BITCOIN LIGHTNING NETWORK DEVELOPER SAYS NETWORK IS VULNERABLE


Consensyus is working to help the world of philanthropy and a developer points out the flaws in the lighting network, lets start the show. Welcome back to crypto global news, please make sure you like share and subscribe to the show. Also, we have a brand new website – jump over to cryptognt.com and have a look, we have all the latest news from the world of blockchain and cryptocurrency. You can find a link to our site in the show notes below. Enjoy today’s episode. ConsenSys, which is a blockchain startup founded by Ethereum’s (ETH) co-founder Joseph Lubin, and the World Wildlife Fund have jointly launched the Impactio platform with the objective to bring transparency into philanthropy. As Per an announcement the new partnership between ConsenSys and the WWF resulted in an Ethereum blockchain-based platform dubbed Impactio designed to supervise and fund projects within nongovernmental organizations and standalone companies. Will this partnership help the world of philanthropy? Bitcoin has a unique advantage over other assets, which is self custody, which the traditional financial system cannot compete with. It is important that the Bitcoin ecosystem maximizes this competitive advantage in order to compete with the legacy system. Custodial solutions are important for financial markets, whether traditional or innovative, and have been historically limited for Bitcoin. But why do institutional investors need custodial services, and what are the unique challenges of Bitcoin custody? What is the future for crypto custody? Will it be with larger institutions, or will there be some other way people protect their assets? Just a reminder, we have a brand new website – jump over to cryptognt.com and have a look, we have all the latest news from the world of blockchain and cryptocurrency. You can find a link to our site in the show notes below. And now, back to today’s episode. In August of 2019, the United States and Thailand announced their plans to test blockchain applications for tracking and managing shipments. The U.S. Customs and Border Protection (CBP) is planning to test a blockchain application against their current system to determine how distributed ledger technology (DLT) can improve its existing processes. Thailand, on the other hand, plans to use IBM’s blockchain-based logistics platform Tradelens to improve customs processes such as data sharing. This was Originally developed in a joint venture between IBM and logistics giant Maersk, Tradelens seeks to streamline processes in the global shipping industry by making the flow of information occur in real-time. What is the future of cross border payments and blockchain? The National Basketball Association more commonly known as the (NBA) notified Brooklyn Nets’ player Spencer Dinwiddie that he cannot tokenize his $34 million dollar contract. The NBA pointed out that Dinwiddie’s initiative goes against the collective bargaining agreement in a statement sent to the outlet. The statement reads: “According to recent reports, Spencer Dinwiddie intends to sell investors a ‘tokenized security’ that will be backed by his player contract. The described arrangement is prohibited by the C.B.A., which provides that ‘no player shall assign or otherwise transfer to any third party his right to receive compensation from the team under his uniform player contract.’” What will the reaction be from Mr.Dinwiddle, and the other players in the league, and if they push back against this, what is the future of tokenizing contracts? Bitcoin’s (BTC) Lightning Network (LN) developer Rusty Russel has published the full disclosure of the network’s vulnerability discovered this year, along with a potential solution. Russel pointed out that the vulnerability appeared while opening funding channels. The described process does not require that receivers check if a transaction is the one promised by the funder in terms of amounts and the actual scriptpubkey. “A lightning node accepting a channel must check that the funding transaction output does indeed open the channel proposed. Otherwise an attacker can claim to open a channel but either not pay to the peer, or not pay the full amount. Once that transaction reaches the minimum depth, it can spend funds from the channel. The victim will only notice when it tries to close the channel and none of the commitment or mutual close transactions it has are valid.” What is the future of the lightning network, and will Mr. Russel’s ideas be implemented? Many thanks for tuning into today’s episode, please make sure you like share and subscribe to the show, And please remember to go check out our new website at cryptognt.com where you can find all the latest news from the world of cryptocurrency. You can find a link to the site in the show notes below. For crypto global news I’m Edward, until next time you take it easy.

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