With its inception in 2015, the lightning network is now seen as the next big thing in the blockchain and cryptocurrency world. It is no longer a pipe dream and it will be used to reduce transaction costs and enhance capacity. It has attracted attention from different quarters and now some people like Laolu seek to solve more complex aspects of the network.
A Word on the Watchtower Concept
According to Laolu the watchtower concept will monitor the network for any fraud and prevent it before occurs.
The initial goal post is just to get a basic system up without any sort of compensation to get the ball rolling
-Said Laolu, in an interview with CoinDesk.
The developer continued to explain that the concept emerged from the dispute mechanism in lightning network. Although transactions in lightning are instant, if a dispute arises – for instance, if a fraudster attempts to arrange a transaction which will lead to another user losing money – the defrauded user is allocated time to oppose the said transaction. However, users will need to be keenly watching their lightning accounts to spot such types of fraud. Laolu states that, “If the Lightning Network becomes the go-to channel for everyday Bitcoin transactions, this vigilance would become quite burdensome.” However, the watchtower concept will allow users the leverage to outsource the vigilance to different entities, which will alert the user to any suspicious transactions.
But Not Everyone Is Upbeat About the Watchtower Concept
The concept sounds odd to some blockchain and cryptocurrency enthusiasts. Isn’t the lighting concept supposed to work on the same trustless platforms as Bitcoin, where users don’t require an identity to validate or safeguard their transactions? Laolu asked this question recently in a public lecture on the concept. However, the developer foresees a distributed system which will allow users connect to as many various watchtowers as they would want at once. This means that users will not trust one entity. They will be able to limit the possible hazards that can emerge from trusting a single entity. The developer says,
If just one entity is trustworthy, the system will work seamlessly.
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What do you think about the new watchtower concept from Laolu? Will it help to fight fraud in the lightning network? Give us your opinion in the comments section.