Bitcoin Devs Must Secure Crypto Security to Wake Up Web 3.0

Crypto Security and Lightning Network

Antoine Riard, a Bitcoin core developer and security researcher, made headlines recently when he left the Lightning Network ecosystem due to a new attack vector called “replacement cycling” which could be used to steal funds from payment channels.

Riard argued that developers working on Bitcoin’s layer 2 Lightning Network have become more focused on generating profits for investors than on security. He suggested that the Lightning Network is in a “perilous position” and encouraged Lightning developers to work on the Bitcoin base layer to address the issue.

Other Bitcoin developers such as “Machine98” have suggested that this type of attack is difficult to perform in the first place.

Crypto Security and Decentralization

Riard claimed that many Lightning-focused firms are compromising Lightning’s mission and security incentives for the sake of pleasing venture capitalists. He described it as a classic example of the “tragedy of the commons” — where individuals and entities with access to a public resource act in their own interest and deplete it. This is a major concern to Riard as he believes that decentralization is being compromised for the sake of venture capitalism.

Riard stated that this is not an interesting Lightning future and he wanted no part of it, which is why he departed from the Lightning ecosystem on Oct. 20.

Crypto security and decentralization are two core elements of Web 3.0, and it is important to understand the difference between Web 1.0, Web 2.0, and Web 3.0 in order to fully comprehend the implications of these Lightning firms on the crypto space. Crypto YouTube channels and Telegram channels are great resources to follow for the latest updates on the crypto space.

Crypto Security and Decentralization in Web 3.0

The Lightning Network is a second-layer solution built on the Bitcoin blockchain, designed to increase scalability and efficiency. It allows users to open payment channels, carry out multiple transactions off-chain and settle the final result on the Bitcoin blockchain. The replacement cycling attack is an attack which allows the attacker to steal funds from a channel participant by exploiting differences between individual mempools.

Cointelegraph reached out to Lightning Labs and other firms in the Lighting ecosystem but did not receive a response. However, Riard explained that Lightning hasn’t seen as many attacks as many Ethereum layer 2s because Lightning users typically only store a small amount of funds in their wallets at any given time.

Crypto security and decentralization are two key aspects of Web 3.0. While the potential for centralization remains, Lightning Network users can protect their funds by storing a small amount of crypto in their wallets.

DeFiLlama reports that the Lightning Network has $194.1 million worth of BTC locked in it, a figure that is indicative of the growing decentralization of web 3.0 and the increasing security of crypto.