The Lightning Network Users are Losing Bitcoin Because of the Bugs


January 27, 2018 7:27 pm

The Lightning Network Users are Losing Bitcoin Because of the Bugs | Coindelite News
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The Bugs made the Lightning Network Users lose their funds

Few Bitcoin enthusiasts who have been a part of Lightning Network on the Bitcoin mainnet, have recently lost their funds because of the bugs while attempted closing the payment channels.

The Lightning Network is now available to be run on the Bitcoin mainnet. Two users have reported losing bitcoin as a result of one or more bugs which is related to the closing of payment channels.

The Lightning Network is still under development, it is the web created by connecting many payment channels together, which lets users send funds to other users with whom they don’t have a direct payment channel open.

Few members of the bitcoin team observe the network as one of the blockchain’s best hopes for being transformed from an environment that contains dangerous cryptocurrencies into a platform supporting payments (or micropayments) between probably millions of users.

Most of the Lightning users, including the user of a reddit account apparently belonging to Lightning Lab’s CTO Olaoluwa Osuntokun, have warned the public not to utilize the network on the mainnet until further notice, but few of the bitcoin enthusiasts have ignored these warnings.

As of now, a Lightning Network mainnet explorer indicated that these users, as well as Lightning developers, were operating over 750 channels between 260 nodes, with upwards of 3.6 bitcoin loaded into the network.

Still, it is not clear that when exactly this second layer machinery would become free of the bugs that made the users lose their funds, but now, the Lightning team seems to develop it in perfection, free from the disturbances made by the unwanted users’ activities on the network.