Lawyer and cryptocurrency proponent John Deaton has criticized the Lightning Network, arguing that it is not as effective as the “Spend The Bits” protocol on the XRP Ledger (XRPL). The Lightning Network is Bitcoin’s layer 2 scaling solution. It aims to improve the scalability and efficiency of Bitcoin (BTC) transactions by enabling off-chain peer-to-peer transactions.
In a post on October 21 (formerly Twitter), Deaton disclose He is an angel investor in Spend the Bits and is the company’s chief legal officer.
Deaton has previously touted Spend The Bits as an alternative to the Lightning Network on the Bitcoin blockchain. In September, lawyers supporting XRP (XRP) praised the protocol, describing it as a more secure way to use Bitcoin than the Lightning Network.
Let me say this clearly and transparently: I am now involved @Spend_The_Bits Serves as an angel investor and serves as its chief legal officer. So please keep this in mind and accept my review.But one of the main reasons I invest @Spend_The_Bitsor more accurately, investing in… https://t.co/aheyTxjGxp
— John E. Deaton (@JohnEDeaton1) October 21, 2023
Deaton’s disclosure on Saturday was perfectly timed and coincided with X posts by online crypto investigator WhaleWire. The tweet raised concerns about a major security flaw recently discovered in the Lightning Network, which prompted developers to withdraw from the project.
Developers claim that there is an intentional vulnerability in the Lightning Network code that could provide an attacker with complete control of the network. Major supporters of the Lightning Network are also involved with Tether, Bitfinex and BlockStream. The claim raises questions about the security and trustworthiness of the Lightning Network.
related: Lightning Labs releases Taproot Assets alpha version, bringing stablecoin to Bitcoin
Currently, the Lightning Network can handle transactions involving 5,338 BTC, according to to 1ML, accounting for 0.025% of the total Bitcoin supply. This raises doubts about the network’s resilience and long-term viability. Additionally, payment protocol capacity has decreased by 15% over the past three months.
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