Lawyer and cryptocurrency supporter John Deaton has criticized the lightning network, considering it less effective than the "Spend The Bits" protocol on the XRP Ledger (XRPL). Lightning is a layer 2 scaling solution for Bitcoin. It is designed to improve the scalability and efficiency of Bitcoin (btc) transactions by allowing off-chain, peer-to-peer transactions.
In an October 21 X (formerly Twitter) post, Deaton revealed He is an angel investor in Spend the Bits, as well as its chief legal officer.
Deaton previously promoted Spend The Bits as an alternative to Lightning on the Bitcoin blockchain. In September, the pro-XRP (XRP) lawyer praised the protocol, characterizing it as a more secure method of using your Bitcoin than Lightning.
Let me be clear and transparent: I am now participating in @Gasta_Los_Bits as an angel investor and serve as its Legal Director. So please accept my comments with this in mind. But one of the main reasons I invested in @Gasta_Los_Bitsor more accurately, invested inโฆ https://t.co/aheyTxjGxp
- John E. Deaton (@JohnEDeaton1) October 21, 2023
Deaton's Saturday disclosure was timely, aligning with an X post from online crypto researcher WhaleWire. This tweet raised concerns about a recent discovery in Lightning indicating a significant security vulnerability that led one developer to withdraw from the project.
The developer alleged the presence of deliberate vulnerabilities in the Lightning Network code, which could potentially provide attackers with complete control of the network. Major Lightning Network backers are also involved in Tether, Bitfinex, and BlockStream. This claim has raised questions about the security and reliability of Lightning.
Related: Lightning Labs Launches Taproot Assets Alpha, Bringing Stablecoins to Bitcoin
At the time of writing, the Lightning Network has a network capacity of 5,338 BTC, according to 1ML. This has raised questions about the resilience and long-term viability of the network, as the payment protocol has seen a 15% reduction in capacity in the last three months.
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