BlueWallet is Sunsetting Its Lightning Node Connection to Lndhub

According to an official announcement, BlueWallet will be disconnecting its lightning node connection to Lndhub in the near future. BlueWallet is going to stop its custodial lightning operations. This means that customers of BlueWallet who are also members of the Bitcoin (BTC) Lightning Network will need to connect to nodes in order to continue making use of BlueWallet’s lighting services.

“The most essential thing is that people don’t panic, and suddenly noobs take out their on-chain money or incorrect lightning balances,” said one person. “This is the most crucial thing.”

Bitcoin serves as the foundation for the Lightning Network, which is a layer-2 payment system. Small sums of bitcoin, also known as satoshis or sats, may be transferred between users with the use of the Lightning Network. This is often done via a lightning wallet.

Blue Wallet is a well-known Lightning Network wallet that has a liquidity pool of more than 42 BTC (one million dollars). According to the statistics provided by Amboss, the network’s biggest channel has a capacity of 4 BTC, which is equivalent to $95,000. BlueWallet is a well-known lightning wallet that comes highly recommended by some of the most prominent Bitcoin users.

Calle said, “It is essential to understand that lndhub is a protocol that facilitates the linking of wallets to accounts. BlueWallet is the wallet that supports LndHub in this instance; however, other wallets, like as Alby and Zeus, also support LndHub.

It is just the account that is being closed, not LndHub or Bluewallet in and of itself. This particular account is hosted by the BlueWallet team, and they have expressed that they no longer want to be responsible for it.

Although users will still be able to withdraw their sats, the LndHub node will no longer let users to create new lightning wallets or refill current ones. BlueWallet has issued a public statement advising customers who have satellite wallets linked to BlueWallet’s lightning node to transfer such wallets as soon as possible.

Because customers of BlueWallet will no longer have access to the service after April 30th, it is imperative that they transfer their sats to another service or wallet of their choosing before the service is discontinued. However, Bitcoin wallets that are used regularly will not be impacted by this change.

According to the website, BlueWallet will “only support self-custody solutions,” which is a crucial fact to keep in mind despite the fact that some people may regard the move as an impediment to the widespread adoption of the Lightning Network. The modification intends to encourage decentralized solutions and self-custody in its recipients.


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The Most Unworkable State Law

The cryptocurrency industry has recently criticised a bill that was recently proposed in the Illinois Senate due to its “unworkable” intentions to compel blockchain miners and validators to perform “impossible things.” One example of this would be undoing transactions if a state court ordered them to do so.

The Senate Bill was surreptitiously submitted into the Illinois senate on February 9 by Illinois Senator Robert Peters. However, it does not seem that the community was aware of it until February 19, when Florida-based attorney Drew Hinkes mentioned it in a tweet.

The bill, which would give the courts the authority to alter or rescind a blockchain transaction that was carried out through the use of a smart contract, would be given the title “Digital Property Protection and Law Enforcement Act,” and it would give the courts this authority in response to a valid request from the attorney general or a state’s attorney that is made in accordance with the laws of Illinois.

Any “blockchain network that executes a blockchain transaction originating in the State” would be subject to the act if it were to become law.

When it comes to blockchain technology and cryptocurrencies, Hinkes referred to the proposed legislation as “the most impractical state law” he has ever seen.

“This is a shocking about-face for a state that was previously supportive of innovation. Instead, he tweeted that the state had enacted “probably the most impractical state legislation relating to cryptocurrency and blockchain I have ever seen.”

According to the provisions of the law, miners and validators on the blockchain might be subject to fines ranging from $5,000 to $10,000 for each day that they disobey the instructions of the court.

Hinkes said that it would be “difficult” for miners and validators to comply with the measure suggested by Senator Peters, despite the fact that he acknowledged the need of passing legislation that would increase consumer protection.

Hinkes was also surprised to learn that miners and validators who worked on a blockchain network that “has not adopted reasonably available processes” to comply with the court orders would have “no defense” open to them.

The law also seems to dictate that “any person utilizing a smart contract to supply goods and services” must include code in the smart contract that may be used to comply with court orders. This code can be used to ensure that the terms of the smart contract are followed.

“Any person utilizing a smart contract to supply goods or services in this State should incorporate smart contract code capable of implementing court orders respecting the smart contract,” is the full text of the law.

