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Bitcoin infrastructure firm Blockstream has introduced a brand new characteristic permitting customers to make trustless swaps.
Dubbed Blockstream Swaps, the thought is that Bitcoiners will be capable to rapidly transfer between the primary chain and Lightning community.
It comes after non-custodial Bitcoin swap supplier Boltz suspended its service after it stated attackers have been discovering vulnerabilities sooner than its workforce might repair utilizing AI.
“In help of the broader Bitcoin and Liquid ecosystem, Blockstream is launching Blockstream Swaps,” Blockstream stated.
“This initiative was already beneath improvement to make sure a resilient suite of utility for the ecosystem, and it enhances the suppliers already doing this work moderately than changing any one among them.”
The concept, added Blockstream, is customers can transfer funds throughout layers whereas by no means dropping full management over their funds.
To make use of Lightning, customers is not going to have to run a node or channel — as is often wanted with Lightning — and may merely maintain a Bitcoin or LBTC stability and let a swap convert for the time being of cost.
LBTC is the native asset of the Liquid Community, a Bitcoin layer-2 sidechain created by Blockstream.
“This initiative was already beneath improvement to make sure a resilient suite of utility for the ecosystem, and it enhances the suppliers already doing this work moderately than changing any one among them,” added Blocksteam’s announcement.
Boltz this month suspended its Bitcoin swap service. It stated {that a} surge in AI-assisted assaults left it unable to proceed working safely.
Crypto hacks have surged, with safety consultants warning that cybercriminals are utilizing AI to seek for bugs in crypto tasks after which make the most of errors auditors could have missed.
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Frequently Asked Questions
What is Blockstream Swaps?
Blockstream Swaps is a new feature introduced by Blockstream that allows users to make trustless swaps between the Bitcoin main chain and the Lightning network. It enables users to move funds across layers while maintaining full control over their assets.
Do I need to run a node to use Lightning with Blockstream Swaps?
No, users do not need to run a node or channel to use Lightning with Blockstream Swaps. They can simply hold a Bitcoin or LBTC balance and let a swap convert at the moment of payment.
Why did Boltz suspend its Bitcoin swap service?
Boltz suspended its Bitcoin swap service due to a surge in AI-assisted attacks that exploited vulnerabilities faster than the team could fix them. This made it unsafe for them to continue operating.
What is LBTC?
LBTC is the native asset of the Liquid Network, which is a Bitcoin layer-2 sidechain created by Blockstream. It is used in the context of Blockstream Swaps for transactions.
How does Blockstream Swaps enhance the Bitcoin ecosystem?
Blockstream Swaps enhances the Bitcoin ecosystem by providing a resilient suite of utilities that complement existing service providers, rather than replacing them. This initiative aims to improve the overall functionality and user experience within the Bitcoin and Liquid ecosystems.
