Cryptocurrency advocate and lawyer John Deaton has voiced his criticism of the Lightning Network, asserting that it falls short in comparison to the “Spend The Bits” protocol operating on the XRP Ledger (XRPL).
The Lightning Network represents a layer-2 scaling solution for Bitcoin, intended to enhance the scalability and efficiency of Bitcoin transactions through the facilitation of off-chain peer-to-peer transactions.
In a recent tweet on October 21, Deaton disclosed that he is not only an angel investor in Spend the Bits but also serves as its chief legal officer.
His earlier endorsements of Spend The Bits as a viable alternative to Lightning on the Bitcoin blockchain underscored its growing reputation.
Deaton has previously lauded the protocol, describing it as a more secure means of utilizing Bitcoin compared to the Lightning Network.
Deaton’s timely disclosure coincided with an important revelation on WhaleWire, an online crypto investigation platform.
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This tweet raised concerns about a newfound security vulnerability within the Lightning Network, leading one developer to withdraw from the project.
The developer alleged that the Lightning Network’s code contained deliberate vulnerabilities, potentially affording attackers complete control over the network.
The fact that significant supporters of the Lightning Network also have ties to Tether, Bitfinex, and BlockStream has cast doubt on the network’s security and reliability.
As of the time of this writing, the Lightning Network boasts a network capacity of 5,338 BTC, as reported by 1ML.
However, this figure has prompted skepticism regarding the network’s durability and long-term prospects. Over the past three months, the payment protocol has witnessed a notable 15% reduction in capacity.
In summary, Deaton’s criticism of the Lightning Network in favor of the “Spend The Bits” protocol on the XRP Ledger reflects growing concerns about the security and trustworthiness of the former.
Recent disclosures regarding security vulnerabilities and capacity reductions have further fueled the debate surrounding the Lightning Network’s effectiveness as a scaling solution for Bitcoin.
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