On the Bitcoin (BTC) blockchain, the Spend the Bits protocol on XRP Ledger (XRPL) is currently promoted as being superior than the Lightning Network. This statement was made in reaction to information released by WhaleWire revealing performance metrics for the Lightning Network by XRP holders’ attorney John Deaton.
The findings presented show that the Lightning Network’s total usage has decreased by almost 84% since last year. This horrifying statistic is made even more shocking by the finding that the Layer 2 payment protocol’s capacity has decreased by around 15% over the last three months.
To put the protocol’s predicament in correct perspective, it should be noted that the Lightning Network can now only handle 5,000 Bitcoin units, or just 0.00023% of the total supply of the Bitcoin network. Because of the appalling performance, Bitcoin and the Layer-2 network are no longer considered to be reliable payment protocols, and industry experts are starting to look to other, similarly cutting-edge protocols like XRPL as a replacement.
In an effort to establish a solid foothold in the cryptocurrency payments industry, Spend the Bits is now focused on serving consumers in Canada, with plans to expand to El Salvador and other regions of the world.
XRPL vs. Bitcoin utility
With creative new players like the XRPL now entering the market, there is now no question that Bitcoin paved the path for the largest blockchain and cryptocurrency breakthroughs that we are witnessing today. However, its dominance may be waning.
While XRPL, a native of the Ripple Labs ecosystem, can carry out smart contract operations like to those of Ethereum (ETH), Solana (SOL), and other Layer-1 protocols now in use, its primary goal is to improve cross-border and virtual currency transfers in general.
Although the XRPL protocol is not intended to compete with Bitcoin, it is clear that in the medium to long term, it will overtake Bitcoin in many areas.
