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-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.
In an interview with Bitcoin 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.
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-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.
In an interview with Bitcoin 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.
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.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
Kraken Announces Partnership to Enhance Crypto Offerings in German Market
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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