Square Crypto grants $100K to bitcoin's Lightning Network watchtower The Eye of Satoshi
June 2, 2020, 7:55AM EDT
1 min read
Square Crypto has awarded a new grant to Talaia Labs, which is building bitcoin’s Lightning Network watchtower called The Eye of Satoshi.
The grant amount is $100,000, Talaia Labs CEO Sergi Delgado told The Block. He added that the funds would be used “exclusively for Bitcoin development, with a current focus on the watchtower.”
Watchtowers are third-parties that monitor the bitcoin blockchain for discrepancies between on-chain transactions and closing off-chain channels with invalid states. Square Crypto said The Eye of Satoshi monitors blockchain transactions “to protect you from peers closing the channel and taking your coins.”
It went on to say that Talaia also "improves censorship resistance by making certain attacks harder,” and that it will integrate with several Lightning Network implementations.
Notably, Square Crypto recently unveiled its own Lightning Development Kit — to help developers integrate the Lightning Network with their bitcoin wallet applications.
The latest grant marks Square Crypto’s sixth grant. The firm has previously offered donations to bitcoin developers Jon Atack and Tankred Hase, pseudonymous bitcoin Lightning Network developer “ZmnSCPxj” and the BTCPay Foundation.