Hong Kong Gatecoin will not support SegWit2x

Hong Kong cryptocurrency exchange Gatecoin is not to support SegWit2x
23 October 2017   2686

A popular Hong Kong cryptocurrency exchange, Gatecoin, announces its plans regarding SegWit2x hardfork. According to the company, it will not be supporting the upcoming SegWit2x (B2X) har fork in November "due to the lack of two-way transaction replay attack protection coded into this proposed software upgrade”.

As detailed by the exhchange, not supporting B2X means that Gatecoin will:

  • NOT distribute any B2X to the clients
  • NOT process any B2X sent to the Bitcoin wallet addresses
  • NOT list any B2X coin on the exchange

Therefore, Gatecoin clients hoping to claim newly minted B2X coins equivalent to their Bitcoin holdings at the time of the hardfork, will need to withdraw their Bitcoin from the exchange at least 12 hours before the hardfork occurs at block 494,784 (expected sometime in November, exact date TBC).

We will however be running B2X nodes in case the software’s developers decide to add replay attack protection in the future.
 

Gatecoin team

The company also sheds light on the two-way transaction replay attack protection, that prevents you from “double spending” your coins after the hardfork. Thus, without replay protection, new transactions will be equally valid on both the Bitcoin blockchain and the B2X blockchain as they will be identical to one another. This means that any new Bitcoin or B2X transaction can be copied or “replayed” from one chain to the other, hence the term “replay attack.”

To prevent this from happening, B2X should update their software so that new transactions are valid on one chain but not the other. This would be known as replay attack protection. For instance, Bitcoin Cash successfully implemented this as part of their chain split in August and is why Gatecoin was able to support it.

Lightning Labs to Raise $10M

As reported, the raised funds will be allocated to enforce the team with developers and commercial speciaslists
06 February 2020   301

Lightning Labs attracted $ 10 million investment during the A-series financing round, and also introduced a beta version of its payment service for outlets that work with bitcoin.

If bitcoin is going to reach its potential as a viable global currency, it’s going to need to scale beyond the base layer. Similar to how Visa relieves banks from handling all fiat currency traffic, Lightning relieves the base bitcoin chain from handing all transactions, thus bring more speed and fee efficiency to the network.

 

Brian Murray

Managing Director at Craft Ventures

With the help of the raised funds, the company intends to hire more developers and commercial specialists, so that it will be able to convey the applied solutions to users. In 2018, Lightning Labs unveiled a beta version of its LND scaling solution and received $ 2.5 million investment from several investors, including Twitter CEO Jack Dorsey and Litecoin creator Charlie Lee.

Now a beta version of the new Lightning Loop service has been launched, with the help of which outlets can more effectively manage payment channels and maintain liquidity in them. Several customers have already become interested in this tool, including the developer of the Fold shopping application, which processed approximately 1,600 transactions through the Lightning Network during the holidays in 2019.

We’re growing fast and Lightning Labs’ loop service makes it simple to manage our lightning node’s liquidity, letting our team focus on building out great user experiences that bring lightning to the world.

 

Will Reeves

Fold

According to Lightning Labs, this year the company will be developing tools for working with larger payment channels. We are talking about both individual channels, which individually can hold more than $ 1,500, and multidirectional ones, which break down payments into smaller parts.