Episode 66: Stellar Lumens (XLM) with Justin Rice of SDF, the Stellar Development Foundation

MikoBits Blockchain NFT and DeFi show

Stellar:

Stellar is is a platform that connects all the world's currencies. Once a currency is tokenized. And represented on the network, the network infrastructure makes it really easy to hold, transfer, trade, and transmute any kind of currency. But stellar is built. So that essentially, asset issuance is a first class representation on stellar and asset as a first class thing on stellar. So in a few lines of code, anyone can come to issue an asset on the network. And then there are also ecosystem standards that allow people to connect those on an app on network assets to networks to assets outside the network. In other words, it's really easy to build an on-off ramp for fiat currency that connects to stellar. And so essentially, what the stellar model is that all these different organizations, we call them anchors, which are regulated financial institutions, essentially accept consumer deposits via traditional rails and digitize those issue an asset on a stellar network. And once it's on the network, the holder of that asset can take advantage of it, to do these really cheap, fast, easy, and compliant cross currency payments. So the infrastructure itself is great for that. But the connection that is sort of specified in these ecosystem standards, allows the stellar network to connect to other financial infrastructure. And again, traditionally, that's banking rails, but you can also connect it to other cryptocurrency networks, or really, to any asset in the real world that you can redeem, that you can sort of deposit for on network asset and redeem in return for the asset that represents