News Stellar Will Implement its own Lightning Network This Year

Stellar Will Implement its own Lightning Network This Year

-

- Advertisment -

While most people associate the Lightning Network, that is not entirely correct. Similar technology will come to a variety of cryptocurrencies and digital assets in the future.Stellar is planning to implement a form of the Lightning Network as well. Their plan was outlined not too long ago, and seems to offer quite a few benefits altogether.

Stellar is trying a very different approach from Bitcoin and other cryptocurrencies. The project genuinely aims to become the world’s digital payment rail. To do so, they need to focus on scaling, instant payments, and extremely low fees. All of that is difficult to achieve when using blockchain technology and distributed ledgers. As such, the project will receive its own version of the Lightning Network.

Lightning Capabilities for Stellar

More specifically, the Lightning Network is originally designed for Bitcoin. With its focus on payment channels and off-chain payments, it holds a lot of merit for cryptocurrency in general. However, the technology is not Bitcoin-exclusive by any means. For Stellar, the technology offers a lot of benefits as well. While the project favors state channels, which offer the same “properties” as payment channels, but in a more flexible manner.

As such, the Stellar team is working on their Lightning implementation as of right now. Every network transaction has a source account and a sequence number. This sequence number needs to become a mechanism for off-chain payments through the BUMP_SEQUENCE operation. This solution will come to a test net in April, with a beta implementation of the state channels to follow in August. If everything goes well, state channels will come to the Stellar main net in October. At that time the lightning Network will also go into beta for this particular platform.

When everything is said and done, Stellar should have Lightning capabilities before the end of 2018. As is always the case with such timelines, things can change. Later on, we will see increased privacy and scalability solutions being implemented as well. Stellar also wants to become interoperable with other Lightning networks, including Bitcoin and Ethereum. An interesting year lies ahead for this project, that much is evident.

Header image courtesy of Shutterstock

Tags: Lightning Network, stellar, XLM

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Network Security Using Cryptography: Everything you need to know

This article will describe what is Network Security Using Cryptography and everything you need to know before...

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came under new ownership in December 2019. Since taking over the exchange,...

Fungibility: Bitcoin Mixers Favorite Term That No One Understands

Fungibility, perhaps the most important concept when dealing with a decentralized and anonymous currency, but does bitcoin...

Crypto can’t thrive in the real world – but stablecoins can

We can safely say that the hype about cryptocurrencies is pretty much over. The claims of Bitcoin...
- Advertisement -Stellar Will Implement its own Lightning Network This Year

How to double your crypto

Most of us have a small gambler deep inside our souls. We love to feel the thrill...

Cryptocurrency Top Security Risk Concerns: What You Can Do to Protect Your Crypto

A report by CipherTrace revealed that in the first half of 2019, criminals and fraudsters stole more...

Must read

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came...
- Advertisement -Stellar Will Implement its own Lightning Network This YearStellar Will Implement its own Lightning Network This Year

You might also likeRELATED
Recommended to you