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Stellar Lumens [XLM] technology will influence global payment systems positively, says Jed McCaleb

Sthuthie Murthy

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Stellar Lumens [XLM] technology will influence global payment systems positively, says Jed McCaleb
Source: Pixabay

Stellar CTO and co-founder who is also the creator of Mt. Gox, told CNBC yesterday about his visions for a singular payment system across the world, crucially involving Blockchain technology.

Like Ripple, Stellar is also an international remittance setup powered by Blockchain with its own digital token, is making an attempt to create a similar network at present.

McCaleb quoted:

“It seems pretty clear to me, in the future, there will be an operable universal payments network.”

He added on:

“There is a possibility of a halfway house situation evolving, facilitating uninterrupted use of fiat currencies via Blockchain, allowing people to use things they’re used to, like dollars and euros. “

Many legit financial institutions accept the fact that they are considering both Stellar and Ripple as a major shake-up of their remittance models, as McCaleb’s comments flush in. Ripple is already lined up to be implemented by South Korean Woori Bank on a commercial basis later this year.

Stellar’s blockchain technology could strengthen ‘Universal Payments Network’ by 2028, that is, the future will not just be payments but traditional assets such as stocks which uses Blockchain technology as well.

McCaleb further stated:

“In the next 10 years I wouldn’t be surprised if all equity isn’t tokenized on some blockchain somewhere. The change will potentially occur before 2028.

Stellar Lumens [XLM], the Stellar networks’ very own token was beaming in green for a while before it dropped down yesterday to $0.2512. It was also in the news recently for the adoption of the lightning network as a precautionary measure to neutralize future drawbacks.

Jed, a longtime developer in the crypto world predicted its technology will change global payment systems, stock markets and fundraising by 2028. He has had a hand on some of the largest crypto exchanges to date, starting with Mt. Gox Bitcoin exchange to being the CEO at Stellar currently.



He also said the phenomenon of token sales known as initial coin offerings show how the entire market is not tapped right now by the financial system.

Initial Coin Offerings have raised the equivalent of nearly $9 billion in just over four years, according to a financial research firm, Autonomous Next. The influx of funds into Initial Coin Offerings has also spurred the growth of many fraudulent fundraisers, drawing the attention of regulators. But proponents say the token sales represent a new model for fundraising.





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Sthuthie Murthy is a full-time reporter at AMBCrypto. She has been researching and writing about the Blockchain technology for a year now. Her passion for blockchain has led her to be a part of AMBCrypto's news reporting team. She does not hold value in any cryptocurrencies currently.

Bitcoin

Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra

Febin Jose

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Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra
Source: Pixabay

Bitcoin [BTC], the world’s largest cryptocurrency, saw a significant surge earlier this month, helping the coin break strong resistance at $5,000 and $5,200. Following the great fall of the king coin in early 2018, the Bitcoin ecosystem was struggling with scalability and technological issues, eventually leading to the hard fork.

Bitcoin.org’s Cobra, who is also the co-owner of Bitcointalk.org, has always maintained that Bitcoin was the cryptocurrency to look out for through his various Twitter bouts with prominent personalities in the cryptoverse. Due to his strong, unbridled support for Bitcoin, he has often trashed altcoins for their low market dominance.

In a new Twitter thread, Cobra spoke about the “biggest threat” to the Bitcoin ecosystem. Even though many crypto-enthusiasts believe that governments and technological issues were the biggest threats to the king coin, Cobra had a completely different opinion.

According to the Bitcoin maximalist, users have the potential to signal Bitcoin’s doom. His tweet read,

Source: Twitter

Source: Twitter

Though most Bitcoin supporters usually support his opinions, this tweet was met with a lot of resistance. Twitterati swarmed the thread in an attempt to prove him wrong. A user named @MrHodl alleged that this could not be true as Bitcoin had “no community.” He added that this, in turn, prevented toxicity in the ecosystem.

Cobra replied to the tweet stating,



“I think there is a community, it’s just not fully representative of everyone with a stake in Bitcoin. Most holders are quiet and not too familiar with what’s going on. There’s people with 1000+ BTC and they don’t engage at all with discussion platforms, just lurk.”

Some Twitter users took it as an attack on Bitcoin investors and opposed Cobra’s stance. A user @CarstenBKK commented,

“Maybe I am lost in translation. What do you wanna tell us? That you are part of Bitcoin network of people owning/using it, but you are just disgusted by the idea, that the network is called community in the sense of direct human collaboration and affection to the groups ideals?”

Previously, Cobra had accused Twitter’s Jack Dorsey and Square Crypto of pandering to Bitcoin users, while also suggesting that the crypto project was merely a way to bring in more users for Dorsey’s CashApp. His tweet read,

“Gotta respect how hard @sqcrypto is pandering to Bitcoiners. Very clever how @Jack has embedded himself in the community; in return the community promotes @CashApp, which gives that service a small but dedicated and activist group of early users.”





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