Fraud-Fighting ‘Watchtowers’ about to come

Fraud-Fighting ‘Watchtowers’ about to come

Arrival of ‘watchtowers’ will ensure security to the network which is yet a missing piece of bitcoin’s lightning layer as important for removal of fraud. LND software version 0.7 is going to be launched and Lightning Labs is launching the most complete build of a network watchtower. By using it one can be ensured whether someone is trying to steal those funds at the time of using lightning. The watchtower includes another quality and elaborately to say that on the off chance a bad actor tries to broadcast an old transaction giving themselves extra money then the watchtower responds by punishing that bad actor.

So before that users needed to monitor themselves to evade such issues but watchtowers is going to help them reduce this functionality. One of its facts is that the tower code is out there in the open but it hinders attacker to attack as the potential victim has a tower watching their back. The concept of watchtower is very old and Lightning Labs has been attempting to implement it.

Operating a ‘Tower’

Several tests over watchtowers have been done including MIT’s Lit and Lightning Peace. Users will be much able to tap the watchtowers to watch real-world participants who are testing lightning today by the release of LND’s which is forthcoming. LND’s watchtower code can be run by anyone. Bitcoin’s Lightning Wallet implement watchtowers known as the ‘’Olympus Server.’’ Businesses running lightning network can start running towers to save their nodes is its importance. But people can connecting to outside towers to protect their money where everyone will not run their own watchtower. Users can connect many towers if they haven’t faith enough in one. Bringing to light of watchtowers will be cause f safer network where payment will be safely paid which was insecure as before. That includes allowing users to keep more money into lightning channels via Spongebob (name of a technology).

Ecash Token and beyond

Though this release is going to be a big step but for improving the watchtower software Lightning Labs have been planning. It’s planning is to upgrade to allow people to pay small fees to watchtowers. But there is confusion about the necessity of this approach. While watchtowers work bad actors should not try to broadcast old channels states because the watchtowers will ensure the bad actor loses money if they try. Setting up watchtower help people to be detached from fraud. But it’s outcome cannot be predicted. The team is hard and soul trying to find out a way for making payments to watchtowers more private. But they are looking to creating a sort of Ecash token. It will help users to pay for watchtowers in such a manner that isn’t linkable.

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