Which is a huge limitation imo if compared to onchain operability of lightwallets. Your lightning network wallet is strictly tied to a single device (at least, for the moment). The only thing I can do is force-closure of the channel. I now see the channel on my second pc, it says: "BACKUP of. I see the message saying that the channel backup can be used only to force-close the channel, not to restore it on another device (what a pity!).Īnyway, I copied the string "channel_backup.hereM圜hannelBackupString.", I pasted it on the second pc, right-clicking inside the blank frame of "channels" tab. Then went back on my first computer's electrum -> right-click on my channel -> export. I took my second pc, installed electrum, imported the seed -> I see my correct onchain balance, but not Lightning balance. I tried to backup a single channel and "restore" it on another computer. Apparently, such backups contain the latest commitment state of the channel so a force-close is not required. The second method is backing up each channel individually. Data-loss protection discourages the other party from providing the old state of the channel. This kind of backup is called a Static Channel Backup. The first one ('File -> Save backup') backs up only information required to reestablish the connection with the other party and request a forced channel closure. It’s been both green and red but at the time of writing, the leading cryptocurrency is in the red following a 5.17 percent decrease leaving its price at $11,211.There are two types of channel backups in Electrum. This past week has been a hectic one for Bitcoin. The founder explains that it will use the Lightning network gossip protocol tech that enables peer-to-peer communication based on the way epidemics spread through a population. The product would be similar to that of the Eclair lightning wallet which uses electrum servers to interact with the Bitcoin network.Įlectrum’s lightning integration will not use Electrum servers but instead as the wallet does for the leading cryptocurrency. Voegtlin said, “We want to give users control over their funds.” The founder highlighted that the wallet chose not to integrate with the existing lightning clients and instead developed its own integrations. This is going to happen in the coming weeks until the end of July, and it means that the next major release will have lightning support.”Īs it stands, the lightning network is an in-development ‘layer 2’ scaling technology that is aimed to enable faster payments, lower fees and greater transaction throughput than the Bitcoin network can provide directly. “We’ve been doing this work for about a year in a separate branch and we’ve reached the point when we are ready to merge it with our master branch. Without given to much away on when the wallet will specifically be released, Voegtlin said: Speaking in a new interview from the BIP001 blockchain event in Ukraine, Voegtlin said that work on the solution for sending lightning transactions with the Electrum wallet is now close to its official release. The popular service is prepping itself up to welcome on board Bitcoin’s Lightning Network as it is soon to add the network to its platform.įounded in 2011 by Thomas Voegtlin, the wallet come a long way since then with various developers contributing to its source code. You may have heard of, or even use the Electrum Wallet.
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