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John Deaton, a legal expert with a keen interest in cryptocurrency, expressed reservations about the Lightning Network's effectiveness. His primary contention is that the “Spend The Bits” protocol, integrated with the XRP Ledger, performs better in comparison. The Lightning Network functions as a layer-2 scaling answer for Bitcoin. Its core purpose is to bolster the efficiency and scalability of Bitcoin transactions by supporting off-chain, direct transactions between peers.
Deaton, in an October 21 post on X – a platform once known as Twitter, disclosed his dual roles in the Spend the Bits project. Not only is he an angel investor, but he also serves as their top legal counsel.
It's not the first time Deaton has voiced his support for Spend The Bits. Back in September, he expressed his preference for this protocol over Lightning when using Bitcoin, emphasizing its superior security credentials.
Adding to the emerging skepticism around Lightning, an online crypto research entity named WhaleWire drew attention to a newfound security lapse within Lightning. This revelation was significant enough to lead a developer to step back from their association with the project.
This developer's main accusation revolved around intentionally embedded vulnerabilities in the Lightning Network’s software. If exploited, these vulnerabilities could potentially allow malevolent actors to commandeer the entire network. To make matters more complex, it's worth noting that significant financial players connected to Tether, Bitfinex, and BlockStream also back the Lightning Network. Such affiliations have intensified doubts about the network's security and credibility.
As of this report, data from 1ML indicates that the Lightning Network operates with a capacity of 5,338 BTC. This data point has led some to question the network's robustness, especially since there's been a noticeable 15% drop in its capacity in the recent quarter.
