TronWeekly

Crypto World News

You are here: Home / Archives for Lightning Development Kit (LDK)

Lightning Development Kit (LDK)

Square Crypto Funds “The Eye of Satoshi” Bitcoin Lightning Network Watchtower

by

Square Crypto has been dispensing out grants to developers working on free, open source projects that underpin the future burgeoning of both the Bitcoin and Lightning networks. This time around, its latest allocation went to a watchtower service for the Bitcoin Lightning.

The digital currency creation division of Jack Dorsey’s Square payments company, Square Crypto, has offered to sponsor the Eye of Satoshi, a Lightning Network watchtower that keeps track of blockchain transactions to shield the users on the layer-two scaling solution.

The Eye of Satoshi watchtower comes from the Spanish developer Talaia. Watchtowers were introduced to the Lightning Network back in 2019 to act as a reserve service option for tracking blockchain transactions when your Lightning software is inactive. Indeed, with the Eye of Satoshi observing, it is impossible for peers to block the channel and grab your crypto.

“If your Lightning Network software is ‘offline’—as in it isn’t actively monitoring the blockchain—you need a third-party that can keep watch for you. This could be because you’re running a lightweight wallet, aren’t actively using your wallet, or your Lightning Network node crashes. This is what watchtowers do.” highlighted Square Crypto on Twitter.

Square Crypto highlights the benefits of having watchtowers in place

Currently, Talaia operates on C-Lightning and will also work with different Lightning Network enactments. Additionally, Square Crypto noted that there will be several advantages of the Eye of Satoshi than just keeping an eye on blockchain transactions. According to the funding firm, the watchtower protects the network’s users from some type of attacks.

Square Crypto is an arm of major Fintech firm Square, founded and run by the also CEO of Twitter, Jack Dorsey. Dorsey is famous in the cryptocurrency industry for his support for Bitcoin. Moreover, Dorsey is not only an oral supporter of Bitcoin but he also practically purchases a full Bitcoin every week, utilizing Square Cash App. Furthermore, the Twitter CEO has also set up a task force at the social media giants to develop a decentralized version of Twitter. 

Jack Dorsey’s Square Crypto Releases Information on Lightning Development Kit (LDK) For Bitcoin Wallet Applications

by

Square, a crypto initiative started by a payment platform Square has released details on its first product known as Lightning Development Kit (LDK) for providing developers with their bitcoin wallet applications.

 As per a post of Medium, the product has an API, language bindings, demo apps, and other items that will “make integrating Lightning easy, safe, and configurable.”

 Square Crypto, when launched in March 2019, was solely designed for supporting the ecosystem of bitcoin. Product Manager Steve Lee tweeted in July 2019 that Square Crypto is a disjoint entity from Cash App and the rest of Square. It is designed for supporting the bitcoin ecosystem. 

 “Our goal is Bitcoin for all. We are focusing on improving the Bitcoin experience for mainstream users. The user journey will always be central to our thinking,” added Steve Lee.

 Because Bitcoin is such a currency that is used globally and cannot be rigged in anyone’s favour. Therefore, various improvements are required in Bitcoin’s UX, security, privacy, and scaling.

 Moreover, during open-source development, developers choose their projects, because Square Crypto is an open-source developers’ team, and has ardent capacity on a few main projects that individuals might not have time or resources to tackle with. 

 For that purpose, the company discussed with many wallet developers which showed the need for flexibility while integrating Lightening. Wallet and applications demand various key store and storing mechanisms, security approaches, UX tradeoffs, and more. Therefore, the solution lies in building for more wallets rather than fewer.

 According to Square Crypto, it looked up various projects and finally concluded for going with a project focusing on Lightening Network-wallet integration based on the demand of developer.

 Back in December last year, Square Crypto stated that it is offering permissions to developers doing part-time Lightning Network to support its work. As the group, in September, has already hired three team members, two of whom have experience in development tied to Lightning.

Lightening infrastructure that we have today is incomplete without features like these, and it is because the infrastructure that the LDK is a big project, and with the back of developers Acniq, Blockstream, Lightning Labs, and a few more bitcoin payments with low-fee are common like cash.