Explore what makes the lightning network secure and how to use it on the Bitnob App.
When you hear the word ‘lightning’, what comes to mind? The bright flash of light that appears in the sky during a thunderstorm or the figurative description of something that happens very quickly like a ‘lightning strike or speed’. Whichever of the descriptions is correct, however, there’s a term called ‘The Lightning Network’ in Bitcoin terms.
In the blockchain world, the Lightning Network (LN) is a second-layer payment protocol built on the Bitcoin blockchain. Its main design addresses the scalability issue that Bitcoin faces, where the number of transactions the network can process can be slow and expensive. The Lightning Network offers a secure way to conduct Bitcoin transactions.
Thaddeus Dryja and Joseph Poon invented it. In February 2016, they authored the first formal technical paper on the Lightning Network and this paper is widely recognized as the foundation for the lightning network technology's development. Following the publication of the white paper, numerous developers from various companies and organizations have contributed to its ongoing development and implementation.
In this article, we will explore what the Lightning network is, and how secure it is for transactions.
What is Lightning Network?
As earlier stated, the Lightning Network is a second-layer protocol built on top of the Bitcoin blockchain. It is a peer-to-peer network that enables users to make instant, low-cost transactions without the need to trust any third-party intermediaries. Transactions are conducted through a series of payment channels between users, allowing for off-chain transactions to take place without having to rely on the slower and more expensive verification process of the Bitcoin blockchain.
What Makes the Lightning Network Secure
Like any other security network, the lightning network has also been faced with various attacks and to mitigate the attacks. However, the Lightning Network has implemented various security features to address these challenges, further strengthening the Lightning Network.
Channel Breaches
A channel breach occurs when a user attempts to post an old channel state, likely one where they had more Bitcoin than they currently do. In response, the other party can claim all of the funds in the channel, leading to a loss for the offending party.
To further protect against channel breaches and make the lightning network secure, users can outsource the channel monitoring and protection to a "watchtower" service, which helps secure their channel without learning about the details of the channel.
Denial-of-Service Attacks
To protect against denial-of-service attacks, the Lightning Network has implemented a fee market, which ensures that transactions with higher fees are processed first. This ensures that attackers must pay a significant fee for an attack. This denial of service attacks also keeps the lightning network secure.
Privacy and Routing Attacks
To protect against privacy attacks, the Lightning Network has implemented onion routing, similar to the Tor network's routing mechanism.
Onion routing encrypts messages between nodes in a payment route so that nodes can see the steps immediately before and after them in a path. In addition, the Lightning Network has implemented private channels, which do not appear to the public, providing an additional layer of privacy.
The Lightning Network on Bitnob
The Lightning Network has the potential to revolutionize the way transactions are conducted, providing a fast and secure solution. it was developed to include anyone in the world, who is open to innovations and willing to make transactions through it.
Ready to use the Lightning Network? You can start by using the Lightning feature on Bitnob–a user-friendly platform that allows users to experience Lightning Network to its full potential. You can travel with your Bitnob app to countries that accept Bitcoin as a form of payment to cater to your needs without carrying cash. Ready to give it a trial? Download Bitnob to get started.