been doing this work for about a year in a separate branch and we’ve reached the point when we are ready to merge it with our master branch. The statement was made during an interview as part of the blockchain event BIP001 which was held these days in Odessa, Ukraine. Electrum founder Thomas Voegtlin said that Lightning Network could be integrated into the wallet by the end of July.
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