A new project called Spend The Bits has just been launched and it already has the support of the entire XRP community. The SpendTheBits tool, based on Ripple’s XRP Ledger (XRPL) (XRP), aims to compete with Lightning Network. It is a bitcoin (BTC) payment application that has a certain particularity. Discover the characteristics of this new tool.
Burn XRP by transacting in BTC
The bitcoin payment app SpendTheBits was developed to compete with Lightning Network. It implements Bitcoin (BTC) transactions in a faster and low-cost way. The advantages of this tool are particularly related to the use of the XRPL blockchain. You should know that this blockchain is open and its use does not require any permission from Ripple.
For John Deaton, founder of CryptoLaw, this is the beauty of the technology underlying the SpendTheBits project.
SpendTheBits was created by developer Jay Kambo. According to Deaton, this is Satoshi-esque technology. The XRP token is used to activate any account created on the application. In addition, SpendTheBits also has another particularity: XRP is burned for each transaction Bitcoin (BTC).
For John Deaton, this project has another advantage, this time on the legal level. On this, Deaton said:From a technology perspective, it doesn’t matter whether SpendTheBits is a great innovation or ultimately a waste of time. Personally, I’m not technically savvy enough to know. But legally speaking, this is absolutely one of the best examples to highlight the absolute absurdity regarding the SEC claims.»
John Deaton, an XRP pro, commented that it doesn’t matter that SpendTheBits is a better solution than Lightning Network. He recalled that “the SEC and Gary Gensler admitted that bitcoin is a commodity. And he added: “SpendTheBits lets you spend your BTC using XRPL. »
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