In a recent tweet on Oct 21, lawyer and crypto supporter John Deaton voiced his criticism on the Lightning Network, a layer-2 scaling solution for Bitcoin, and highlighted the advantages of the “Spend The Bits” protocol on the XRP Ledger (XRPL).
In the tweet, Deaton revealed that he is an angel investor and chief legal officer for Spend The Bits. Deaton has previously touted Spend The Bits as a more secure option for transacting Bitcoin compared to the Lightning Network.
This latest comment from Deaton came at a time when there are growing concerns about Lightning Network’s security.
Earlier this month, an anonymous crypto investigator known as WhaleWire raised alarms after a developer withdrew from the project, alleging that there are deliberate vulnerabilities in the Lighting Network’s code, which could potentially provide attackers with complete control over the network.
With major Lightning Network backers also involved in controversial entities like Tether, Bitfinex and BlockStream, fears have erupted regarding the network’s resilience and trustworthiness.
According to data from 1ML, Lightning Network currently has a network capacity of 5,338 BTC. However, this figure has triggered doubts regarding the network’s resilience and long-term viability, especially in the light of a 15% reduction in capacity over the last three months.
Also Read: Coinbase to Integrate Lightning Network for Bitcoin
