John Deaton Criticizes Lightning Network, Supports ‘Spend The Bits’
Legal expert and crypto advocate John Deaton has expressed his dissatisfaction with the Lightning Network, stating that it is inferior to the ‘Spend The Bits’ protocol on the XRP Ledger (XRPL). Deaton, who is now the Chief Legal Officer and an angel investor for ‘Spend The Bits’, took to Twitter to share his preference for the protocol. He believes that it offers a better alternative for spending Bitcoin compared to the Lightning Network. This is not the first time Deaton has endorsed ‘Spend The Bits’ as an alternative, having previously described it as a faster and more secure option.
Concerns Over Lightning Network’s Security
Deaton’s criticism of the Lightning Network comes at a time when concerns about its security have been raised. A prominent Bitcoin developer recently announced his departure from the project due to significant security risks he identified within the network’s code. These risks involve intentional backdoors that could potentially grant attackers full control over the network. This revelation has led to questions about the overall security and integrity of the Lightning Network. Additionally, usage of the Lightning Network has declined by 84% compared to the previous year, raising further doubts about its robustness.
‘Spend The Bits’ as a Superior Option
‘Spend The Bits’ offers an alternative payment protocol on the XRP Ledger that is gaining attention as a superior option for spending Bitcoin. With only 0.025% of Bitcoin’s total supply currently being facilitated through the Lightning Network, questions have been raised about its capacity and sustainability. In contrast, ‘Spend The Bits’ provides a more secure and efficient way to spend Bitcoin, making it an appealing choice for users who are looking for alternatives.
Hot Take: Lightning Network Faces Criticism as ‘Spend The Bits’ Gains Traction
John Deaton’s criticism of the Lightning Network and his support for ‘Spend The Bits’ highlight the growing concerns about the former’s security and capacity. As usage of the Lightning Network continues to decline and concerns about intentional backdoors persist, alternative payment protocols like ‘Spend The Bits’ are gaining traction as superior options for spending Bitcoin. It remains to be seen how these developments will impact the future of the Lightning Network and whether it can address the security issues raised by its critics.
By
By
By
By