The cryptocurrency industry is arguably one of the most dynamic at the moment. Existing players are continuously forging partnerships and releasing development updates to gain traction in an increasingly competitive environment. Stellar (XLM) is going into the month of November with several developments in its ecosystem. The coin, valued at over USD 4.35 billion and ranked 6th by market capitalization has had a new stable coin launched on its platform, introduced a new bidirectional payment channel, gained support on the newly released Edge version 1.4.0 among others.
1. Starlight payment channels
Starlight XML payment channel takes advantage of bidirectional payment channels to facilitate peer to peer private, fast, secure and zero cost transactions. Unlike existing payment models that require a fee and network consensus to for payment confirmations, Starlight will lock up some XLM to facilitate the instantaneous, costless and private payments. Transactions made via Starlight are not published to the public as is the case with most cryptocurrency platforms. These channels maintain a record of transactions between the participants and only credit XLM due to each participant once the channel is closed.
Further updates expected on Starlight include support for cross channel payments and compatibility with other existing payment channels. Ripple’s Interledger protocol and Bitcoin’s lightning network are some of the already existing channels offering similar functionality. Stellar (XLM) coins are the only supported currency with plans to add support for more assets in the future. Work on Starlight is in progress and its implementation is yet to come to the platform’s mainnet.
2. Novatti AUD Utility Token
A new stable coin, Novatti AUD token, backed by the Australian dollar is set to be released on the Stellar network this November. Stable coins have gained popularity due to their being tied to traditional assets including fiat, which makes them less volatile compared to other crypto assets. However, while most stable coins have focused on facilitating movement of assets between exchanges, Novatti intends to bring more functionality including as a payment and remittance currency. The token has gained interest among institutions including banks and other financial service providers. For Stellar, there has been a continued push from the community to have more stable coins anchored on the platform.
3. XLM added to the new Edge Version 1.4.0 release
Stellar (XLM) is the 8th among the 10 largest cryptocurrencies to be supported on the Edge wallet. Edge prides itself in being a non-custodial wallet with control of assets completely in the user’s hands. Stellar’s growing popularity as a decentralized applications development platform continues to make it attractive to users therefore encouraging support from players in the industry including wallets and exchanges. Edge supports multiple languages including Russian and Spanish, ShapeShift memberships and the ability to choose custom nodes for connecting to different cryptocurrency. The wallet is available for both android and iOS devices.
At a price of USD 0.23, Stellar has gained slightly (0.31%) against the dollar and (0.15%) Bitcoin. Stellar’s edge over competition as the go to platform for security token offerings (STOs), support by financial institutions through the Interstellar network and its partnership with IBM are other key factors that make Stellar a good bet going into the future.