Lawyer and cryptocurrency supporter John Deaton has criticized the Lightning Network, deeming it much less efficient than the “Spend The Bits” protocol on the XRP Ledger (XRPL). Lightning is a layer-2 scaling answer for Bitcoin. It’s designed to enhance the scalability and effectivity of Bitcoin (BTC) transactions by enabling off-chain, peer-to-peer transactions.
In an Oct. 21 X (previously Twitter) publish, Deaton revealed he’s an angel investor in Spend the Bits, in addition to its chief authorized officer.
Deaton beforehand touted Spend The Bits as an alternative choice to Lightning on the Bitcoin blockchain. In September, the pro-XRP (XRP) lawyer recommended the protocol, characterizing it as a safer methodology for utilizing your Bitcoin than Lightning.
Let me be clear and clear: I’m now concerned in @Spend_The_Bits as an angel investor and function its Chief Authorized Officer. Subsequently, please settle for my feedback with that in thoughts. However a significant cause I invested in @Spend_The_Bits, or said extra precisely, invested in… https://t.co/aheyTxjGxp
— John E Deaton (@JohnEDeaton1) October 21, 2023
Deaton’s Saturday disclosure was well-timed, aligning with an X publish from the web crypto investigator WhaleWire. This tweet raised considerations a couple of latest discovery in Lightning indicating a significant security vulnerability that prompted a developer to withdraw from the mission.
The developer alleged the presence of deliberate vulnerabilities within the Lightning Community’s code, which may doubtlessly present attackers with full community management. Main backers of the Lightning Community are additionally concerned in Tether, Bitfinex and BlockStream. This declare has raised questions on Lightning’s safety and trustworthiness.
On the time of writing, the Lightning Community has a community capability of 5,338 BTC, according to 1ML. This has sparked doubts concerning the community’s resilience and long-term viability, with the fee protocol having seen a 15% discount in capability over the previous three months.