Stellar Lumens (XLM) Practical Path Payments Is its Greatest Super Power in Blockchain Based Remittance

By dan saada April 8, 2020 Off
stellar lumens XLM super power blockchain

Stellar Lumens (XLM) prompted for the biggest technical challenge when programming the cross-border payments.

The forthcoming Stellar Workshop “Practical Path Payments” with Tyler van der Hoeven on April 10, 2020, will take an in-depth look into payments made on the Stellar.

It now becomes important to understand what path payments are.  Pay Payment is an operation unique to Stellar, and it allows to send and convert money simultaneously.  “I send dollars, and you get Euros.”  This is the first in their engineering series.  Considering practical application, Tyler will be explaining everything he possibly can about path payments.

Path payments are unique to Stellar.  One will be able to learn more about it by watching the experts answer the live questions asked by the Investors and users.

Sydney Ifergan, the Crypto expert, tweeted:  “For the unbanked, it will be useful to use Stellar Lumens (XLM) to buy things just like they would use cash. This is real practical.”

Path Payments is the first in the line of Engineering talks from Stellar.  These talks provide direct insight into the advanced sites of Stellar. Users get an opportunity to learn about the pros and cons of building on Stellar.

Stellar Lumens (XLM) – I Forgot My Memo

Exchanges and wallets will be requiring a memo to process the incoming stellar payments.  Forgetting a memo is a common problem.  Memos are mostly used by Stellar Network to primarily support the Stellar accounts, which the cryptocurrency exchanges provide for their users. 

Exchanges like Coinbase, Binance, or CoinBene will have a single Stellar account to receive deposits for all of their users.  To eventually provide a memo ID for each user. When a user is looking to make a payment on the Stellar Network to their exchange account, memo ID should be included.  In the absence of the memo ID, the exchange would not know how to credit the account.

Absence of Memo ID or a missing Memo ID creates a lot of anxiety.  And, the users think that their funds have been lost.  This creates a headache for the exchanges. And, they need to do a lot to track down the payment to handle it properly.

SEP-29 is the solution to this problem, as provided by Stellar Lumens.  By using data entries, exchanges will be able to mark their accounts as requiring memos using a single and simple operation.  The wallets which upgrade to the latest Stellar SDK will refuse to permit users to send memo-less payments to the addresses.

This change is very simple for exchanges to implement.  All it takes are data entry to deposit wallets with the key “config.memo_requiredand the value 1.”

This feature is useful mainly for wallets and exchanges.

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