Stellar, currently ranked 11th in the crypto rankings with a market cap of $1.5 billion, recently revealed the developments undertaken over the past month.
Stellar released a plethora of updates in the month of July, which included the likes of the Horizon 0.19.0, Stellar Core v.11.3.0 and the Stellar Ticker v.1.1.0. The community also managed to successfully reset the Stellar test network which took place on July 31, at 09:00 UTC.
In keeping with the progress on the technical front, Stellar was currently being used by Saldo.mx, a platform facilitating cross-border payments in Latin America. Marco Montes Neri, co-founder of Saldo.mx, recently explained that the company was issuing an asset on the Stellar network that was pegged to the Mexican peso.
“In order to transform how remittances work, we need these irreversibility and transparency that open ledgers like Stellar offer. Stellar is very optimized for payments. We don’t need smart contracts, complex capabilities, but we need efficiency.”
Personalities associated with Stellar were also active as Denelle Dixon, CEO of the Stellar Development Foundation releases a medium post about blockchain policy.
In her article, Dixon spoke on a collective basis for blockchain and virtual assets and indicated that currently there was a “confusion, misinformation, and concern” regarding using blockchain and crypto for payments. She said,
“We want to help clear up confusion and alleviate concerns through engagement with the ecosystem, policymakers, and regulators alike. For us, success would be a shared understanding about the application of existing rules and a clear idea of where new rules may be necessary.”
Stellar Lumens puts an end to its largest airdrop to date
The Stellar Development Foundation is shutting down its $120 million airdrop program amid fraudulent account sign-ups.
Stellar’s largest airdrop to date is canceled
In September, the Stellar Development Foundation (SDF)—“a non-profit organization founded in 2014 to support the development and growth of the open-source Stellar network”—partnered up with Keybase, a free group messaging community and file transfer hub, to distribute 2 billion XLM for 20 months among the messaging platform’s user base.
The idea was to bring new users to Keybase and help expand the adoption of Lumens by getting it “into the hands of real people,” as stated by Denelle Dixon, SDF’s CEO. Dixon stated:
“All you have to do is have an authenticated Keybase account, and your XLM will appear in your wallet–automatically, every month, for as long as the airdrop continues.”
Now, the Foundation and Keybase revealed in a blog post that they would no longer continue with the giveaway. The decision comes after a massive number of fraudulent sign-ups tried to take advantage of the airdrop program overwhelming the companies’ capacity to verify accounts. The announcement read:
“Starting in the last week or so, hordes of fake people were beginning to come in, far beyond the capacity of Keybase or SDF to filter. It’s not in the Stellar network’s interest to reward those people; it is also not in Keybase’s interest to have them as Keybase users.”
Thus far, only 200 million Lumens were airdropped, worth about $10.6 million. And, SDF will distribute the final 100 million Lumens among Keybase’s verified users next week. For everyone else, registrations are closed.
This represents just 15 percent of the 2 billion XLM that were promised by the firms. But, as stated at the beginning of the program, “SDF reserves the right to end this giveaway early.” Now, it remains to be seen whether the Foundation will direct the remaining 1.7 billion Lumens to support other projects or if it will add it to the 55 billion tokens burned last month.
Stellar’s Denelle Dixon asserts Foundation is not a regulated entity
We are not a regulated entity because we are… And I don’t think the network layer should ever be regulated,” said Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation. Both Ripple and Stellar have explored ways to make cross-border payments easier. While the former has repeatedly called for an international framework for its product suite, the same cannot be said about the SDF whose main focus lies on the unbanked population and emerging markets globally.
According to the Stellar exec, if the network layer is regulated, “it’s like regulating the Internet.” On the latest edition of Money 3.0, Abra’s Bill Barhydt sat down with Dixon and addressed the regulatory environment and the Foundation’s stand regarding the same. Dixon stated,
“We’ve spent time with regulatory bodies, folks that do regulate like FinCEN and the Fed, and folks that actually do provide regulation of various different pieces, and also different areas in the DOJ [Department of Justice]. Those are traditional regulators, but we also have spent time with the policymakers, which are the domestically and extraterritorially focusing on Congress people and senators.”
She also highlighted that all the entities that “touch fiat on and off are already regulated by wherever they sit and whatever bodies” they have to engage with. Talking about money laundering in fiat money versus crypto, the exec said,
“Blockchain has a record, it’s open, it’s transparent. So even having those kinds of conversations really changes the dynamic. But at the outset, we’re not regulated. And also our wallet is a noncustodial wallet, and so we’re not from that standpoint from the application layer.”
Jed McCaleb, Stellar Co-founder and CTO, had previously stated that the Stellar Development Foundation [SDF] works mainly with licensed and regulated partners such as banks, fintech startups, and remittance companies. However, the Stellar protocol is a foundational and open technology usable by anyone. The Foundation’s goal is to leverage the Stellar network to increase financial access globally and in particular, to the more than 2.5 billion unbanked people in emerging markets across the world.
In a bid to improve the financial landscape and promote financial inclusion, Stellar had also announced a new initiative called the Stellar Partnership Grant Program.
Stellar’s Very Own Lightning Torch Has Been Showing Off Its Network Efficiency
- A scheme called the Lightning Trust Chain was started at the beginning of the year by a big cryptocurrency fan.
- It started to gain some traction across the industry.
- The bitcoin torch was a success and so with that, the Stellar Foundation took some ideas and has been running its own version of the “torch”.
A scheme called the Lightning Trust Chain was started at the beginning of the year by a big cryptocurrency fan nicknamed hodlonaut and it started to gain some traction across the industry. It then became known by many as the Lightning Torch. This torch was a way to test Bitcoin’s new second network layer that promised to give better scaling and quicker transactions at much lower costs.
So for those who don’t know, the “torch” was passed from one person to another, with each individual pitching in 10,000 Satoshis into the account. The funds later were accumulated and then sent to the Bitcoin Venezuela initiative when the testing the torch ended back in the Spring.
The bitcoin torch was a success and so with that, the Stellar Foundation took some ideas and has been running its own version of the “torch”. This was done as a way to show off its network efficiency with the initiative being started by a user called, Wouter Arkink back in summer.
As per ZyCrypto:
“Everyone passing the torch has to use Keybase, an end-to-end suite of apps adopted by the Stellar community. However, one doesn’t have to really be on Keybase to receive the torch. A friend can pass the torch to someone on Twitter, in which case the person can receive it once they get on Keybase. Stellar also uses the apps in its airdropping campaigns.”
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!