Electrum to Implement Lightning Network on Its Bitcoin Wallet

It has developed an in-house Python-based solution.

Bitcoin wallet platform Electrum on Monday announced that its new version would add support for the Lightning Network.

The platform confirmed that it would merge its lightning node with the master branch, which will support the side-chain protocol without the additional need for any third-party applications.

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Scaling Bitcoin’s blockchain

First proposed in 2016, Lightning Network is a second layer protocol for Bitcoin payments. It was introduced to increase the scalability of the original blockchain network by taking the transaction away from the main blockchain.

Mainly designed to handle micro day-to-day payments, the protocol also drastically reduces the transaction fees.

The wallet platform also confirmed that the implementation will be based on popular programming language Python and was developed in-house.

Though Lightning protocol has created a buzz in the crypto world, it is still far from perfect as many programmers pointed out bugs on the network.

Last month, Finance Magnates reported that a major Lightning Network vulnerability was reported by Rusty Russell, one of the authors of Lightning protocols specification, on a Bitcoin Wallet called Eclair.

Developed in 2011, Electrum is one of the earliest and widely-used Bitcoin wallets available. Since then, the developers released many versions, adding more features. The official website of the wallet, however, suggests the users update their wallets to the latest version as older versions are susceptible to phishing attacks.

Earlier this year, Bitfinex also announced its plans to launch Tether on the Lightning Network.

Meanwhile, blockchain startup ACINQ earlier this month raised $8 million in a Series A round to develop Lightning Network-based products.

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