Lightning Network Specification Passes First Formal Security Test
Good news for LN technology enthusiasts: as it became known recently, the first formal check of the network specification for security was successfully carried out.
The study is called “A Composable Security Treatment of the Lightning Network”. It was carried by scientists from the University of Edinburgh Aggelos Kiayias and Orfeas Litos, with the support of IOHK. They studied the underlying cryptography created to support the LN network and highly appreciated its reliability.
According to researchers, an honest network member can lose money only if the signatures or hash function used by Bitcoin are damaged.
“All the security-critical parts of the system are rock-solid. This was the expected result – many smart people have collaborated to converge to the current incarnation of lightning network” - Litos told.
The test results concern only the Lightning Network specification, that is, the rules that developers must comply with. This does not exclude the errors in various implementations created by the developers - the researchers emphasized.
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