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Bitcoin [BTC] Lightning Network gets another boost with release of lnd v0.6-beta update

Akash Anand

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Bitcoin [BTC] Lightning Network gets another boost with the release of lnd v0.6-beta update
Source: Pixabay

The Bitcoin [BTC] Lightning Network has taken the entire cryptoverse by storm with a lot of the promise of faster and safer transactions. The latest update from the Lightning Network Daemon informed users of the launch of the lnd v0.6-beta, with the key focus on improving data backups.

The blog from lightning engineering stated that:



“Prior to v0.6-beta, cases of data corruption could result in a loss of funds, but the “static channel backups” introduced in v0.6-beta provide for much-improved safety in these cases. Another major area of improvement as we move toward the release of our Desktop and Mobile mainnet apps are a series of improvements in usability, routing, and performance that will significantly improve the Lightning experience for end users.”

The organization stated that they have focused on areas like safety, routing, usability, compatibility and developer friendliness to make the latest update even more functional. The safety aspect of the update was contained within the Static Channel Backups, a standard way to ensure both on-chain and off-chain funds are backed up and recovered. The GitHub repository shows that for the full recovery of the lnd, a user will require two pieces of data: the 24-word cipher seed and the user’s encrypted Static Channel Backup file. The update also stated that:

“With “static” channel backups, the backup file only needs to be updated after new channels are created, as opposed to every time funds are sent or received. This is more convenient and simpler for users than “dynamic” backups that update with every transaction, but with the downside that SCB requires that channels be closed in data loss recovery scenarios.”

v0.6-beta also aims to make the Lightning Network more accessible to the layman with the automation of the channel creation processes through the development of a new Autopilot system. The Autopilot system will include smarter channel management techniques to pinpoint data routing nodes that are reliable. The developers behind the latest update assured users that the v0.6 has added significant features to its interface to “make things better for Lightning developers”.





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Bitcoin

Bitcoin [BTC]: Don’t buy BTC at the top, buy it right now, says CNBC’s Brian Kelly

Akash Anand

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Bitcoin [BTC]: 'Don't buy BTC at the top, buy it right now', says CNBC's Brian Kellyq
Source: Pixabay

Bitcoin’s [BTC] rapid movement on the cryptocurrency charts revitalized an industry which was touted to be dead and buried in early 2019. The events over the past few weeks have not only increased the value of Bitcoin, but have also assisted in raising the collective market cap and the prices of other cryptocurrencies.

Giving more insight into this market movement was CNBC’s Brian Kelly, who touched upon the price fluctuations, as well as where the world’s largest cryptocurrency can go from here. The Bitcoin baller claimed that the 100 percent bounce back from Bitcoin’s lows was a great incentive for new investors. It also provided a reprieve for existing players in the market. Kelly claimed,

“Investors are wondering what the next market driver could be and in my opinion there are a couple of things. First of all we are starting to see the institutional players get into the field, evidenced by the entry of Fidelity and other such companies. Even the retail perspective is huge, with TD Ameritrade investing in Eris X with sources claiming that the organization will open BTC trade for customers in the  next three to six months.”

Kelly also spoke about how the market was entering a phase of a supply cut, where the supply of Bitcoin gets cut in the overall spectrum of the market. According to him, there is generally a price rally a year into the rise and a year out of it, and the combination of the supply cut and the rise in demand will be beneficial to Bitcoin’s price.



The CNBC official was also careful to inform holders and investors that while the price is holding at this point, people need to be careful since the market might be in the mood for a reversal. He warned,

“Do not buy it at the top but rather buy it now.”

At the time of writing, Bitcoin was trading at $7943.23, with a total market cap of $140.712 billion. The 24-hour market volume was holding at $24.816 billion and the BTC market was moving up by 0.45%.





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