Bitcoin Lightning Network developer updates node software with Taproot support

Lightning Labs, the developer of the Bitcoin (BTC), Lightning Network (LN), has released a beta version (lnd) of the Lightning Network Daemon — a complete implementation the LN node — that includes support for the most recent protocol upgrades such as Taproot and Musig2, among other improvements.

The software component lnd manages various aspects of the LN, including generating invoices and revoking payment. The latest software release, lnd 0.15 beta v0.15-beta, aims to empower developers in creating solutions for more uses cases using the latest capabilities of Bitcoin’s network.

Taproot and Beyond are pleased to announce lnd 0.15 beta Featuring: Taproot + Musig2 support for better privacy + efficiency, Taro soon(tm) ~95% database space reduction for new data New pathfinding tool to choose speed vs. cost of payments Read more: https://t.co/5pavMcpxBg
— Lightning Labs (@lightning) June 28, 2022

Lightning Labs’ Product Growth Lead Michael Levin announced that more than 50 contributors were involved in the launch of the company’s first release for 2022. He also stated that:

“This release provides complete Taproot support for Taproot’s internal lnd wallet making it one the most advanced Taproot wallets.” This release also supports an experimental Musig2 API that is compatible with the most recent BIP draft.

MuSig2, a multisignature scheme, has the primary purpose of allowing the creation of aggregate keys that can be used for Taproot outputs. This will allow transactions to be authorized with Schnorr signatures.

The beta release removes redundant data from the Revocation Log bucket. Initial testing showed a 95% decrease in database size. Although the update doesn’t reclaim space for states that are already in use, Levin suggested that a future release could include a migration feature to reclaim any old disk space.

Lightning Labs remained true to their promise to make the LN safer, more reliable, and more secure. They introduced greater control over pathfinding preferences, which ultimately helped to lower transaction fees by identifying low-cost routes.

Related: Bitcoin network power demands fall to 10.65GW due to a 14% drop in the hash rate

On June 25, the Bitcoin network saw its lowest power demand in 2022, 10.65 gigawatts. The result was that the computing power required to mine Bitcoin blocks fell to 199.225 exahash/s (EH/s).

From 2018-2022, Bitcoin network power demand Source: ccaf.io

The falling hash rate is directly related to the sudden drop in Bitcoin’s power consumption. BTC miners need to have sufficient computing power to mine a block successfully. This is a critical security measure.

https://cointelegraph.com/news/bitcoin-lightning-network-developer-updates-node-software-with-taproot-support