China News by Thebittimes.Com

Burak, the developer who hacked Bitcoins Lightning Network with a 998-of-999 multi-signature Taproot transaction, has created a new Bitcoin layer 2. It has no proprietary token and does not require any fork. It’s dubbed ‘Brollups’ — a portmanteau of either ‘Burak’ and ‘rollup’ or ‘bro’ and ‘rollup.’  A rollup is a bundle of transactions that occur off-blockchain. They’re ‘rolled-up’ into a consolidated file and mined on-chain. Also known as a ‘layer 2,’ they’re essentially separate blockchains that borrow security and value from a base, ‘layer 1’ blockchain like Bitcoin. Brollups don’t require a fork of Bitcoin’s consensus code. This is notable because Burak has received donations for his work on a separate layer 2 that would require a Bitcoin fork: Ark. In particular, Ark’s Virtual Transaction Output (VTXO) tree requires an on-chain covenant to pre-determine...

Antoine Riard believes the Bitcoin community faces a "hard dilemma" as a new class of replacement cycling attacks threatens the Lightning Network. Security researcher and developer Antoine Riard is stepping down from the Lightning Network’s development, citing security issues and fundamental challenges to the Bitcoin ecosystem.  According to a thread on the Linux Foundation’s public mailing list, Riard believes the Bitcoin community faces a "hard dilemma " as a new class of replacement cycling attacks puts Lightning in a "perilous position." How does a lightning replacement cycling attack work? There's a lot of discussion about this newly discovered vulnerability on the mailing lists, but the actual mechanism is a bit hard to follow. So here's an illustrated primer... 1/n pic.twitter.com/mvvS8bEc5f — mononaut (@mononautical) October 21, 2023 The Lightning Network is the second-layer solution built over the Bitcoin blockchain. It is designed to...

Coinbase is considering integrating Bitcoin’s Lightning Network to facilitate quicker crypto payments. The exchange’s CEO, Brian Armstrong, hinted at it in response to a tweet by Jack Dorsey. The Twitter co-founder, in his turn, questioned Coinbase’s approach toward Bitcoin (BTC) and Lightning Network adoption. We’re looking into how to best add Lightning. It’s non-trivial, but I think worth doing. I’m all for payments taking off in Bitcoin. Not sure why you think we’re ignoring Bitcoin – we’ve onboarded more people to Bitcoin than probably any company in the world. Let’s build it… https://t.co/9dFGYd6XZt — Brian Armstrong ️ (@brian_armstrong) August 2, 2023 Armstrong voiced enthusiasm for integrating it into Coinbase, emphasizing that although the integration is complex, the advantages of facilitating speedier Bitcoin payments make it worthwhile. You might also like: Binance integrates The Bitcoin Lightning Network Coinbase’s apparen...

The Bitcoin gaming economy gets a boost from Zebedee’s expansion into Africa, complementing its Brazil and Philippines operations. Gamers in Africa can now send and receive small amounts of Bitcoin (BTC) while playing classic titles like Counter-Strike. Zebedee, a fintech and payments processor targeting the gaming space, has partnered with crypto exchange platform Bitnob to offer payments and gaming reward options in Africa using the Bitcoin Lightning Network (LN) . Within the partnership , African users can earn Bitcoin through Zebedee-powered apps and games. Zebedee’s offering serves as a second layer in games that allows developers to replace vague in-game points rewards with satoshis, the smallest denomination of Bitcoin. Through the partnership with Bitnob, these, in turn, can be converted to a local currency like the Nigerian nairas. Related: Polygon becomes second-largest gaming blockchain after user activity surges in March Zebedee’s chief strategy officer Ben Cousens expla...