Electrum to Implement Lightning Network on Its Bitcoin Wallet

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.

The next release of Electrum will support Lightning Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term. Our lightning node implementation has been merged into Electrum's master branch.

— Electrum (@ElectrumWallet) October 14, 2019

Scaling Bitcoin's Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term

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.

Yes.

— Electrum (@ElectrumWallet) October 14, 2019

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.

Upgrade #lightning nodes please! c-lightning < 0.7.1, lnd [#lessthansign] 0.7, eclair [#lessthansign]= 0.3 vulnerable:https://t.co/4E2hHUy386

— TheRustyTwit (@rusty_twit) August 30, 2019

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.