But perhaps you think BoA is a POS, and you only trust Chase USD. In the future, I may hold Bank of America USD, and redeem them at Bank of America. You can think of them as cryptocurrency-tracked IOU's. Stellar's protocol natively understands currencies paired with issuers.īeyond Lumens, your Stellar wallet can hold a currency you like (dollars, euros, litecoin), issued by "anchors" you choose to trust. "We've been using Ethereum to date, and to be honest I call it the dial-up era of blockchain." 5. ICO's have begun switching because Ethereum and its scripting are "too expensive and too insecure." And Kik is switching from Ethereum to the Stellar Network.
Most recently, a team including Moxie Marlinspike (of Signal) announced MobileCoin, to run on Stellar's protocol. Many other projects are jumping on, either by having ICOs on Stellar or by tokenizing real-world assets like carbon credits or gold. Stellar does not burn electricity just to form consensus. There may be social and legal opposition to any cryptocurrencies which haven't switched away from proof-of-work.Īnd traditional banking, with its branches and offices and free dog treats, uses even more electricity than Bitcoin.
It's very likely the world is at great risk right now, and as cryptocurrency scales, the share of blame it shoulders for climate change will scale, too. Source: some dude on Twitter I don't know BTC alone is consumingĪs much electricity as all of Portugal (update: Austria), and roughly 1/500 th (1/300 th) of all the electricity in the world. We are disturbed by Bitcoin's energy consumption. And Stellar's lightning network will launch this year. It is fastĪs I'm writing this, the average ledger time on Stellar is 4.74 seconds. Let's not forget the micropayments dream. With Stellar, you can send someone $1.00 or $0.25 or even $0.01. Transaction fees are basically zeroĪ transaction in Stellar costs a tiny fraction of a penny, and it will scale to far more transactions than Bitcoin. Stellar combines all of the following traits: 1. We think Stellar can fulfill Bitcoin's original goal of fast, cheap, worldwide payments.
I'll divide this post into two halves: (1) why we like Stellar, and (2) a summary of what's next. Hint: it'll be great for Keybase users and Stellar usability. Later this year we will release something big involving Stellar. If you follow cryptocurrencies, you might know of Lumens.
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