Lightning Network faces criticism from Pro-XRPL lawyer John Deaton

Lawyer and cryptocurrency proponent John Deaton has criticized the Lightning Network, deeming it little effectual than the 'Spend The Bits' protocol connected the XRP Ledger (XRPL). The Lightning Network is the second-layer solution built implicit the Bitcoin blockchain. It is designed to amended the scalability and ratio of Bitcoin transactions by enabling off-chain, peer-to-peer transactions.

Deaton expressed his prime connected Saturday, Oct. 21, done a tweet, revealing his relation arsenic an angel capitalist successful 'Spend the Bits' and his caller assignment arsenic its main ineligible officer.

It's worthy noting that this isn't Deaton's archetypal endorsement of 'Spend The Bits' arsenic a viable alternate to the well-known Lightning Network connected the Bitcoin blockchain. In the erstwhile month, the Ripple-supporting lawyer commended the protocol, characterizing it arsenic a much unafraid method for utilizing your Bitcoin successful examination to the Lightning network."

Let maine beryllium wide and transparent: I americium present progressive successful @Spend_The_Bits arsenic an angel capitalist and service arsenic its Chief Legal Officer. Therefore, delight judge my comments with that successful mind. But a large crushed I invested successful @Spend_The_Bits, oregon stated much accurately, invested in… https://t.co/aheyTxjGxp

Interestingly, Deaton's Saturday disclosure was well-timed, aligning with a tweet from the crypto researcher 'WhaleWire.' This tweet raised concerns astir a caller find successful the Lightning Network, indicating a notable information vulnerability that prompted a salient Bitcoin developer to retreat from the project.

As per the tweet, the developer alleged the beingness of deliberate vulnerabilities successful the Lightning Network's code, which could perchance supply attackers with implicit web control. Notably, large backers of the Lightning Network encompass Tether, Bitfinex, and BlockStream. This assertion has raised inquiries and apprehensions regarding the network's information and trustworthiness.

Related: Lightning Labs releases Taproot Assets alpha, bringing stablecoins to Bitcoin

At present, the Lightning Network tin grip transactions involving conscionable 5,338 BTC, arsenic reported by 'IML,' constituting lone 0.025% of Bitcoin's full supply. This important inclination has sparked doubts regarding the network's resilience and semipermanent viability. Furthermore, this alarming fig is worsened by a caller 15% simplification successful the capableness of the Layer 2 outgo protocol implicit the past astir 3 months.

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