New XRPL-built project is here for battle with Lightning Network
The crypto world has recovered with another major development aimed at implementing bitcoin transactions and competing with the Lightning Network. This time came the moment of glory for Spend the Bits, a project built on the basis of the XRP Ledger, which recently received a lot of support from the entire XRP community.
Describing its own project in brief, SpendTheBits states that the use of exactly the XRPL blockchain allows BTC transactions to be much faster and cheaper than it is possible now. At the same time, John Deaton, a pro-XRP activist and CryptoLaw founder, highlighted another positive side of the project.
According to cryptocurrency lawyers, the case of Spend the Bits, which is built on the XRP Ledger using open source code and does not require permission from Ripple or anyone else to implement the technology, once again proves that The SEC’s claim against Ripple and XRP is absolutely absurd. , It’s a Satoshi-esque technique, says Deaton.
Send BTC, burn XRP
The most important feature of the project is definitely the use of XRP in transactions, or rather the burning process. So, in addition to the fact that XRP is used to activate an account, it will be burned with every BTC transaction through the XRP Ledger blockchain.
It’s also worth clarifying that when making a bitcoin transaction through the SpendDbits app, the user sends a synthetic “I-Ow-You” version of the cryptocurrency, such as XBTC from Coinbase or SBTC from 21Shares Fund.
