What Is Stellar Starlight And Why It Has Been Developed?
This new project for the Stellar blockchain is being developed as a bi-directional, instant payment protocol with payment channels and zero-fee transactions that enables parties to transact in an secure, private, free and instant way...
What is Stellar Starlight and why it has been developed?
It is considered as the Lightning Network of this blockchain
About two months ago, crypto ledger firm Chain was absorbed by Lightyear Corporation (the former name of the company that developed blockchain project Stellar). With its acquisition, the company just rebranded itself to be now known as Interstellar. And the first product they have released as such is called Starlight.
This new project for the Stellar blockchain is being developed as a bi-directional, instant payment protocol with payment channels and zero-fee transactions that enables parties to transact in an secure, private, free and instant way. To put it simple, this is the Lightning Network version of Stellar.
Why the need for a Lightning-like payment protocol on Stellar?
When users became aware of this news, they began to question the reasons why they developed such a similar protocol. Yesterday, the Co-Founder of the Stellar Development Foundation Jed McCalleb, explained that there are three main reasons why they decided to work on such project: privacy, scalability and interoperability.
In regards of the privacy, McCalleb explained that since financial institution are most likely to be the main users of their blockchain, it is normal that they are worried about having their transactions broadcasted to the public network. “Starlight gives them away to still transact in a trustless manner but keep the transactions off the public chain,” he said.
As per the scalability, the developer stated that although Stellar works pretty well when it comes to scalability, they don’t want to give a chance to backlogs and other well-known issues of having all transactions being processed on the ledger without the required infrastructure. “Starlight will allow the use of Stellar to scale much much further than keeping everything on the ledger.”
Finally, he talked about interoperability, stating that it is unlikely that in the future, only one distributed ledger will prevail and the rest will go extinct. With that in mind, interoperability will inevitably become a necessity, so it is better to prepare the blockchain for that moment. “Interoperability between them will become increasingly more important. Starlight puts us on the path to implement that.”
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