Taking Sides in the Crypto Arena
In a heavyweight showdown of cryptocurrency scaling solutions, prominent lawyer and crypto enthusiast John Deaton has thrown his gloves in favor of the Spend The Bits protocol on the XRP Ledger (XRPL) over Bitcoin’s Lightning Network. While the Lightning Network has been touted as the great white shark of layer-2 solutions for Bitcoin, Deaton believes that it’s more of a goldfish in comparison to what’s available with Spend The Bits.
Who is John Deaton?
For those not keeping track, John Deaton has made a name for himself as a pro-XRP attorney and vocal defender of cryptocurrency innovation. His latest investment role as an angel investor and Chief Legal Officer at Spend The Bits only adds more fuel to his fire as he champions its cause. Talk about adding a dash of credibility!
The Big Reveal: Lightning vs. Spend The Bits
In a tweet on October 21, 2023, Deaton candidly shared his quiet allegiance to Spend The Bits. He even went as far as to say it’s a more secure alternative to Bitcoin’s Lightning Network. “Let me be clear,” he tweeted, a stern disclaimer that all but says: ‘I have interests, so trust me, okay?’ Deaton celebrated the protocol as a superior method for managing Bitcoin transactions, claiming the infrastructure offers greater security.
Security Concerns in Lightning Network
What merited this bold statement from Deaton was a recent revelation triggered by investigations from WhaleWire, which pointed fingers at possible security flaws within the Lightning Network. One developer even pulled the plug on their involvement after claiming there were intentional vulnerabilities built into the code. Yikes! With fears that attackers could seize control of the entire network, questions loom large over the credibility of the Lightning Network. Talk about throwing a wrench in the system!
Numbers That Raise Eyebrows
As further justification for his position, Deaton might not be wrong to cast doubts on the Lightning Network’s viability. Recent stats show that the network currently has a capacity of 5,338 BTC, marking a 15% drop in its capacity over the last three months. If this were a game of musical chairs, it looks like even the chairs are dwindling.
Conclusion
The unfolding saga between the Lightning Network and Spend The Bits is one that will need to be watched closely by both investors and crypto enthusiasts alike. Each offers its own set of advantages and shortcomings—but when the defending champ looks less like Muhammed Ali and more like a flat tire, it might just be time to consider a new contender in your portfolio. Stay tuned for the next round!
