Home Altcoins News Stellar Community Fund (XLM) Deadline Extended until 11/21

Stellar Community Fund (XLM) Deadline Extended until 11/21

Stellar Community Fund Deadline Extended until 11-21

Stellar Expressed:  Is there a change you can imagine that would make the world a better place? A need out there that’s not addressed by current technology? Submit your Stellar-based project to the Stellar Community Fund. Stellar have extended their deadline until 11/21.

Meanwhile, Denelle Dixon stated, “Open source projects enable more collaboration, transparency, and growth. I’m so happy to see IBM Blockchain open source the code behind World Wire!”

The original IBM World Wire was designed to bring down the cost and friction in cross-border payments. It makes use of the Stellar network that makes use of Lumens as a bridge currency, particularly as a unit of value for transfer of value and transaction costs calculations

Money transactions in the Stellar network other than in lumens happen in the form of credit issued by anchors.  Thus, anchors act as a bridge between existing currencies and the Stellar network.

The anchors are entities whom the network participants trust to hold their deposits and issue credits into the Stellar network for their deposits

The credit issuance comes with implied digital obligations, which need to be settled out of band via traditional rails.  The major idea is to provide an option in the network for anchors to issue credits or stable coin for instant settlement, thus addressing various business cases and cost points to the ecosystem and network operator.

IBM’s World Wire pilot project has made it cheap and easy for financial institutions to send any currency anywhere in the world using Stellar.

Financial institutions from across the world moved trillions of dollars from country to country and currency to currency by using a payment system which was designed over 50 years ago. It used to be a slow, expensive, and unnecessarily complicated process.

IBM World Wire piloted by connecting larger-scale financial institutions to Stellar via a publicly-permissioned network.

During the implementation process, regulated financial institutions applied to join the World Wire and were selected by IBM. These institutions connected to World Wire APIs to submit transactions to the Stellar network.

Previously Money Gram International expressed:  “There’s a huge opportunity out there to bridge two very different worlds: traditional financial systems and the new systems out there from a crypto perspective.”

Adoption is increasing significantly for Stellar Blockchain. This is indeed a great opportunity for everyone.

Meanwhile, excitement about Protocol 18 is brewing. The community are curious about how long it will take between voting and integration to the Mainnet?

 

 

 

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James

James T, a passionate crypto journalist from South Africa, explores Litecoin, Dash, & Bitcoin intricacies. Loves sharing insights. Enjoy his work? Donate to support! Dash: XrD3ZdZAebm988BfHr1vqZZu6amSGuKR5F

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