Tech

Stellar Gears Up to Implement Lightning Network

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Last week, on March 15, 2018, Lightning Labs unveiled their beta for the Lightning Network in a flash of media attention and enthusiasm. The Lightning Network has been heralded as a solution to Bitcoin’s scalability issues, and the developments were greeted by the community with tremendous optimism.

A little less than a week later, the Stellar network team has announced that they will be integrating the Lightning Network. That makes Stellar among the first projects to formally announce the integration of the Lightning Network since the beta release last week.

“We’re super excited about Lighting,” Stellar founder Jed McCaleb told Bitcoin Magazine in an interview. “It’s a great idea and a necessary one if any of these protocols are going to achieve their vision.”

“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.”

For now, though, McCaleb and the rest of the team are focused on getting the ball rolling so Stellar users — and the rest of the crypto ecosystem — can start reaping Lightning’s benefits:

“There are three main benefits,” he said to Bitcoin Magazine. “There’s the scalability benefit, obviously — Stellar can scale pretty well right now but Lightning takes that much, much further; there’s private benefit, as Lightning allows transactions to be kept off the public ledger; and then there’s also interoperability.”

“It should make a much more flexible, interoperable ecosystem which is good for everyone.”

 

 

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