Stellar is an open-source Protocol and network for remote payment transactions with digital currencies, whose goal is to allow payments as easy as E-Mails. Five projects that you should know.
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In July 2014, Ripple co-founder Jed McCaleb and Joyce Kim, Stellar established. Since then she has supported the Non-Profit Stellar Development Foundation (SDF). Stripe provided the SDF with a Three-million-US-Dollar Funding. The goal is the development of the Protocol and projects for the adaptation was.
The consensus model of Stellar
In contrast to other block chains in Stellar no Mining. The consensus is decided by vote of the majority. For example, if Alice five Euro Bob wants to send, it is checked in this transaction. If a majority of the Stellar Server to validate it, will the value of the position.
This allows for a fast value and a block time of two to five seconds. Initially was Stellar on the Ripple Protocol, which was but according to McCaleb and Kim error in the algorithm for consensus-building. Therefore, the Motivation came to design a new error-free Protocol.
This new Protocol (SCP) replaced the default list of trusted Server by means of Quorum-cells. These cells can consist of several members, which then add their internal coordination as a result of the overall consensus.
for Example, there may be a Quorum of four large banks, which need to have in your cell, a three-quarters majority. There may also be other cells, of the trust for each other. So it may be that a cell of insurance required internally by a two-thirds majority, but with a cell from the banks and thus a three-quarters majority needed.
More information can be found here:
David Mazières: “The Stellar Consensus Protocol” | Talks at Google
watch This Video on YouTube.How the Stellar Consensus Protocol (Federated Byzantine Agreement) Works
watch This Video on YouTube.Stellar Lumens (XLM) – the crypto-currency to the Protocol
This Change also brought the in-house Cryptocurrency Stellar Lumens (XLM) with itself. The network uses it as the native currency for all transactions on the Stellar Blockchain.
As of the previous Ripple acted as a closed System, it took none mining for the production of the currency needs. Thus, we created all of the lumen of the SDF and distributed a part of it.
Similarly, we decided not to Smart Contracts. The results, ultimately, in the absence of Mining in lower fees. These are currently 0,00001 XLM, about one ten-thousandths of a Euro Cent.
It is EUR 0.01 fee for 10,000 credit Transfers so regardless of the amount. Two Hidden Champions of Stellar are the Federation and the Anchor approach. Federation allows domain owners, a list of names and Stellar addresses to Deposit. In order to allow the Stellar network transactions to send to “user name*example.com”. Thus it is necessary to remember, no long address.
The Anchor System allows trusted companies to issue Assets on the Stellar network. Thus, a company can give out a certain amount of, for example, “Euro-Token”. This can benefit the participants of the network, in turn, as a Stable Coin. This mixture of open developer culture and a focus on usability provide a basis for many application scenarios of Stellar.
SatoshiPay
SatoshiPay is a Berlin and London-based Start-up that offers a Stellar-based Micropayment solution. It allows you to monetize Content such as Videos on a website easy and fast.
in order To unlock the content, the users neither have to install a plug-in somewhere a Subscription and gets directly to the website of SatoshiPay provided Wallet, which can then be used for Micropayments used (Who wants to try can do so here).
In addition, SatoshiPay offers a very well documented interface, which allows in a few simple steps to integrate your solution into existing projects. SatoshiPay is a known quantity in the Stellar Community, as they organize, among other things, the Stellar Meetup of the Berlin cluster, and active Open-Source Wallet called the Solar to develop.
Keybase
on The Internet, anyone can create an Account under any name. In order to ensure clarity is established, who has to do it, built Keybase is a publicly accessible database in which a relation between Social Media Account and a Public-Private Key is made.
Therefore, a user can prove on Keybase due to sign a small message in a Tweet that this Twitter Account belongs to and file a Claim for this creation.
On this basis, it has built Keybase an end-to-end encrypted chat system which allows users to find the previously created Claims and to organize in Teams.
at the beginning of 2019 Keybase added his Client has a Stellar Wallet, which now allows to send Stellar and to receive the practical advantage of this is that instead of can be used by addresses the Claims as the target. Therefore, you can now simply lumen to “jed*keybase io” to send and come with Jed McCaleb.
IBM WorldWire
IBM has many of the transactions friction losses due to currency exchange, handling fees and loss of time. Therefore, with WorldWire an Alternative to the Plan to modify, in cooperation with 44 banks in 72 countries, cross-border payment traffic. Through the use of Stellar WorldWire reached an extremely low Settlement time, and very low transaction costs with a simultaneous gain in transparency and security. Since IBM has 97 percent of all banks as customers, we are excited to see how the Payment world in the Background is revolutionized.
Stronghold
Launched as a Bitcoin exchange, has created a Stronghold in cooperation with Prime trust, as Trustee of the first USD Anchor on the Stellar network. Through close cooperation with IBM WorldWire, the focus of Stronghold are becoming more and more in the direction of the Stable Coin and is the backbone of the U.S. Dollar payments on the WorldWire. The project is for me one of the Hidden Champions, which will form the Foundation for Adoption.
StellarX
In addition, Stellar offers a Dezentralized Exchange called SDEX. On this decentralized exchange, you can trade directly from the own Wallet. No middle man is needed. This chamber, the Team StellarX with the help of the SDF-to-Use t and created a website that you can use all the Features of the DEX.
the fact that all transactions happen from the own Wallet, you have to entrust to any platform, be credit, or the hope that a Withdraw from an Exchange will be successful. Similarly, one can build on the Peer-to-Peer power of the network to allow trade on centralized exchanges due to a lack of liquidity may not be possible.
This is a guest post by Till of ancestors. More about the Developer you can find on his Homepage.
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