The Stellar Ecosystem Roundtable, the first of its kind, took place on April 16, 2020. The participants were Cowrie Integrated Systems, Tempo, SatoshiPay, and the Stellar Development Foundation.
The purpose of the round table was to dig into the Stellar Ecosystem Proposal (SEP). The ecosystem defines the standard for sending and receiving transactions over Stellar in a seamless way. The discussion started off in GitHub.
Crux: Users are now allowed to obtain and redeem tokens in exchange for fiat currencies by making use of their choice interface. Currently, stellar anchors and wallets get used to implementing the deposit and withdrawal transactions as an ecosystem standard.
Several traditional businesses to business remittances require a different kind of service, then what stellar currently facilitates.
The current roundtable is to initiate a fix in the “Stellar Execution Process” by setting a standard way to execute traditional send/receive transactions. Of note, currently, the Stellar Process does not have the option to achieve the traditional transactions as it skips the withdrawal steps, underpinning “SEP-24.”
The goal of the current experiment from Stellar is to “hammer one out live and in public” to provide for the traditional remittance requirements.
Sydney Ifergan, the crypto expert, tweeted: “Stellar Lumens (XLM) are doing a great job in orienting their services to traditional transaction requirements as opposed to trying to educate customers to learn their ways – Customer-Centric Approach.”
No brainer and Turn-Key Solutions work the best. Hopefully, the new payment remittance pattern Stellar is trying to implement impresses the mass steering of the Stellar Ecosystem towards mass adoption.
Stellar Lumens (XLM) Anchor Accounts and Architecture
GitHub brings together the largest community of developers from across the world to discover, share, and build better software – Whether open-source or private teams.
Anchors in the Stellar Ecosystem are the entities that people trust to hold their deposits and issue credits in the Stellar Network.
The anchor maintains two accounts, the issuing account, and a base account. The issuing account, which will be used only for the process of issuing and destroying the assets. The base accounts help in transacting with other Stellar Accounts. The balance of assets issued by the issuing account is held in the base account. All these are part of the account structure of Stellar Lumens set for the Stellar Anchor Service and related workflows.
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