Coingape - 9/11/2018 8:28:22 AM - GMT (+0 )
The 8th largest cryptocurrency is making a lot of headway as it joins hands with Nasdaq, Visa, Citigroup-backed Chain to introduce Interstellar. Meanwhile, Starlight- Lightning on Stellar will also move into gear.
Stellar is yet again in the limelight with the latest update. Lightyear Corp., a company focused on the Stellar blockchain has acquired the San-Francisco-based startup Chain. This merger will create a new company named Interstellar that will migrate the customer base and products of Chain onto the Stellar’s public ledger. This is, in turn, will create a platform that will enable the organizations to issue, manage, and exchange assets.
Adam Ludwin, the CEO of Chain shared:
“We were looking for a way to help our customers move the projects that we have been working on from a private network to a public one.”
This all-cash deal for an undisclosed amount is sure “significantly more than $40 million.” With a number of big names already behind Chain like Visa, Nasdaq, and Citi Ventures, according to Ludwin: “The deal turned out to be a very good outcome for our investors.”
He further commented,
“When we started a few years ago, our customers were not ready for a public network. Fast forward to three years, they’re willingness has gone up, and the maturity of the public networks has changed a lot.”
“By partnering with Stellar you can fire an asset to another institution”, he said while sharing “Chain did not need to sell the company. This needed to be a great strategic move and a great return and it was both.”
Interstellar will have the co-founder of Stellar and Lightyear, Jed McCaleb as the CTO while its headquarter in San Francisco will employ about 60 people.
One of the projects of the Interstellar is Starlight which is Lightning on Stellar which according to the website says,
“We want Stellar to become the world’s digital payment rail. We’re already the most deployment-ready of the major platforms (see the below chart), but given the scale of the future we see for Stellar, we know we need to keep pushing our technology forward.”
This has the community excited as well, as one Redditor shared in part, “Starlight is the name of the upcoming Lightning on Stellar implementation based on the concept of payment channels. In order to open a payment channel, the funds are necessarily locked for the duration of the channel.”
He further added,
“Decreased supply and increased utility can only be followed by an increase in price!”
Another interesting fact shared by a Stellar enthusiast on Twitter:
#Stellar Fact of the Day. 2,659,242 failed transactions were recorded on the ledger. Tremendous losses in fees for reckless developers? No, only 61 $XLM in total for 2.5M transactions thanks to #Stellar low fees.
When was the last time you checked your bot? #check_your_bot pic.twitter.com/2swHGzx7Dt
— OrbitLens (@orbitlens) September 9, 2018
Though Stellar (XLM) is down about 90% from its all-time high (ATH), today this news certainly worked in this crypto’s favor as it registered the greens while the market has been red.
Stellar is making a lot of headway in the crypto market that is rocking the space with the question if Stellar will overpower the Ripple in the near future?