The first formal review of the Lightning Network (LN) network specification for security yielded positive results, CoinDesk writes.
In their work entitled A Composable Security Treatment of the Lightning Network, which was also attended by IOHK, researchers at the University of Edinburgh Aggelos Kiyaias and Orfeas Litos used mathematical methods to evaluate safety. They studied the underlying cryptography designed to support the LN network and appreciated its reliability.
According to researchers, an honest network member can lose his 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,
Researchers, University of Edinburgh
At the same time, they have called the absence of a formal verification of the network specification code “a terrible state of things”, since LN already provides transactions and storage of cryptocurrencies of at least $ 8.5 million.
The test results concern only the Lightning Network specification, that is, the rules that developers must comply with. This does not exclude the presence of errors in various implementations created by the developers, the researchers emphasized.