How the Stellar Payment Network is breaking new frontiers for blockchain and cryptocurrencies
The advent of Bitcoin in 2009 and creation of other cryptocurrencies have created the perfect antidote to the existing rigid and highly controlled financial system.
Wide scale adoption however has largely been stalled due to the complex technical nature of cryptocurrencies, difficulty of onboarding new users and a general push back from the established financial system and governmental structures. The crypto revolution has largely been perceived as a disruptive force for the banking system.
Stellar, which is based on blockchain technology, is making bold strides that have the potential to change the blockchain landscape and help usher in a new hybrid global financial system by working with, rather than against, the formal established structures.
Stellar has dared to deviate from the staunch blockchain-code by providing an open-source protocol through which people can exchange value using the Network’s tokens. As such, Stellar facilitates digital currency to fiat money transfers, and vice versa in a seamless manner through its decentralized protocol. This novel solution enables fast, safe, secure, and cheap transactions between people, institutions and across borders.
By daring to be different, Stellar has been able to create a user-centric money transfer solution that transcends legacy banking systems and leverages the power of blockchain technology. These efforts have been rewarded with Stellar partnering with financial institutions to provide real world solutions.
Stellar has been able to integrate its protocol with some well-known companies such as Coins.ph, Flutterwave, Tempo Money Transfer, Oradian and global powerhouses such as Deloitte, IBM and KlickEx. These collaborations point to a likely renaissance of the sector as a whole. Such high profile partnerships cannot go unnoticed with other players in the industry closely following suit. Therefore, besides showcasing how blockchain technology can be used in the real world, Stellar’s remarkable initiatives continue to earn the sector some much needed legitimacy.
In many respects, Stellar has become a trailblazer and provided a different perspective through which cryptocurrencies can be viewed. For a long time, many have viewed cryptocurrencies as the currency for the dark web that is only used by people with nefarious intentions. Therefore, rather than being viewed from this narrow lens, Stellar is shedding light on the positives of cryptocurrencies and challenging perceptions. Most importantly, working with existing financial systems showcases how cryptocurrencies can be used to facilitate large transactions and transfers of value across borders quickly and cost effectively. In this respect, cryptocurrencies should no longer be viewed as unwanted disruptors but rather useful and reliable companions in the global financial system.
As Stellar continues to change the narrative, it is inspiring the creation of more innovative solutions that seek to bridge the gap of financial inclusion. DéMars is one such project that aims to facilitate financial transactions across African borders. DéMars runs on the Stellar Network enabling African diaspora to send money back home to family and relatives. DéMars understands the financial constraints faced by Africans and the usually smaller amounts of money they need to send. The existing organisations providing cross border remittances services charge high fees, (sometimes as much as 20%). DéMars seeks to end this exploitation by charging low fees for cross border transfers thus enabling people to send as little as $10 to family and friends in another country. Also, in the true Stellar spirit, DéMars will partner with local banks, MTOs and other financial institutions to increase accessibility and boost financial inclusion to the unbanked and underbanked.
To learn more about DéMars visit the website www.demars.io
Be part of the journey by downloading & testing the App DMC wallet from the Google Play store, open an account and get 5 Free Stellar Lumens.