New Lightning: MIT Introduces Spider Routing Scheme to Accelerate Cryptocurrency Transactions
Researchers at the Massachusetts Institute of Technology (MIT) “improved” the Lightning Network by creating a blockchain-based transaction routing network model called Spider.
According to the developers of MIT, the solution is a “network of payment channels” (PCN), which can reduce the time spent on transactions on the blockchain and even make a profit. Its architecture has significant similarities with the Lightning Network, a payment network already operating in Bitcoin and several other public blockchains.
Experts explained that transactions will be carried out with minimal participation of the blockchain. PCN users will create an escrow account outside the blockchain, thereby forming an integrated network of joint accounts. Then, payments will be made through these accounts, and information will be recorded on the blockchain only for creating and closing accounts, which will greatly accelerate transactions. Accounts may also charge a small fee if transactions are routed through them.
In traditional schemes, transactions are made in the shortest way, however, this does not take into account the user's balance, and if, when processing a large number of transactions, the balance on the joint account becomes zero, this will lead to a delay or failure of the operation. The Spider scheme offers a more efficient way to route cryptocurrency payments. It is about dividing transactions into parts that are transmitted through channels with different bandwidths. The developers are confident that such a scheme will work much more efficiently unlike other networks in which the payment is rejected if the payment channel cannot transfer a large payment.
In addition, if the account in Spider cannot process the incoming transaction, it is not rejected, but queued until this account recovers the balance of coins as a result of another transaction. At the same time, a special algorithm will check the workload of nodes to detect delays in such queues, which will allow less often to direct a transaction through a busy route. In the near future, the developers plan to increase the efficiency of the Spider solution for conducting transactions based on DAG and eliminate possible problems related to privacy.
Researchers at the Massachusetts Institute of Technology (MIT) “improved” the Lightning Network by creating a blockchain-based transaction routing network model called Spider.
According to the developers of MIT, the solution is a “network of payment channels” (PCN), which can reduce the time spent on transactions on the blockchain and even make a profit. Its architecture has significant similarities with the Lightning Network, a payment network already operating in Bitcoin and several other public blockchains.
Experts explained that transactions will be carried out with minimal participation of the blockchain. PCN users will create an escrow account outside the blockchain, thereby forming an integrated network of joint accounts. Then, payments will be made through these accounts, and information will be recorded on the blockchain only for creating and closing accounts, which will greatly accelerate transactions. Accounts may also charge a small fee if transactions are routed through them.
In traditional schemes, transactions are made in the shortest way, however, this does not take into account the user's balance, and if, when processing a large number of transactions, the balance on the joint account becomes zero, this will lead to a delay or failure of the operation. The Spider scheme offers a more efficient way to route cryptocurrency payments. It is about dividing transactions into parts that are transmitted through channels with different bandwidths. The developers are confident that such a scheme will work much more efficiently unlike other networks in which the payment is rejected if the payment channel cannot transfer a large payment.
In addition, if the account in Spider cannot process the incoming transaction, it is not rejected, but queued until this account recovers the balance of coins as a result of another transaction. At the same time, a special algorithm will check the workload of nodes to detect delays in such queues, which will allow less often to direct a transaction through a busy route. In the near future, the developers plan to increase the efficiency of the Spider solution for conducting transactions based on DAG and eliminate possible problems related to privacy.
Iota Trinity wallet users ' funds stolen due to a vulnerability in the app
The IOTA team is investigating reports of a possible vulnerability in its Trinity wallet that resulted in the theft of 10 users ' funds. At the moment, transactions in the network are temporarily suspended.
The iota blockchain project was attacked or maliciously exploited by a vulnerability in the Trinity Wallet app. IOTA said it began receiving reports of stolen funds from users on Wednesday and decided to disable the coordinator node on the network for further investigation. The developers recommend that users do not launch the Trinity app until further notice.
The IOTA Foundation is investigating the issue in an earlier version of its wallet. The developers are also trying to analyze the pattern of hacker attacks and perform manual verification. According to the IOTA statement, " the first (but not all) exchanges responded to the request and reported that the tracked funds were not transferred or cashed."
"Most of the evidence points to the theft of "SIDS", the cause of which is still unknown and is being studied by developers, " said the IOTA Foundation. "It seems that all the victims (about 10 people who have contacted the IOTA Foundation at the moment) have recently used Trinity."
On Twitter, IOTA said it was working with law enforcement and cybersecurity experts to investigate a coordinated attack that resulted in funds being stolen. The company does not disclose the total amount of stolen funds, but Twitter user 00xou reports that about $ 1.6 million was stolen from 10 users. He also notes that the problem most likely occurred in the desktop version of the wallet.
The last update of the iota investigation status was made on February 13 at 23.45. The message reads:
"We are still investigating many possible root causes, including the exploit of the previous version of Trinity with all its dependent objects. We are working on studying the attacked "SIDS" and analyzed the attack pattern using a set of newly created tools, as well as completed a full manual check. Due to the ongoing investigation, we will continue to stop transactions of funds in the network. Please note that data transfer is not affected by this restriction."
Recall that in December, iota developers reported that a crash that suspended the main network was fixed, as well as the release of an updated version of the client for full IRI V1.8.3 nodes.
The IOTA team is investigating reports of a possible vulnerability in its Trinity wallet that resulted in the theft of 10 users ' funds. At the moment, transactions in the network are temporarily suspended.
The iota blockchain project was attacked or maliciously exploited by a vulnerability in the Trinity Wallet app. IOTA said it began receiving reports of stolen funds from users on Wednesday and decided to disable the coordinator node on the network for further investigation. The developers recommend that users do not launch the Trinity app until further notice.
The IOTA Foundation is investigating the issue in an earlier version of its wallet. The developers are also trying to analyze the pattern of hacker attacks and perform manual verification. According to the IOTA statement, " the first (but not all) exchanges responded to the request and reported that the tracked funds were not transferred or cashed."
"Most of the evidence points to the theft of "SIDS", the cause of which is still unknown and is being studied by developers, " said the IOTA Foundation. "It seems that all the victims (about 10 people who have contacted the IOTA Foundation at the moment) have recently used Trinity."
On Twitter, IOTA said it was working with law enforcement and cybersecurity experts to investigate a coordinated attack that resulted in funds being stolen. The company does not disclose the total amount of stolen funds, but Twitter user 00xou reports that about $ 1.6 million was stolen from 10 users. He also notes that the problem most likely occurred in the desktop version of the wallet.
The last update of the iota investigation status was made on February 13 at 23.45. The message reads:
"We are still investigating many possible root causes, including the exploit of the previous version of Trinity with all its dependent objects. We are working on studying the attacked "SIDS" and analyzed the attack pattern using a set of newly created tools, as well as completed a full manual check. Due to the ongoing investigation, we will continue to stop transactions of funds in the network. Please note that data transfer is not affected by this restriction."
Recall that in December, iota developers reported that a crash that suspended the main network was fixed, as well as the release of an updated version of the client for full IRI V1.8.3 nodes.