Stellar has some interesting updates

Stellar

Big news concerning Stellar and their plans for 2018!

Stellar recently had a meetup with the Korean exchange GOPAX (who is an official partner) and Mobius, a project that held their ICO on the Stellar network (which did great things for the XLM price at the end of last month).

Stellar basics

XLM is currently ranked #8 on Coinmarketcap.

One of the interesting things about Stellar is the ability to exchange any currency and send it in the form of another currnecy to other people in the network. So it’s possible to send dollars, while the recipient gets Euros. This happens through a distributed exchange that is stored on the ledger. This can be done in three ways. The first is to look for possible dollar/euro trades in the orderbook of the exchange. The second is by using the native coin, Stellar Lumens, as an intermediary. The exchange will simultaneously look for asks of Lumens in dollars, and bids for Lumens in Euros. The third is interesting: a so called ‘chain of conversions.’ If it’s not possible to fill the order directly, the network will exchange coins until it is possible to send in dollars en receive in euros.

Future plans

According to Ella Qiang, Director of Partnership at Stellar, the plan is to integrate the Lightning Network to help with scaling and enabling support for private transactions. This, however, was already anounced in the 2018 roadmap that dropped near the end of january.

They are also still working on a decentralized exchange, called SDEX. According to Qiang, a top priority is to build an incredible user interface:

The goal would be from the user perspective, if you log onto SDEX, you wouldn’t be able to tell whether you are using some centralized exchange like Binance vs a UI for a decentralized exchange.

Partnerships

Then, there’s an ongoing pilot led by interbank transfer-pilot led by IBM. It was revealed that as many as 14 banks are participating in it. It’s up to IBM to release an update on them, however, which might happen ‘some point mid-year.’

One interesting tidbit was the revelation that they are in talks with central banks:

We are also talking to a few central banks about the possibility of issuing central-bank-backed digital currencies on the blockchain. Stellar is one of the candidates that central bankers are considering.

Also, Stellar will be working with additional companies in the Remittance-industry.

Qiang also spoke on the new projects that will release their tokens on the Stellar-network. Many coins that held their ICO on the Ethereum-network have migrated to Stellar in recent months (which reminded us of the launch of Petro, the only crypto backed by a state) Qiang says she expects as many as 20 different tokens to launch on Steller in the first half of this year alone.

You can watch a feed of the whole meetup here.

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