John Deaton’s Criticism of Lightning Network
John Deaton, a lawyer and cryptocurrency advocate, has expressed his skepticism of the Lightning Network, claiming it is less effective than the “Spend The Bits” protocol on the XRP Ledger (XRPL). Lightning is a layer-2 scaling solution for Bitcoin, designed to improve the scalability and efficiency of Bitcoin (BTC) transactions by allowing off-chain, peer-to-peer transactions.
On Oct. 21, Deaton revealed that he is an angel investor in Spend the Bits, and also serves as its chief legal officer. Previously, the pro-XRP (XRP) attorney had praised the Spend The Bits protocol as a more secure way to use Bitcoin than Lightning.
Deaton’s disclosure came shortly after an X post from the online crypto investigator WhaleWire, which raised concerns about a recent security vulnerability found in Lightning that prompted a developer to pull out of the project.
The developer alleged that there are deliberate security flaws in the Lightning Network’s code, which could give attackers total control of the network. This has caused doubts about the safety and reliability of Lightning, as the major supporters of the Lightning Network are also linked to Tether, Bitfinex and BlockStream.
At the time of writing, Lightning Network has a network capacity of 5,338 BTC, according to 1ML. This has raised questions about the network’s resilience and sustainability, as the payment protocol has seen a 15% decline in capacity over the past three months.
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