Stellar News

Lightyear acquires Chain and plans on merging Public and Private Blockchains on the Stellar platform 

A new view on combining Public and Private Blockchains 

Stellar Development foundation has recently acquired venture-backed blockchain enterprise Chain Inc., which was done through their subsidiaries. The company is set to change its name to Interstellar and will be in San Francisco with a New York City office. 

The Stellar platform is similar to Ripple as it is a platform that is designed in order to facilitate the transfer of digital assets, however stellar has a bottom-up approach to partnerships. 

Chain Inc. builds cryptographic ledgers, and is a software enterprise. According to the CEO of Chain’s Adam Ludwin. The new company (Interstellar) will be creating a platform for the issuance, management and exchange of various crypto assets after the migration of all of Chain’s products and users to the new global public ledger.  

Interstellar to bring new opportunities to the blockchain space

Jed McCaleb is set to become the new CTO of Interstellar and will remain independent of the Stellar development Foundation. In an interview with Mr.Ludwin, he pointed out that:

“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. 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.”

As was reported on Bitrates, there have been no details about the buyout which has lead Ludwin to declare Chain as a cashout. They have finally come to a conclusion on negations they had going on from 2017, fortunately, the negotiations turned out to be in the best interest of investors.

McCaleb also stated that “The Chain’s team has led the market for enterprise adoption of blockchain technology, which is a critical component of building a future where money and digital assets move over open protocols. We are thrilled to be joining forces to help organisations build on Stellar.”

What do you think of this new move by the Stellar Foundation? Please feel free to leave a comment down below.

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coinmag

My occupation is the Research of blockchains and their practical applications in the economy. I have graduated through various levels of education, including electrical technique, Business, Psychology, and innovative technologies.

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