Lightning Network faces criticism from pro-XRP lawyer John Deaton

Lawyer and cryptocurrency supporter John Deaton has criticized the Lightning Community, 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) put up, 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 technique 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 serious 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 put up from the web crypto investigator WhaleWire. This tweet raised considerations a few current discovery in Lightning indicating a big safety vulnerability that prompted a developer to withdraw from the undertaking.

As per the tweet, the developer alleged the presence of deliberate vulnerabilities within the Lightning Community’s code, which may probably present attackers with full community management. Notably, main backers of the Lightning Community embody Tether, Bitfinex, and BlockStream. This declare has raised inquiries and apprehensions relating to the community’s safety and trustworthiness.

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At current, the Lightning Community can deal with transactions involving simply 5,338 BTC, as reported by ‘IML,’ constituting solely 0.025% of Bitcoin’s complete provide. This important development has sparked doubts relating to the community’s resilience and long-term viability. Moreover, this alarming determine is worsened by a current 15% discount within the capability of the Layer 2 fee protocol over the previous roughly three months.

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