Other members of the bitcoin community have replied with derision of the measure in a manner similar to what was previously said.

On February 19, the crypto analyst “foobar” remarked to the 120,800 people who follow him on Twitter that court-ordered transactions would need to be changed “without having the private key” of the participants, which he found to be “hilarious.”


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Minima Launches Innovation Challenge Campaign Compeition

Minima, an ultra-lean blockchain network that enables running a complete node on a mobile or IoT device, has launched an innovation challenge to spur more growth in its ecosystem.


In partnership with EdenBase, a UK-based fund and hub, the Minima innovation challenge seeks to push the blockchain’s potential for more sustainable, decentralized, immutable, and scalability solutions by using Minima Protocol.

Hugo Feiler, Minima’s CEO and co-founder said:

“We already have the largest network of complete nodes ever assembled. Running a full node on Minima is as effortless as running a messaging app on your mobile. Using Minima, developers can build decentralized apps on a mobile, with an addressable market of 2.5 billion users and no middlemen, miners, stakers or block producers.”

Minima’s node count recently experienced massive growth, making the network more resistant to cyber-attacks. Its blockchain’s design enables users to collaborate when building and securing the chain by running ultra-lightweight complete nodes on their devices. As a result, energy requirements are reduced, enabling applications to adhere to the ESG (Environmental, Sustainability, and Governance) goals.

Eric Van der Kleij, the co-founder of EdenBase, noted:

“Most crypto projects talk about moving to a decentralized system, but Minima was created as an ultra-lean, fully decentralized blockchain protocol that is community-owned and operated, which is why we are keen to support their mission to find some awesome use cases.”

The seven-week innovation challenge will be open to entries from across the globe, with teams showing long-term thinking getting a high chance of bagging the prize. The winner will get $20,000 in Minima tokens, whereas the two runners-up will receive $5,000.

Image source: Minima


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Bitcoin soft fork days away as Taproot upgrade closes in

Real-world use cases are one of the main adoption drivers for every crypto ecosystem, which also holds true for the Bitcoin (BTC) network. In the next seven days, the Bitcoin protocol will undergo a soft fork in the name of Taproot upgrade, which aims to improve the network’s privacy, efficiency and smart contracts capability. 

Taproot is Bitcoin’s first major upgrade since August 2017, which saw the introduction of Segregated Witness (SegWit) and resulted in the launch of Lightning Network. While the previous fork primarily sought to fix transaction malleability and improve Bitcoin’s network scalability, the Taproot upgrade aims to revamp transaction efficiency, privacy and support smart contracts initiatives.

The Taproot upgrade was set for deployment after achieving a 90% consensus among the Bitcoin miners (mining nodes). On the same day in June 2021, Bitcoin developer Hampus Sjöberg tweeted the announcement:

The Taproot soft fork will see the introduction of Merkelized Abstract Syntax Tree (MAST), which introduces a condition that allows the sender and receiver to sign off on a settlement transaction together.

In addition, Taproot will also implement Schnorr Signature, an algorithm that will allow users to aggregate multiple signatures into one for a single transaction, reducing the inherent visible difference between regular and multisig transactions.

Schnorr’s signature scheme can also be used to modify the user’s private and public keys, in a manner that can be verifiable to confirm the legitimacy of each transaction. According to the original Taproot proposal from January 2018 put forth by Gregory Maxwell:

“I believe this construction will allow the largest possible anonymity set for fixed party smart contracts by making them look like the simplest possible payments. It accomplishes this without any overhead in the common case, invoking any sketchy or impractical techniques, requiring extra rounds of interaction between contract participants, and without requiring the durable storage of other data.”

At the time of writing, Taproot.Watch, a website built by Sjöberg, shows that the Taproot upgrade will be activated on Nov. 14th after the successfully minting 1020 blocks.

Related: Bitcoin network tags record high for daily settlement volume

Just last month, the Bitcoin network’s daily settlement value hit an all-time high after settling $31 billion worth of on-chain transactions.

Compared to the beginning of 2020, the network’s daily settlement volume has seen an increase of 40 times, supported by Bitcoin’s mainstream adoption in El Salvador and other jurisdictions.

“[The Bitcoin network is] presently doing ~$190k per second. Compare this to $130k per second by Visa for US customers and $55k per second for Mastercard,” according to On-chain analyst Willy Woo.