Stellar and Ripple have been working in a neck to neck competition, to establish themselves as the blockchain partner to the financial industry, trying to provide speed and other blockchain benefits to the financial transactions. According to a recent release Stellar has just inched closer to XRP and has recorded 1,000,000 accounts on it ledger
Stellar, had been a coin with not many could have missed if they traded cryptocurrencies. While most coins are adding value gradually, Stellar is scooping huge addition to its value, thus the altcoin is climbing the market cap table higher. Hence the announcement of having 1 million accounts on its ledger doesn’t come as a surprise to many as it was bound to happen sooner or later.
Stellar has been steadily growing and increasing use case in recent times. In June, Stellar had acquired Chain, the San Francisco-based start-up building blockchain technology for the financial industry, according to people familiar with the deal. This gave Stellar access to Chain’s blockchain based products which facilitates financial entities to digitally transfer money and other assets directly, securely and near instantaneously without much hassle.
Stellar had also introduced in Singapore their concept of a network ATM which could bring a lot more visibility for the people that are not very well familiarized with the crypto world.
Recently Stellar was named by the Shariyah Review Board (SRB) as a Sharia-compliant network for Payments and Asset Tokenization. The development made Stellar the first distributed ledger protocol to be certified as a Sharia-compliant digital currency. Also, the certification will help increase the use and popularity of the Cryptocurrency amongst Muslims, especially in the Middle East areas.
Apart from this Stellar had partnered with IBM on the blockchain project which would allow the banks to conduct the transactions using Lumens, and then rely on local market makers to convert the Lumens into local fiat currency.
Apart from the IBM partnership Stellar Lumens (XLM) also announced partnerships with:
SatoshiPay – a service that helps on monetizing a website through digital assets.
EXCH.ONE – a Swiss company that envisions to cross digital assets and fiat currencies that wishes to include on the Stellar network several currencies both on the European Union and outside of it (UK and South/Central America).
Klick-Ex – the renowned cross-border payment service that has a strong presence in Europe and the Pacific.
Mobius – a company that will help them make the bridge towards mobile devices and the ability to deploy a smart contract with data for non-blockchain developers. Jed McCaleb, Stellar co-founder, is part of this institution.
HashCash – a service that intends to create solutions for financial entities such as banks through Stellar’s network.
Even though Ripple and Stellar come from the same source code and cater to the same industry, their focus approach and strategy is very different. Stellar (XLM) and Ripple (XRP) have different goals and they walk on their own paths. Stellar (XLM)’s developers are focused on helping startups while the folks behind Ripple (XRP) are partnering with banks. This shows us that Stellar (XLM) and Ripple (XRP) are quite different and that they will not compete anytime soon unless they cross over each other territory
The way Stellar is moving, its enriching value for itself and for its token holders. As Stellar continues its focus to help startups, it is bound to grow exponentially and in a monopoly manner unless Ripple crosses its path. Still, the market is huge for stellar to sustain competition and emerge as a key cryptocurrency
Will Stellar soon breach the USD 1 mark as many analysts on the street suggest? Do let us know your views on the same.
To keep track of DeFi updates in real time, check out our DeFi news feed Here.
Cipher Mining, a bitcoin mining subsidiary of mining hardware manufacturer Bitfury is all set to…
MicroStrategy has bought $10 million worth of additional Bitcoin today at $48,888 per piece. The…
Non-fungible tokens popular as NFTs are soaring in a wild rage currently in the crypto…
Brad Garlinghouse, the CEO of Ripple in a recent interview with Reuters had said that…
Sohrab “Sam” Sharma, the founder of defunct cryptocurrency firm Centra Tech was sentenced to 8-years…
In a broader cryptocurrency market correction, the Bitcoin (BTC) price has tanked 6% today slipping…