Stellar Gears up to Implement Lightning Network in 2018
- The protocol will bring much-needed scalability improvements to current blockchain networks.
Following last week’s release of the beta-version of Lightning Lab’s Lightning Network, Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term-based projects are slowly beginning to adopt the new technology. Stellar, one of the fastest growing blockchain projects, on Monday announced the implementation of Lightning Network on its blockchain, thus becoming one of the first projects to adopt the protocol.
We're excited to share our vision for Lightning on Stellar.
— Stellar (@StellarOrg) March 19, 2018
Read our Technical Spec and Roadmap - @StellarOrg https://t.co/jI69I1qMEB #xlm #blockchain
In an interview with Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term Magazine, Stellar’s co-founder and CTO Jed McCaleb said: “we’re super excited about Lighting [sic]. It’s a great idea and a necessary one if any of these protocols are going to achieve their vision.”
Lightning Network was introduced in response to scalability issues experienced by current blockchain networks. In its official announcement, Lightning Labs described it as containing “safety, security, and reliability features necessary for real-world, real money usage.”
The team behind Stellar also released a tentative timeline regarding the protocol’s implementation. According to the document, a BUMP_SEQUENCE will be pushed to a testnet on April 1, 2018, followed by beta implementation for state channels on August 1, 2018.
State channels will be fully implemented on the Stellar livenet and a Lightning Network Beta on October 1, 2018, and a fully functional Lightning Network will hit the livenet on December 1, 2018.
The move to implement Lightning Network on the Stellar blockchain is based on the growing requirements of the firm’s clients, which include tech giants such as Kik and IBM. McCaleb raised concerns that even though Stellar’s current blockchain is much more scalable than that of Ethereum, it would not be able to handle a client like Kik moving all its transactions on to the blockchain.
“We have a lot of partnerships that have been announced and that will be announced soon that will start pushing the threshold for what Stellar can do. In order to keep the network efficient and stable, we need something like Lightning,” McCaleb said.
He also revealed that his team is actively seeking feedback from developers and researchers before the commercial implementation of the new protocol.
XLM's market performance, Coinmarketcap.com
Meanwhile, XLM, the token issued by Stellar, enjoyed a 60 percent rise from $0.15 to $0.24 in the last 48 hours, following a steep crash over the weekend. The coin is currently the 7th largest cryptocurrency with a market capitalization of over $4.6 billion, according to Coinmarketcap.com.
Following last week’s release of the beta-version of Lightning Lab’s Lightning Network, Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term-based projects are slowly beginning to adopt the new technology. Stellar, one of the fastest growing blockchain projects, on Monday announced the implementation of Lightning Network on its blockchain, thus becoming one of the first projects to adopt the protocol.
We're excited to share our vision for Lightning on Stellar.
— Stellar (@StellarOrg) March 19, 2018
Read our Technical Spec and Roadmap - @StellarOrg https://t.co/jI69I1qMEB #xlm #blockchain
In an interview with Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term Magazine, Stellar’s co-founder and CTO Jed McCaleb said: “we’re super excited about Lighting [sic]. It’s a great idea and a necessary one if any of these protocols are going to achieve their vision.”
Lightning Network was introduced in response to scalability issues experienced by current blockchain networks. In its official announcement, Lightning Labs described it as containing “safety, security, and reliability features necessary for real-world, real money usage.”
The team behind Stellar also released a tentative timeline regarding the protocol’s implementation. According to the document, a BUMP_SEQUENCE will be pushed to a testnet on April 1, 2018, followed by beta implementation for state channels on August 1, 2018.
State channels will be fully implemented on the Stellar livenet and a Lightning Network Beta on October 1, 2018, and a fully functional Lightning Network will hit the livenet on December 1, 2018.
The move to implement Lightning Network on the Stellar blockchain is based on the growing requirements of the firm’s clients, which include tech giants such as Kik and IBM. McCaleb raised concerns that even though Stellar’s current blockchain is much more scalable than that of Ethereum, it would not be able to handle a client like Kik moving all its transactions on to the blockchain.
“We have a lot of partnerships that have been announced and that will be announced soon that will start pushing the threshold for what Stellar can do. In order to keep the network efficient and stable, we need something like Lightning,” McCaleb said.
He also revealed that his team is actively seeking feedback from developers and researchers before the commercial implementation of the new protocol.
XLM's market performance, Coinmarketcap.com
Meanwhile, XLM, the token issued by Stellar, enjoyed a 60 percent rise from $0.15 to $0.24 in the last 48 hours, following a steep crash over the weekend. The coin is currently the 7th largest cryptocurrency with a market capitalization of over $4.6 billion, according to Coinmarketcap.com.