Bitcoin, after launching in 2009, making steady progress in Cryptocurrency market. After the Mt Gox disaster, the company added numerous safety features in it. One of them was ‘The Lighting Network’ and additional layer over its Blockchain network.
However, Bitcoin developers found a significant breach on this Lighting Network. According to developer Rusty Russel, this issue could cause the loss of funds for numerous users. Additionally, it may permit illegal transactions if no prevention is taken.
The detail of the security issue will see the light on 27 September 2019. Until then, the Bitcoin officials ensured that the user’s fund is safe and secure. They will come up with both the details and some contingency plans to prevent this issue.
The issue is associated with lightening ready wallet of Bitcoin named Eclair. Rusty Russel also advised the users to update their Eclair wallet. Despite the availability of other wallet features, Eclair is the most popular among the users.
Security layer ‘The Lighting Network’ was introduced in 2015. Thaddeus Dryja and Joseph Poon first proposed this network. It ensures the transaction can go back and forth before being added to the underlying Blockchain. Multiple layers may sound intimidating; however, the transaction speed increased significantly.