Blockstream to Roll Out C-Lightning v0.6

New version brings cool new features and improvements
26 June 2018   387

The developer of bitcoin and blockchain solutions, Blockstream, presented a beta version of c-lightning (v0.6), which is one of the main implementations of the Lightning Network protocol.

The company blog says that the new version of the c-lightning solution is based on a new architecture that is modular, as well as more flexible and scalable.

In particular, in version 0.6 c-lightning implemented:

  • Lightweight nodes: Previous releases required a full bitcoind node running alongside c-lightning, to provide access to the Bitcoin network. This release still requires the bitcoin-cli utility to be present, but it can now talk to remote nodes as well, including some lightweight nodes such as spruned.
  • The gossip protocol has been updated to use a more lightweight bandwidth mechanism that asks for specific information, rather than exchanging full network views as the previous release did. This is particularly important for low-powered and mobile devices that would otherwise spend a lot of bandwidth and energy downloading and verifying information they already have.
  • API stability: The c-lightning JSON-RPC interface and supporting libraries have been redesigned in order to minimize changes in future releases. This API stability should make it easy for other projects to build on top of c-lightning because we will support this version of the API for the foreseeable future, maintaining backward compatibility, should we introduce any changes.
  • Wallet and sync: c-lightning now includes a full-fledged wallet that manages both on-chain and off-chain funds. There is no more raw transaction handling! All funds are automatically tracked and returned to the internal wallet as soon as possible, with no user interaction required. In addition the blockchain tracking now maintains an internal view of the blockchain, ending long blockchain rescans.
  • TOR support: c-lightning now supports connecting to nodes over the TOR network, auto-registering as a hidden service, and accepting incoming connections over TOR.
  • The payment logic has undergone a major overhaul to support automatic retries for routing failures, randomization of route selection, and better feedback about the current state of a payment.

Director for Strategic Development Blockstream Samson Moe noted that to date there are already three beta versions of the main implementations of the Lightning Network protocol - Eclair, lnd & c-lightning.

He also stressed that since the launch of the Blockstream Store in January, the Lightning Network has grown by more than 16 000% and currently it has 7,800 payment channels.

Crypto Billionaire to Lost 5.5k BTC Due to Fraud

Thai scammers convinced 22 yo Finnish crypto billionaire to invest in their 'investment' scheme
13 August 2018   256

The 22-year-old cryptocurrency millionaire lost more than 5,500 bitcoins after taking part in the investment scheme in Thailand. The case attracted public attention because of the possible participation of a Thai actor. This is reported by Bangkok Post.

A group of scammers in June 2017 persuaded Finnish businessman Aarni Otawa Saarimaa to invest in several Thai securities, a casino in Macau and a crypto currency called Dragon Coin.

Scammers claimed that Dragon Coin could be used in Macau casinos. In addition, they brought Saarimaa to this casino to demonstrate the legitimacy of their project. Saarimaa transferred 5 564 BTC to fraudsters.

In January, without receiving any income for his investments, Saarimaa filed a complaint with the Crime Suppression Division's (CSD), along with his local business partner, who believed that this investment scheme was fraudulent.

CSD began to investigate the case and stated that the group made no investment for Saarimaa, instead transferring all the bitcoins to Thai baht and placing these funds on seven bank accounts.

Although it is not clear when exactly the scammers sold the bitcoins, CSD announced that they raised about 800 million baht or about 24 million dollars.

Then followed a months-long investigation, according to which CSD began to suspect that the Thai film actor Jiratkisit "Boom" Jaravijit also took part in the fraudulent scheme - he was arrested last Wednesday.

In addition, the CSD stated that it suspects the actor's brother, Princess Jaravijit, as the "instigator" of this entire scheme. He left Thailand, traveling to South Korea, and then to the United States. According to the Bangkok Post, CSD is currently working with the US to track him down.