BitMEX: the Introduction of a Lightning Network for processing bitcoin transactions do not meet expectations

BitMEX, the researchers argue that the benefits of Lightning Network, the privacy concerns and scaling is not as good as expected.

In the report, researchers analyzed BitMEX growth Lightning Network (LN) and tried to extrapolate information on payment channels, from publicly available information.

The team has focused on the study of the uncoordinated closures of channels. The researchers suggested that since the network was launched, was done about 60,000 such transactions. Uncoordinated closure of the channel occurs when a node initiates LN closing payment channel without direct access to the node associated with the channel.

Uncoordinated closing of the channels are easier to track and recognize, and they should be confirmed in the blockchain. On the basis of the studied characteristics, the researchers BitMEX came to the following conclusion:

«The fact that uncoordinated closure more often than expected, means that the benefits of LN in the area of privacy and zooming below expectations. But as users experience of using the Lightning Network and improving wallets for LN, the number of closings of channels could be reduced.»

Initially the researchers had expected to find 30 000 of the uncoordinated closure of the channels, but instead found 60 000 such transactions. In more inaccurate estimates, the number of closures exceeds 90 000, and the total expenditure amount to 1405 BTC.

The report also explains that in some cases the uncoordinated closure of the channels lead to the attempt of the participants of a transaction to steal funds. Such action may follow the transaction and the other party may request by all means. According to the report, attempts to steal bitcoins this way are quite rare:

«Our analysis shows that the penalty of the transaction are very rare. Only 0.3% of the uncoordinated closures of channels lead to a similar action.»

Transaction Lighnting Network support, more and more companies in the industry. Recall that in December, the Bitfinex team has dobavila support for the LN, and in March 2019 Zebpay first added support for Lightning Network. Last June followed suit HodlHodl.


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