Co-Creator of Ripple (XRP) and Stellar (XLM) Jed McCaleb Shares Interstellar’s Starlight Payment Plans
Just a few days ago the Stellar community was notified on Reddit and other sources of the new project that has been launched on the Stellar Network, one which is referred to as the Starlight. The simple explanation behind all this is that it has been Stellar’s vision of going ahead to light the network.
The network will be providing some private channels on bidirectional paths that are used for two parties, which will allow them to pay each other the needed funds instantly; all this done in a private manner. This is not all as the transaction will be done for free without the involvement of the Stellar Network just before the final payment is done on the blockchain technology.
With the use of payment channels, this should allow the different parties the ability to transact instantly, securely and not forgetting privately, all this being done without incurring any fees. All this is also a first step towards the agenda of connecting to different payment channel networks; this is the likes of Interledger and Lighting.
A Few Statements
McCaleb went ahead to state on Reddit that a few individuals have been asking why they are building another lighting state channel protocol for the Stellar network. The company has three reasons as to why they got onto this project.
Most of the transactions that take place on Stellar is between the finical institutions; thus, most of them tend to have some privacy concerns if every transaction made gets broadcasted on a public network. But with the Starlight network, it will give all the users a way they could efficiently transact in a trustless manner but still being able to keep all the transactions made of the public chain.
Stellar has been able to scale pretty well; if we are to compare it with other blockchain solutions in the market, but it is important to note that there are several transactions that take place around the globe and as time goes on it does not seem feasible to have it all on a ledger. This is where Starlight comes into place as it will allow the use of Stellar to be able to scale further instead of having everything kept on a ledger.
3. The Concept of Interoperability
With how the market is growing the company does not think we will stick with just one blockchain in the market or even only one distributed ledger; thus the interoperability between them will be a fundamental concept. With the use of the Starlight project, it will immediately put us on this path and implement the idea ahead of time.
It is evident that if we are to look at the roadmap of Starlight, it is very extensive, as they are planning on adding a few channels for the non-native assets in the market. The non-native assets are the coins that are not fully based on the Stellar blockchain. But this is not all as we should also expect to see some cross currency atomic payments on the platform.
The primary goal for the company, as McCaleb stated it, is the implementation of the interoperability with other two layer solutions that can be used by different blockchains, this is like the Lighting and the Interledger. One of the factors that didn’t get the needed publicity is the fact that once these channels are operational, each of the payment channels will lock in some funds; thus, this will decrease the supply of the XLM. And from this, we should all expect an increase in price on the XLM.