📰 Yello Paradisers!
The XRP Ledger (XRPL) protocol is being touted as a superior alternative to Bitcoin’s Lightning Network. This comes from John Deaton, a lawyer representing XRP holders, in response to data showing a decline in the Lightning Network’s usage and capacity.
📰 Decline in Lightning Network
According to data, the Lightning Network has seen an 84% drop in overall usage since last year and a 15% decrease in capacity in the last three months. Currently, it can process only about 5,000 Bitcoin units, which is a minuscule fraction of Bitcoin’s total supply. This has led to questions about its viability as a payment protocol.
📰 XRPL as an Alternative
Spend the Bits, a protocol on XRPL, is being promoted as a faster, more secure way to spend Bitcoin. It primarily serves users in Canada and has plans to expand to El Salvador and other regions. Unlike the Lightning Network, XRPL is designed to facilitate cross-border and digital currency remittances, making it a versatile option.
📰 Comparing XRPL and Bitcoin
While Bitcoin has been a pioneer in the blockchain and crypto space, its dominance may be challenged by emerging technologies like XRPL. XRPL is part of the Ripple Labs ecosystem and offers functionalities similar to other Layer-1 protocols like Ethereum and Solana. However, it is not in direct competition with Bitcoin but aims to capture some of its market share in the medium to long term.
📰 Takeaway
The decline in the Lightning Network’s performance has opened the door for alternatives like XRPL to gain attention. With its specific design for cross-border and digital currency transactions, XRPL could become a significant player in the crypto payments landscape.
🌴 ParadiseTeam 📰
