What is XLMAnchor
XLM is the currency code for Stellar Lumens while an Anchor is a term on the Stellar blockchain for trusted entity on the Stellar network that is licensed to hold user’s deposits and issue credit for those deposits.
Example of Anchors on the Stellar network
Outside the Stellar network, Services like Tether USDT, Centra USDC are examples of what we can call Anchor services.
Each of these services have ways which they allow users to buy the issued token/asset and also a way to exit it (on-ramp/off-ramp).
A typical way to do on-ramp/off-ramp is to build a user management system where users would register, verify and follow required guidelines of the Anchor’s local law which mostly are AML/KYC compliance.
AML/KYC data would include but not restricted to :
- First Name
- Last Name
- Date of Birth
- Physical Address
These details will allow the anchor know the user, Then the Anchor provides a way for users to buy the issued token/asset.
SDEX: is a stellar decentralized exchange that allow users trade cryptocurrencies pairs. One issue an Anchor will have here is what if the user do not hold any crypto to begin with.
Payment Gateway: Existing payment system like Stripes, Paypal, ACH, Swift, Paystack, Flutterwaves, M-Pesa, etc. are used by Anchors to charge users in fiat(cash)and provide value to the user wallet.
The user can now use the value in the issued asset/token which ever way they want.
All of the above requires a deep knowledge of the Stellar network, time and cost of developing an anchor app.
XLMANCHOR
XLMAnchor is a self hosted anchor management application you can run to provide an anchor service on the Stellar network.
Currently tailored to suit a stable coin issuer, it also serves as a remittance and wallet app.
Features
XLMAnchor have three user level which are User, Agent, and Admin Area.
User Area
Built to be simple and easy for an average user, You shouldn’t be a Phd holder to use crypto.
Features
- Dashboard
- Wallet
- Transaction History
- Top up (on ramp)
- Withdrawal (off ramp)
- Send Money( Remittance)
- P2P (send to any stellar wallet)
- User Settings
- Security Center
ADMINISTRATOR AREA
A very simple dashboard for the Anchor service owner to manage the system.
Features
- Agents management area
- User management area
- Payment request
- Transactions history
- KYC/AML management area
- Support center
- Settings
When we have public release you will be able to install and take it for a spin, We promise a wordpress easy installation type.
