The last one month has seen the Stellar network hit the headlines for all the good reasons. The platform appears set for a massive expansion as evidenced by the high profile support the network is getting. The unveiling of the next generation payment protocol courtesy of IBM, a high tech firm has a global network of users both institutional and individual.
The network has also strengthened its presence in the market by acquiring Chain and transitioned it into Interstellar. These two infrastructure development step have seen a lot of enthusiasm among the community and the key focus is to give Ripple’s XRP a run for their money as they plan to release xRapid into the market in the coming days.
Stellar (XLM) and Ripple’s XRP Competition Commences
The formation of Interstellar and IBM support for XLM global payments solution provision appears to have hit Ripple unexpectedly and this as seen the XRP team hurriedly hint at releasing their eagerly awaited xRapid software as a direct competition to XLM.
Both coins are competing for the same market share and Stellar appears to have an upper hand with support from high profile firms who have established networks in the financial market as opposed to Ripple whose support comes from individual banks with clustered regional branch networks.
Stellar Superior Products Target High Value Partners
The entry of IBM’s Blockchain World Wire, Interstellar on XLM and the anticipated xRapid on XRP has seen the prices of the two coin gain in the last seven days. However, Stellar appears to be headed for a good run given that the BWW will make transactions across the borders real time since clearance and settlements will be performed simultaneously.
“Sending money across borders today requires a series of intermediaries for clearing and settlement, each adding time and cost to the process. With IBM Blockchain World Wire, clearing and settlement with finality happens in near real-time. The solution uses digital assets to settle transactions – serving as an agreed-upon store of value exchanged between parties – as well as integrating payment instruction messages. It all means funds can now be transferred at a fraction of the cost and time of traditional correspondent banking”.
Development of a Stable Coin on Stellar Network
The news about the development of a stable coin has seen increased adoption of the Stellar network. A brief look at the platforms’ data base, the number of accounts has increased from 1million to 1.25million is less than a month. With more institutional adoptions expected through BWW, more high profile accounts are expected to surface soon.
Purchase of Chain Inc. is also set to rake in increased adoption as the outfit will allow companies build sate of the art systems that meet the modern financial sector demands. Additionally it makes it easier to move digital assets and funds over a secure but open platform globally a feat that has been elusive in the competitor’s platform.
Stellar (XLM) market Performance
Getting listed on Coinbase has increased XLM visibility and with the new partnerships and acquisitions, the price appears to be gaining traction. At the time of reporting, the XLM coin was trading in the double digit gains at $0.268577 after a 24 hour impressive gains of 11.41% to the dollar.
The steady and stable XLM price has enticed more users to the ecosystem compared to the of XRP that saw a more than 70% growth in less than a day before plummeting to the current 24 hour gains of 0.61%. With seemingly stable market, staking on XLM offers a better value proposition to that of Ripple’s XRP.