There have been new incidents in the cryptocurrency world. One of them is the announcement by lightning labs – a beta release for their lightning network. Since Lightning network is the dependable solution of Bitcoin’s scalability issues, there has been a strong positive reception in the cryptocurrency market. Within a week of this announcement, Stellar Network has announced their plans to integrate lightning network to the platform. Stellar’s founder Jed McCaleb have shown enthusiasm in the integration and the future potential gains from it.
It is widely believed in the crypto circles that Lightning network is going to be the essential part of the cryptocurrency platform. The stellar team have noted that with the increase in transaction volumes, technology as robust as a lightning network is required to keep the platform stable and efficient. The team has also announced partnerships with a lot of technology vendors to boost its stability and performance. Jed McCaleb has been the proponent of Lightning network since the infancy of the concept. He has even written blog posts outlining the advantages of Lightning like network for a blockchain platform.
Latest Upgrade By Stellar
A stellar team is going ahead with the integration with a BUMP_SEQUENCE testnet by April 2018. A beta implementation of the state channels system will be completed by August 2018. Livenet and lightning network beta will be deployed on October 1, 2018. Full-scale deployment of the lightning network on Stellar will be done by December 2018. With the help of this technology, it is expected that the transactions will increase the sequence number of a target account.
The team will also release details related to the use of state channels for multihop payments. They have also invited feedback, and peer review from the broader community as the final blueprint for the technology is still evolving. They believe that the collaborative process can increase the widespread adoption of the technology. While the lightning network is being rolled out, Stellar users and the broader community can benefit from the implementation right away.
Benefits of Using the Lightning Network
According to Jed McCaleb, there are three obvious benefits of lightning network implementation.
The first one is scalability with the ability to manage multiple accounts simultaneously.
- The second benefit is privacy as Lightning network enables transactions to be recorded off the public ledger.
- The third benefit is interoperability which can facilitate the prospects of Atomic swaps.
The implementation of Lightning networks will give rise to a flexible and interoperable ecosystem that benefits everyone.