November 1st, 2020 7:16 am & nbspUTC
November 1, 2020 at 7:16 am
While Bitcoin may have hit all or a new value in 2020, a good number of crypto backers whine about the mempool backlog and the high fees required to ship a deal. Meanwhile, the Lightning Network is far from widespread adoption and various attack vectors are not hidden this year.
At the time of publication, the Bitcoin (BTC) mempool (backlog in transactions) has more than 113,000 unofficial transactions, and the backlog hasn't been that high since 2017. After the fierce battle took place three years ago, trading fees and unofficial transactions were shot through the roof. Currently, the following BTC block fee per bitcoinfees.cash knowledge on October 31st is USD 10.77 and the current media fee is USD 6.43.
Even with the high fees and the mempool clog, the larger Bitcoin community largely stays in the chain. The layer, a pair of protocols developed on the basis of Bitcoin and known as the Lightning Network (LN), was presumed to solve the problems, and it was assumed that people would switch to the LN response. However, this came about as the LN software package was considered too difficult for the normal user to protect, several apps for the area were protected, and various security vulnerabilities were uncovered this year.
Although the LN Total Value Locked (TVL) was at an unparalleled high ($ 14.3 million) in 2020, it didn't compare Ethereum to the over $ 2 billion price of Bitcoin (BTC). The attack vectors have jointly created crypto advocates who distrust the layer of a few protocols as various vulnerabilities have been exposed. For example, Joost Jager, a freelance engineer with Bitcoin and Lightning Network, tweeted about a tweet on September 22nd.
"Blitz is nice, but can't say he's battle-tested," said Jäger. "If script kids had an interest, they could turn off these shiny new five BTC wumbo channels with negligible value and no hassle." The fact that any script kid can use the "funeral attack" to shut down those five BTC channels with little effort is kind of daunting.
In addition, researchers Jona Harris and Aviv Zohar recently printed a paper titled “Flood & Loot: A General Attack on the Lightning Network,” which is comparable to the bereavement attack.
"One of the risks that was known in advance is a good general attack on the protocol in which an AN offender triggers the closure of the many Lightning channels directly," explain the authors of the paper. "The resulting high transaction volume within the blockchain does not lead to the correct settlement of all debts, and attackers could flee if they steal money." This article examines the main points of such an AN attack and assesses its value and overall impact on Bitcoin and also the Lightning Network. "
In addition, Antoine Riard and Gleb Naumenko printed a paper on June 2, 2020 about another vulnerability in the Lightning Network known as the "time dilation attack". One scary undeniable fact that Naumenko and Riard disclose regarding the time dilation attack is that "it is currently feasible to steal the entire data rate by dwarfing a node for just a few hours".
Antoine Riard recently mentioned another slick exploit known as a "pinning attack". Riard notes that "LN peers currently deployed to get the most effective information he can provide are not protected against situations (certain promises)." An explicit issue "requires serious, semi-permanent work on the bottom layer," emphasized Riard.
The Lightning Network has been around for a long time. Despite these vulnerabilities and exploits combined with the unfriendly user knowledge, it is difficult to imagine the second level answer catching on.
Of course, some of the exploits territories are much more expensive than various attacks, and the engineering territories are looking for solutions to address these problems. However, some skeptics of the Lightning Network do not believe that the LN protocol can ever be created.
Even if this were a hit (by 2051, with a shared proportion of patrons who died at a previous age), Lightning Network would STILL be at risk for flood and loot attacks and trivial DDOS at the protocol level. Lightning Network is not an answer.
Head of Technology.