- Deaton announced his status as an angel investor and chief legal officer for ‘Spend The Bits.’
- An important security hole was found in Lightning, prompting one developer to leave.
John Deaton, an attorney and cryptocurrency advocate, has said that the ‘Spend The Bits’ protocol on the XRP Ledger (XRPL) is superior to the Lightning Network. Lightning is Bitcoin’s layer-2 scalability solution. Off-chain, peer-to-peer transactions are enabled, which increases Bitcoin’s scalability and efficiency.
Deaton announced his status as an angel investor and chief legal officer for ‘Spend The Bits’ in a post on Twitter on October 21.
Let me be clear and transparent: I am now involved in @Spend_The_Bits as an angel investor and serve as its Chief Legal Officer. Therefore, please accept my comments with that in mind. But a major reason I invested in @Spend_The_Bits, or stated more accurately, invested in… https://t.co/aheyTxjGxp
— John E Deaton (@JohnEDeaton1) October 21, 2023
Security Hole
Moreover, in the past, Deaton has suggested that users consider Spend The Bits as an alternative to Lightning on the Bitcoin network. In September, the pro-XRP lawyer praised the protocol, saying it offered a safer way to transact in Bitcoin than Lightning.
Also, Deaton’s Saturday announcement was timed well, coinciding with a twitter post by cryptocurrency researcher WhaleWire. An important security hole was found in Lightning, prompting one developer to leave the project.
Antoine Riard, a developer and security expert, has decided to leave the Lightning Network team. Due to ongoing concerns about Bitcoin’s security and other fundamental obstacles.
The developer said that weaknesses in the Lightning Network’s code were intentionally left there. So that hackers could take over the network. Moreover, the credibility and safety of Lightning has been called into doubt by this assertion.
According to 1ML, the Lightning Network can handle 5,338 BTC at this moment. Also, with the payment protocol’s capacity having dropped by 15% over the previous three months, this has raised concerns about the network’s durability and longevity.
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