All About Lightning Electrum
But here's another question, how do we keep the other side of the transaction, and later the validator, from knowing my private key while allowing them to verify that I know it?
Similarly, lnd v0.10-beta supports the partially signed Bitcoin transaction feature, which enables users to fund their new Lightning channel directly from their hardware wallet or external wallets, such as Electrum and other wallets that support the PSBT (partially signed Bitcoin transaction) format.
Thomas Voegtlin, founder of electrum, a cryptocurrencies wallet service, said he plans to increase support for Bitcoin Lightning online trading technology by the end of July. He said the transaction would be conducted by electrum servers interacting with the Bitcoin network, rather than integrating with other Lightning network clients. Lightning Network is a Layer 2 expansion technology under development with the goal of faster payments, lower fees, and higher transaction throughput than bitcoin networks, and several Lightning network projects are currently developing iterations.
Johnwick.io found that hackers launched a denial-of-service (DoS) attack on a well-known wallet, Electrum server. Hackers used a botnet of more than 140,000 computers to attack Electrum's nodes and simultaneously deployed malicious nodes. When a user connects to these malicious nodes and sends a transaction using an older version of Electrum, the user is prompted to update the Backdoor Client. If the user installs the client as prompted, the private key is stolen and all digital assets are lost. Millions of dollars of digital currency have been stolen, according to Electrum officials. Devi Security Labs recommends that users of Electrum Wallet update to the latest version of the client via the official website and never use the link in the prompt message.
If someone's Electrum wallet connects to one of these servers and tries to send a BTC transaction, they see an official message telling them to update their Electrum wallet, as well as a scam URL.
If not through traditional financial intermediaries, how can the validity of the transfer be confirmed? The only way is for everyone in the system to have the same ledger to verify the validity of the transaction.
I copy and paste the BTC address to Electrum (a Bitcoin wallet) and confirm the Bitcoin transaction information. The clipboard, on the other hand, swaps my Bitcoin address for the purpose of my . . . to a different address.
The solution mentioned by Mr. Namoto is also simplified payment verification (simplified SPV). This is a great technology that solves the historical puzzle of how Bitcoin handles large-scale data in the confirmation of payments. The entire SPV process depends on the full node to help verify the transaction, the light node itself can not verify the transaction, but by confirming that the other full node has accepted the transaction, the transaction confirmation is completed indirectly.
Similarly, a legitimate Grin transaction conforms to the above equation. So how can we verify without exposing specific values? Let's take a look at the inputs and outputs of transactions between Alice and Bob.
Why use Electrum? Here are a dozen of the benefits of electrum wallets.
Electrum Wallet is one of the most popular Bitcoin wallets and has been around for several years. However, Electrum wallet users often rely on electrum servers, which presents some security and privacy trade-offs. If you use an Electrum personal server, Electrum wallet users can connect locally to their own private servers, enjoying the convenience of Electrum without any trade-offs.
Simply put, SPV is a technical means by which users can verify payments without running a full node, and users only need to save all the blockheads. Although the user can not verify the transaction itself, but if you can find a matching transaction from somewhere in the blockchain, they know that the network has approved the transaction, and how many confirmed by the network, SPV is doing "payment verification", only to determine whether the transaction used for "payment" has been verified, and how much power protection (how many blocks confirmed), rather than the node-wide "transaction verification" (involving verification of whether there is enough balance available for expenditure, whether there are double flowers, scripts can pass, etc.)
First of all, I can verify all the blocks of the original chain, can know the correct chain, and then verify the transaction root and transaction signature to ensure that the funds have been locked, so that essentially we trust is another chain of consensus algorithm, POW or POS, is the highest security at the cryptography level, the original chain itself is how secure, then I issued the mapping currency has how secure, the user's funds are how secure.
There is a crucial operation here: the node verifies the correctness of the transaction. If the transaction is wrong, the transaction will not be recorded on the blockchain. So here's the question: How do nodes verify the correctness of a transaction?
So, Ethereum is a bad attempt, let me analyze how they do it. Ethereum simply shortens the blocking interval, but one problem with Ethereum is that it is not able to verify the validity of the transaction before receiving the block. Because the validity of a transaction in Ethereum depends on the order of the transactions in the block, if you want to verify the validity of a transaction you have to wait until the entire block is received, so that each block is actually Fresh Transaction.
The Electrum development team also warned them that they had nothing to do with a project called Electrum Dark: they used our name without our permission. Be careful with the altcoin version of Electrum, as they are sometimes used as vectors to install malware against your real Bitcoin wallet.
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