{"id":178733,"date":"2023-10-22T00:27:55","date_gmt":"2023-10-21T18:57:55","guid":{"rendered":"https:\/\/dripp.zone\/news\/john-deaton-calls-lightning-network-inferior-to-new-xrpl-protocol-crypto-news\/"},"modified":"2023-10-22T00:27:57","modified_gmt":"2023-10-21T18:57:57","slug":"john-deaton-calls-lightning-network-inferior-to-new-xrpl-protocol-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/john-deaton-calls-lightning-network-inferior-to-new-xrpl-protocol-crypto-news\/","title":{"rendered":"John Deaton Calls Lightning Network Inferior to New XRPL Protocol – Crypto News"},"content":{"rendered":"

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Prominent legal expert and crypto advocate John Deaton has taken a swipe at the Lightning Network<\/a>, describing it as inferior to the \u2018Spend The Bits\u2019 protocol on the XRP Ledger (XRPL).<\/p>\n

XRP Lawyer Takes A Dig At Lightning Network<\/strong><\/h2>\n

Deaton made his preference known via Twitter on a Saturday, while declaring his involvement with \u2018Spend the Bits\u2019 as an angel investor and his new position as its Chief Legal Officer.<\/p>\n

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\u201c[The] major reason I invested in Spend The Bits is my sincere and honest belief that it is a superior alternative to the lightning network for spending your Bitcoin,\u201d<\/em> Deaton wrote encouraging followers to consider the protocol.<\/p>\n<\/blockquote>\n

Notably, this is not the first time Deaton has publicly endorsed of \u2018Spend The Bits\u2019 as an alternative to the widely recognized Lightning Network on the Bitcoin blockchain. Earlier last month, the pro-Ripple lawyer endorsed the protocol describing it as a \u201cmuch better, faster, and more secure way to spend your Bitcoin than using the Lightning network.\u201d<\/p>\n

Why John Deaton Thinks Spend the Bits is Superior\u00a0<\/b><\/h2>\n

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Interestingly, Deaton\u2019s Saturday announcement was particularly timely, coinciding with a tweet shared by crypto sleuth \u2018WhaleWire\u2019 who highlighted a concerning development in the Lightning Network. The tweet, shared by WhaleWire, asserted that a prominent Bitcoin developer had identified a significant security risk within the Lightning Network<\/a>, leading him to announce his departure from the project.<\/p>\n

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According to the tweet, the developer claimed that there were intentional backdoors in the Lightning Network\u2019s code, potentially granting attackers full control of the network. Notably, some of the main supporters of the Lightning Network include Tether, Bitfinex, and BlockStream. This assertion prompted questions and concerns about the security and integrity of the Lightning Network.<\/p>\n

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Recently, WhaleWire highlighted that Bitcoin\u2019s Lightning Network usage has sharply declined by an alarming 84% compared to the previous year, and its capacity has dwindled by 15% over the past three months.<\/p>\n<\/blockquote>\n

Currently, the Lightning Network can facilitate transactions<\/a> involving only 5,338 BTC, according to stats<\/a> from \u2018IML\u2019, representing a mere 0.025% of Bitcoin\u2019s total supply. This striking development has raised questions about the network\u2019s robustness and sustainability. This astonishingly negative statistic is further compounded by the Layer 2 payment protocol\u2019s capacity shrinking by around 15% over the past three or so months.<\/p>\n

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\u2713 Share:<\/p>\n

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