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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.

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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.

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Bitfinex partners with EOSIO as a Blockchain Producer

Sthuthie Murthy

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Bitfinex partners with EOSIO as a Blockchain Producer
Source: Pixabay

Bitfinex, headquartered in Hong Kong is the largest Bitcoin trading platform with over 10% of the exchanges’ trading. They offer state-of-the-art services for digital assets and liquidity providers. While their search for advanced technologies with the capacity to meet high-demands of a high-volume blockchain both legally and technically was in process, they came across EOSIO community to which they believe they can contribute significantly.

Latest tweet by Bitfinex:

“Bitfinex is pleased to present itself as an EOS Block Producer candidate.”

Bitfinex will act as an incubator to fund, nurture and advise teams that are serious about the future of EOS. Their team is an assortment of more than 100 experts from the industry including a highly versatile development team, legal experts, technical support agents, and industry advocates.

They claimed:

“Our team has gained invaluable industry experience along the way, and we aim to make use of this to enrich the teams around us — sharing information and providing guidance whenever possible.”

Being a block producer candidate, they pledge to grow the open-source nature of the decentralized digital asset space. This is done through intense research, collaborations, and community development. They aim to combine the potential of EOSIO with their own terms of research, development, and adoption at a much higher level.

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A high-performance decentralized exchange platform, EOSfinex also aims to combine the scalability and potential of EOSIO. It is built on EOSIO technology, along with the financial/development expertise of the Bitfinex development team. EOSfinex looks forward to delivering a highly-scalable, on-chain trading platform.

They added:

“EOSfinex has been developed by considering speed, transparency and scalability and will be the first trust less exchange to be implemented on EOSIO-based networks.”

Apart from the development of a trustless exchange, EOSfinex will be leading the development of a secure and intuitive EOS wallet as well. The partnership is meant to leverage EOSIO’s platform for horizontal scaling of DApps. As their continuous search led them to the EOSIO platform, they aim to process tens of thousands of transactions per second with the lowest fees.

Judy Steven, a Bitfinex user says:

“This is exciting. I’m interested in learning more about this “intuitive wallet” you are developing.”

Ariana Paul, a speculator says:

“Congrats Bitfinex! Looking forward to seeing what great accomplishments Bitfinex will bring to the EOS ecosystem. I can see a three-digit price for EOS soon.”

Lessie Grundon, a market observer said:

“Honestly, I don’t think this is good. To me decentralisation is all about random people having a right to produce blocks and vote the way ahead.”

EOS has been one of the top gainers in the market that has turned bearish recently displaying significant volume gains up to 52% and currently trading at $13.19. The market cap has also noticeably gained and is worth $10 billion roughly as seen at press time.

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Jed McCaleb talks about the foundation of Stellar Lumens [XLM]

Ketaki Dixit

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Jed McCaleb talks about the foundation of Stellar
Source: PxHere

The BayPay Thought Leadership event was held on 19th April, where Jed McCaleb, the Co-Founder, and CTO of Stellar Development Foundation spoke about the past, present, and future of Stellar.

He started by explaining how the transactions on Stellar work and about how they get banks on board. He says that banks are not the first ones to take up this system of transaction. However, smaller financial institutions like money transfer operators that focus on payments will be more open to adopting this method of sending money.

He said:

“We are working with a few banks and none of them are in production. I don’t think of the banks using cryptocurrency are in production… I don’t think they’re going to do anything until they see a lot of money flowing somewhere else in the ecosystem first because they are the most risk-averse, they have the most to lose essentially.. we spend most of our time outside the US – mainly focus in South Asia, Africa.”

He further explains that there is a lot of friction in places where people do not have bank accounts, wherein the adoption of the Stellar network makes it easier for them to adopt the system.

When asked about how much responsibility they have as a network to allow ICOs to function, Jed talks about the company being unable to stop anyone from issuing a token on the network but they wouldn’t be involved in the same. However, he says “Our responsibility falls on the ones that we do work with.. we want to make sure there is reputable and valuable projects”.

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He also says that people need to be careful while investing in ICOs as these are the early days in the space, due to which there are a lot of scams and fraudulent activities.

A crypto enthusiast commented:

“This was a great discussion. I loved how Jed did a great job answering the questions even though they were irrelevant. I think it could have been more detailed about the backstory of Stellar and the challenges the faced instead of talking about Jed’s life history. Im sure the audience wanted to know more than just unnecessary things.”

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