[Yizahi]

It's not a competitor because it can't scale at all and is a gigantic space heater too (which would be a point of discussion if the advertised functionality worked at least). So the guys governing bittoken network invented a lightning system. Which at close inspection is a highly centralised system, separate from the original bittoken network, and working exactly as current banks. People deposit btc in it, then bank (node) issues you some derivative IOUs which which you trade with others, then transactions are settled between banks (nodes) only.

Basically tokenbros are reinventing banks, only with zero oversight and governed from offshores. Amazing alternative I must say. /s