Here’s why Stellar stands apart from other Blockchain frameworks
Hello there, Welcome back to Payment Porte Blogs!
In most of the previous posts, we have talked about our platform, offerings and how we are addressing the pain points in the Maritime and Shipping Industry. Just to summarize, Payment Porte is a cross border digital payment solution that is aiming to optimize the existing digital payment mechanisms by leveraging blockchain technology. Our sole aim here at Payment Porte is to present a platform that enables seamless cross border payment transfers.
While most of the blockchain-based projects are powered by Ethereum, the Payment Porte platform is backed by Stellar blockchain. In this article, we will discuss our reasoning behind choosing Stellar as our blockchain framework. Let’s dive in!
Advantages of Stellar over other Blockchain frameworks
1. Scalability is the most talked-about parameter when it comes to judging the efficiency of a blockchain framework. Due to the humungous congestion in its network, Ethereum facilitates a mere 20 transactions per second, despite having a large number of miners. On the other hand, Stellar can accommodate as many as 1000 transactions per second with a much lower average settlement time. This lower transaction time automatically translates to a much more reasonable transaction fee as compared to Ethereum (1 XLM, which amounts to roughly 0.07 USD at the time of penning this down, can facilitate approximately 100,000 transactions.)
2. Both Stellar and Ethereum enables smart contract deployment. However, Ethereum’s heavily congested network and its super-flexible smart contract development procedure made it a subject to hacks by anonymous hackers. Stellar on the other hand offers more simple smart contracts with low flexibility. This hardly leaves any room for code exploitation or hack threats by bad actors. Additionally, Stellar has implemented features like Multi-Signature and Batching, which further strengthen its security standards.
3. KYC/AML compliance is a major feature that sets apart Stellar from other blockchain frameworks. Regulations surrounding crowdfunding campaigns are getting stricter by the day, and KYC/AML is all set to become mandatory under these circumstances. As of now, Ethereum does not have this feature. Stellar also has the provision to restrict the trading of tokens built on the Stellar blockchain, only between KYC/AML approved addresses.
As already mentioned, the primary focus zone of Payment Porte is the banking sector, with a serious accentuation on the Shipping and Maritime Industry. Keeping in mind, the size of this industry along with its importance, we have prioritized security and scalability. Hence, we have chosen Stellar as our blockchain framework.
We hope you had a great read! In the next article, we will discuss other facets of our platform. Till then, keep supporting. Cheers!
*Disclaimer: This article is not tax or financial advice, please seek the help of a professional tax consultant or financial advisor.
Originally published at https://paymentporte.com on November 20, 2019.