Key Points:
- Deaton revealed he has invested in XRP Ledger’s Spend The Bits for Bitcoin.
- His remarks come as a developer alleged deliberate backdoors exist in Lightning.
- But context is key as Deaton has opposed SEC’s XRP lawsuit.
Lawyer Highlights L2 Scaling Solution’s Alleged Shortcomings
John Deaton, a vocal supporter of XRP and critic of the SEC, recently aimed criticism at Bitcoin’s Lightning Network while praising an XRP Ledger protocol. Lightning aims to improve Bitcoin’s scalability as a layer 2 solution.
In an October 21st social media post, Deaton revealed he’s an angel investor and legal officer in Spend The Bits, which lets users transact Bitcoin on the XRP Ledger.
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
Deaton previously touted Spend The Bits as a more secure alternative for using Bitcoin versus Lightning. His latest remarks come amid circulating concerns over potential Lightning vulnerabilities.
A developer recently alleged deliberate backdoors exist in Lightning’s code that could allow total network control. This sparked doubts about Lightning’s security and long-term viability.
Criticism in Context
Deaton’s views must be considered in context. He has fervently opposed the SEC’s lawsuit against Ripple and invested personally in XRP-based solutions.
His criticisms of Lightning could stem from personal interests rather than purely objective analysis.
However, the timing aligns with wider uncertainty around Lightning’s robustness. And the XRP Ledger offers one infrastructure for Bitcoin to scale securely without Lightning’s potential complications.
The developments put a renewed focus on evaluating the pros and cons of various layer 2 scaling approaches for Bitcoin as adoption grows. Lightning faces challenges around centralization and security that require ongoing monitoring and assessment in comparison to emerging alternatives.
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Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.
