Lightnet is a technology based onthe Stellar Lumens blockchain, and its focus is to replace the current paymentsystems like Swift and Ripple. Duringthe first financial round, Lightnet has raised 31.2 million.

Tridbodi Arunanondchai, Vice Chairman of Lightnet, stated that over the next three years, a total volume of 50 billion USD and more is the target.

Stellar Lumens Based Lightnet Vs. China and India

China and India are the targetfocus of Lightnet. The reason being bothcountries are the most populated in the world. The Lightnet Startup is based in Bangkok. The 31.2 million raised in the firstfinancial round will be used to develop a software based on the StellarBlockchain.

The Lightnet payment service will be particularly useful to migrant workers who are looking to send their hard-earned money home.  Several migrant workers do not have a bank account, and this service from Lightnet can be useful to them. 

Lightnet is focusing on providing three innovative solutions, the names of which are BridgeNet, LiquidNet, and SmartNet.  The tasks for the main platform are already over.  The first transaction is expected to be completed by the end of the first quarter this year.  The company would be further collaborating with MoneyGram, Seven Bank, YeahKa, or Ksher in Japan to ensure further development of the ecosystem.  The Stellar Lumens based Startup competes to dominate the trillion-dollar remittance market.

Will Stellar Lumens sustain Competition for its User - Lightnet

Of note, Ripple and Stellar Lumens are offering cross-border transactions for a low cost.  Ripple has previously announced its focus on expanding in the Asian Market in 2020.  The company is also working with MoneyGram to bring inefficient results.

In the recent financial plan proposed by Stellar Lumens for the next decade with the remaining SDF of 30 million XLM for a variety of purposes.  How Stellar Lumens will compete versus Ripple and how the Startup will penetrate and establish itself in the market is something we are yet to witness.

Giants are competing for the Trillion Dollar Remittance market. Will Lightnet survive the competition? Probably, yes, considering they are backed by Stellar Lumens blockchain and the hard-working spirit of the team supporting the project.

At the time of reporting thenews, Stellar Lumens was trading at $0.0480, and the 24-hour trading volume wasat $129.69M. There are somepartnerships, which eventually drive the price of the XLM. We need to see if the Lightnet use case willmake a difference.