{"id":178919,"date":"2023-10-22T13:27:24","date_gmt":"2023-10-22T07:57:24","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=178919"},"modified":"2023-10-22T13:27:24","modified_gmt":"2023-10-22T07:57:24","slug":"lightning-network-faces-criticism-from-pro-xrp-lawyer-john-deaton-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/lightning-network-faces-criticism-from-pro-xrp-lawyer-john-deaton-crypto-news\/","title":{"rendered":"Lightning Network faces criticism from pro-XRP lawyer John Deaton – Crypto News"},"content":{"rendered":"
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Lawyer and cryptocurrency supporter John Deaton has criticized the Lightning Network<\/a>, deeming it less effective than the \u201cSpend The Bits\u201d 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<\/a>) transactions by enabling off-chain, peer-to-peer transactions.<\/p>\n

In an Oct. 21 X (formerly Twitter) post, Deaton revealed<\/a> he is\u00a0an angel investor in Spend the Bits, as well as its chief legal officer.<\/p>\n

It’s worth noting that this isn’t Deaton’s initial endorsement of ‘Spend The Bits’ as a viable alternative to the well-known Lightning Network on the Bitcoin blockchain. In the previous month, the Ripple-supporting attorney commended the protocol, characterizing it as a more secure method for using your Bitcoin in comparison to the Lightning network.”<\/p>\n

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Let me be clear and transparent: I am now involved in @Spend_The_Bits<\/a> as an angel investor and serve as its Chief Legal Officer. Therefore, please accept my comments with that in mind. But a major reason I invested in @Spend_The_Bits<\/a>, or stated more accurately, invested in\u2026 https:\/\/t.co\/aheyTxjGxp<\/a><\/p>\n

\u2014 John E Deaton (@JohnEDeaton1) October 21, 2023<\/a><\/p><\/blockquote>\n

Interestingly, Deaton’s Saturday disclosure was well-timed, aligning with a tweet from the crypto investigator ‘WhaleWire.’ This tweet raised concerns about a recent discovery in the Lightning Network, indicating a notable security vulnerability<\/a> that prompted a prominent Bitcoin developer to withdraw from the project.<\/p>\n

As per the tweet, the developer alleged the presence of deliberate vulnerabilities in the Lightning Network’s code, which could potentially provide attackers with complete network control. Notably, major backers of the Lightning Network encompass Tether, Bitfinex, and BlockStream. This claim has raised inquiries and apprehensions regarding the network’s security and trustworthiness.<\/p>\n

Related: <\/em><\/strong>Lightning Labs releases Taproot Assets alpha, bringing stablecoins to Bitcoin<\/em><\/strong><\/a><\/p>\n

At present, the Lightning Network can handle transactions involving just 5,338 BTC, as reported<\/a> by ‘IML,’ constituting only 0.025% of Bitcoin’s total supply. This significant trend has sparked doubts regarding the network’s resilience and long-term viability. Furthermore, this alarming figure is worsened by a recent 15% reduction in the capacity of the Layer 2 payment protocol over the past approximately three months.<\/p>\n

Magazine: <\/em><\/strong>Recursive inscriptions \u2014 Bitcoin \u2018supercomputer\u2019 and BTC DeFi coming soon<\/em><\/strong><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Lawyer and cryptocurrency supporter John Deaton has criticized the Lightning Network, deeming it less effective than the \u201cSpend The Bits\u201d 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 enabling off-chain, peer-to-peer transactions. In an Oct. […]<\/p>\n","protected":false},"author":2,"featured_media":178920,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-178919","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/178919","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=178919"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/178919\/revisions"}],"predecessor-version":[{"id":178922,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/178919\/revisions\/178922"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/178920"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=178919"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=178919"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=178919"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}