Square Crypto Provides Another Grant for the Development of the Lightning Network

02.06.2020

ForkLog

Jack Dorsey's Square Crypto Companyannounced another development grantinfrastructure of the network of the second layer of bitcoin Lightning Network. It was received by the Spanish development team Talaia, working on the service The Eye of Satoshi.

The Eye of Satoshi represents the so-called “Watchtowers” ​​— a solution designed to provide an additional guarantee that users will not be deceived by their counterparties.

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“If your Lightning Network software is inoffline and does not monitor activity, you need a third party to do this for you. This can occur when using lightweight wallets, inactive wallet usage, or a Lightning Network node failure. This is exactly what the watchtowers do. "– representatives of Square Crypto explained the essence of the decision.

The developed service also increasesresistance to censorship, making it difficult for some types of attacks. While the solution involves some trade-offs in terms of decentralization, Square Crypto believes the technology is still in its early stages and the Lightning Network overall will benefit from experimenting with different watchtowers.

The Eye of Satoshi is already working with C-Lightning and will support other LN implementations in the future.

“The more minds there are in this space, the sooner the Lightning Network will become widespread,”– added representatives of Square Crypto.

Will the development of the Lightning Network infrastructure stop the recession in the cryptocurrency market?

The amount of the grant in Square Crypto was not named, but thisthis is the sixth grant that Square's cryptocurrency division gives to bitcoin developers. The first of them, worth $ 100,000, was received by the developer of the processing service BTCPayServer.

In late 2019, Square Crypto provided funding to a Lightning Network developer under the pseudonym ZmnSCPxj.