The rocket to the moon is through adoption — global adoption.
Heads up. Stellar is not trying to overthrow the traditional systems. It aims to make it better by connecting the existing systems to a decentralized and open system. It also aims to provide an instant cross-border payments and to bank the unbanked.
Now that you have some ideas about Stellar, let’s talk more about its use cases, and the projects built on Stellar platform or have partnered with Stellar organization.
Remittances are a core use case for Stellar and expanding the network of anchors (financial institutions) building on Stellar is one way we seek to create equitable access to the global financial system. In addition to accessibility, Stellar’s technology could go a long way toward achieving the UN’s Sustainable Development Goal of reducing remittance transaction costs to less than 3%. — Denelle Dixon, CTO of Stellar
Whereas other projects are going bananas for Defi, Stellar has been working with regulators. Just last September 28, 2020 Dixon presented Stellar’s use case on remittance to Capitol Hill.
Stablecoins and Tokenizations of Assets
Stellar was designed for stablecoins before stablecoin was even a word. Stellar was built with a core focus on asset issuance, with the ability to create a redeemable, tradable digital asset backed by any real-world asset. (That means not just fiat, but other forms of value, too, like stocks, bonds, commodities.) The ability to issue and redeem assets is one of Stellar’s most powerful features. — stellar.org
On Stellar, stablecoins are redeemable 100% as 1:1 through anchors.
What are anchors? Anchors are REGULATED ENTITIES that provide digital tokens that are tied to fiat currencies.
For example, anchors such as Tempo issues EURT (Euro token), AnchorUSD for USDX, and Coins.ph issues PHP (Philippine peso) on Stellar. Other anchors issue Chinese Yuan, Nigerian Naira, Mexican Peso, and more.
In simple words, anchors are fiat on/off ramps for the Stellar network.
Because of the anchors and Stellar’s cheap and fast transactions, if I send you USD and you want to receive or exchange it to EURO, it can be done easily!
Games and NFTs
Ah, I really enjoy playing Litemint. This game is fun, and the cards are indubitably beautifully created.
You earn CREDITS and NFTs which are both issued on Stellar and can be traded on Stellar DEX.
The signing up process is rather quick. No expensive gas fee involved. You can sign up with your Google account or Facebook and set up your Stellar address and private key on the game settings.
Notable Projects on Stellar
The following projects are only some of the interesting projects on Stellar. If you want to see the complete list, go here.
Vibrant. It helps Argentinians to convert their Argentine Pesos to USD as a hedge and savings against inflation.
On the other hand, Satoshipay helps publishers to create a paywall for their content and uses Stellar to facilitate instant transactions. In fact, Satoshipay has reached a major milestone when it processed €1,000,000 in borderless content payments last August 2020.
Satoshipay has also launched Dtransfer which is a B2B payment.
Moving on to another interesting project on Stellar is MintX. Who says you can’t buy gold, silver, or palladium easily? With MintX you can easily buy metal tokens and store them on a Stellar-compatible wallet. These tokens are redeemable to physical gold, silver, and palladium.
And then Kelp. Kelp bot is an automated market maker on Stellar Decentralized Exchange(SDEX), so traders can earn arbitrage opportunities and it will also help in providing liquidity to SDEX.
Price ≠ Value
Even though Stellar has fallen out of the Top 10 cryptocurrency by market capitalization, the fundamentals are growing stronger. Moreover, jStellar team has been busy working with regulators to achieve network effects and adoption.
The Stellar community is also excited for the upcoming major announcement on the 15th of October. Since the beginning, Stellar has never tried to hype itself up, so this is quite intriguing.
Register for Meridian
Meridian is a virtual free event from November 6-20, 2020 hosted by Stellar Development Organization with great line up of speakers such as Tim Berners-Lee, creator of World Wide Web and Reid Hoffman, co-founder of Linkedin.
Other special speakers are:
- Bill Barhydt — CEO, ABRA
- Ratna Sahay — INTERNATIONAL MONETARY FUND (IMF), DEPUTY DIRECTOR OF THE MONETARY AND CAPITAL MARKETS DEPARTMENT
- Radoslav Albrecht — FOUNDER & CEO, BITBOND
- Mike Kennedy — CEO, INTERSTELLAR
- John Kiff — SENIOR FINANCIAL SECTOR EXPERT, INTERNATIONAL MONETARY FUND (IMF)
And more are coming! Register now for Meridian here.
Where is Stellar going?
To the moon by moving money like email. 🌙
This post was originally posted on my blog.
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