Stellar is a well-known open-source, decentralized protocol for digital coins. The platform permits anyone to build low-cost financial products for their community. The vision of this coin is to create a system where profits can be moved anywhere around the globe without geo-restrictions.
The blockchain firm shared its monthly roundup recently, and it features a good number of exciting developments ahead. Here in this article, we will try to highlight the most significant upcoming developments on the Stellar network.
Stellar Protocol Upgrade
On 10th of June, validators will cast their votes to customize Stellar network to Protocol 11. As per the report, the upgrades within the protocol will target users, developers, and business that rely on Stellar. Three significant changes that would take place amid the upgrade to Protocol 11 include:
- The network space upgrade
- The introduction of buy offers
- Improved transcription pricing
Network Space Upgrade
Usually, when a blockchain network is full, the price shoots up. The improved network has been set high to support a massive volume of activities.
But on the other hand, it is set low to accommodate nodes with entry to low-quality products. Also, it will enable slow connections to run. These changes will result in;
- Getting business to the ledger easier and fast
- A less frequent rise in prices
- The capacity of the network will be high and constant
- You won’t be charged the fee unless it is a must
- Drafting a smart contract that won’t effect for a few months
- Users could choose a fee higher-than-average so that they won’t get edged out in case of the price surge
Introduction of Buy Offers
Users and financial institutions can now use the Protocol 11 to indicate buy offer smoothly and without conscious. This was not the case before. They can use the ManageBuyOffer feature to accept genuine buy offers. This feature will allow one to describe the highest number of assets he is ready to buy. The same applies to the amount one is willing to pay.
As such, two features have been renamed. ManagOffer has been changed to ManageSellOffer while CreatePassiveOffer is renamed to CreatePassiveSellOffer.
If you plan to buy an offer or sell an offer, the units specified for the rates are the same as the regular market. For instance;
- If you wish to buy EUR with a USD for $0.90/EUR, the units are denoted in the currency which you are selling it. In this case, it is USD.
- If you offer to sell EUR for USD, let’s say $1.12/EUR, the units will be expressed in terms of what you are buying. Still, it will be in USD.
These changes will make Stellar order books to function like other great market order books. It will make things easier for everyone.
Improved Transcription Pricing
After Protocol 11, a version of a VCG auction will take place with fixed rates. Now users can select the maximum fee they will pay. All in all, the fee that’s going to be charged would go down. If the activities on the network are below average, users will pay fewer fees. If the activities are robust, users pay the specified amount. So, you are liable to choose the highest fee you are safe with – bearing in mind you are comfortable to spend the tagged fee required by the context.
Above all, the network has been encouraging validators to execute the power of improving network conduct and capacity. Still, develop improved ecosystem tools and SDK’s that will facilitate easy construction on Stellar. The protocol is supposed to be simple, and the network has to be accessed easily. All these achievements will be realized through continuous improvement in technology.
Stellar has unveiled a new dashboard alongside disclosing network’s health summary. It displays metrics in a simple to fix Grafana dashboard. The new Stellar panel is available at grafana.com/dashboards/10334
Another move is the teaming up of SatoshiPay with FlairPlanet. The step is to necessitate smooth and eco-friendly micropayments.
Stellar Lumens (XLM) has hired new members to its leadership. They include;
Director of Partnership – Christine To
Before her nomination, Christine worked at Airfox as a strategic partner. She spearheaded growth projects to increase financial access for the unbanked in Brazil. She has joined the SDF partnership team to advance Stellar’s endorsement and growth.
Principal Software Engineer – Nikhil Saraf
Saraf worked at Interstellar on the Kelp market. His duty was to support Stellar coinbase integration besides making-bot and horizon. He has a solid background of stack engineer. His primary focus has been on data engineering/backend while he was working at Duetto, Amazon, and Salesforce. Nikhil developed his interest in the payments space after he built a mobile payments app startup.
Devops Engineer – Jacek Nykis
Jacek has more than 15 years of experience as a Linux engineer. Before joining SDF, Jacek worked at Ubuntu as an SRE.
Senior Soft Engineer – Michael Feldstein
Michael worked at Facebook on creative VR experience – things to do with 3d, and he also worked at Google on the Android UX team. He is a software engineer and creative coder by profession.
Dixon (the current CEO of Stellar Foundation) also said they are creating products that will be of great value to Stellar platform. At the moment, they are working on a Stellar-built dollar economic and payment application. They are working on a Latin American liquidation payout collaborators to connect with users around the globe.
Stellar (XLM) has a clear roadmap that is in place already. The firm seems to be targetting growth from all the possible angles as it has a conference that will be held in Mexico on November 4-5, 2019. Consequently, Jed McCaleb’s Co-founded blockchain firm looks ambitious to become a top 5 player of the crypto space sooner rather than later.
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