Lawyer and crypto advocate John Deaton has voiced criticism against the Lightning Network, advocating for the "Spend The Bits" protocol on the XRP Ledger (XRPL). Lightning, a layer-2 Bitcoin scaling solution, aims to enhance scalability and efficiency via off-chain, peer-to-peer transactions.
Deaton, an angel investor in Spend the Bits and its chief legal officer, previously endorsed it as a secure alternative to Lightning for Bitcoin use. His recent remarks coincide with concerns raised about Lightning's security, as a developer uncovered potential vulnerabilities that could grant attackers network control. Notably, major Lightning Network supporters have ties to Tether, Bitfinex, and BlockStream, raising questions about its reliability.
As of now, the Lightning Network holds a capacity of 5,338 BTC, raising concerns about its resilience and long-term viability due to a 15% reduction in capacity over the last three months.
