Ripple vs SEC: XRP Declared Not a Security

Ripple vs SEC: XRP Declared Not a Security

by | Jul 16, 2023 | News

In a groundbreaking development, a judge ruled that XRP is not considered a security in the Securities and Exchange Commission’s (SEC) case against Ripple. This ruling has significant implications for the future of XRP and the broader crypto industry.

On July 13, 2023, Ripple Labs won against the SEC, and XRP was declared to not be a security. 

The company achieved a notable win in the United States District Court in the Southern District of New York when Judge Analisa Torres issued a partial ruling in favor of the company. This ruling pertained to a case brought against Ripple by the Securities and Exchange Commission (SEC) that dates back to 2020.

It’s official, Ripple’s token (XRP)is not a security

Based on documents filed on July 13th, Judge Torres granted summary judgment in favor of Ripple Labs. 

The ruling clarified that the XRP token should not be considered a security, specifically in relation to its programmatic sales on digital asset exchanges. 

However, the SEC also secured a victory of its own as the federal judge determined that XRP qualified as a security when sold to institutional investors. This classification was based on the conditions outlined in the Howey Test.

The SEC’s lawsuit aimed to compel Ripple to cease offering its XRP token, arguing that it qualified as a security and, therefore, required additional regulatory measures.

According to court documents, the motion for summary judgment by the defendants has been granted for Programmatic Sales, Other Distributions, and the sales made by Larsen and Garlinghouse. However, it has been denied for Institutional Sales.

This means that the XRP token is not considered a security when sold through retail digital asset exchanges.

After this news broke, the price of XRP surged from $0.45 to $0.61 within a few minutes. 

The legal case against Ripple began in December 2020 when the Securities and Exchange Commission (SEC) filed a lawsuit against Ripple and its two top executives, Brad Garlinghouse and Chris Larsen. 

The SEC alleged that the company was offering an unregistered security.

Throughout the past three years, the case has been filled with dramatic twists, including the release of the “Hinman Documents” and Garlinghouse’s ongoing defiance in response to the SEC’s accusations.

In addition to the noticeable price movement of the XRP token following this news, the general sentiment within the cryptocurrency community seems to be one of celebration and joy.

XRP’s non-security status

Ripple CEO Brad Garlinghouse is confident that the United States Securities and Exchange Commission (SEC) will face a lengthy process before being able to appeal the recent ruling in its case against Ripple Labs.

During an interview with Bloomberg on July 15, Garlinghouse downplayed the significance of the ruling regarding institutional sales, referring to it as “the smallest piece” of the overall lawsuit. He expressed his belief that if the SEC were to appeal the ruling on retail sales, it would only serve to reinforce Judge Torres’ decision.

Despite acknowledging that it may take a considerable amount of time before the SEC can file an appeal, Garlinghouse firmly stated his belief in the current legal status of XRP: “Based on the current law of the land, XRP is not classified as a security. Given the lengthy process required for the SEC to file an appeal, which could take years, we maintain a high level of optimism.”

Garlinghouse emphasized that this marks the first instance where the SEC has faced a setback in a “crypto case.” He openly criticized the SEC, referring to them as “bullies” who target players in the crypto industry unable to mount a strong defense.

He highlighted the initial response of various U.S. crypto exchanges when the lawsuit against Ripple was initially filed. 

Many took a cautious approach, waiting to observe the outcome due to the uncertainty surrounding the case. Consequently, exchanges such as Coinbase and Kraken decided to delist XRP entirely.

Garlinghouse accused the SEC of deliberately creating confusion in the market. He claimed that the SEC was aware of the existing confusion and intentionally engaged in actions that further exacerbated the situation.

According to Garlinghouse, this deliberate confusion was a means for the SEC to exert its power, hindering innovation within the United States. He criticized the SEC for prioritizing power and politics over the establishment of clear regulatory frameworks, resulting in difficulties for entrepreneurs and investors seeking to participate in the U.S. crypto market and blockchain industry.

Blockchain, on top of demanded skills in 2020

Blockchain, on top of demanded skills in 2020

by | Jan 15, 2020 | Blockchain, News

Blockchain is the most desirable hard skill in 2020, according to LinkedIn Learning, the education portal of the famous professional network.

After blockchain, cloud computing falls closely, in the second place, on the skill scale.

Thi skill listing is updated annually and it places the skills in demand by companies.

The in-demand hard abilities are chosen out of LinkedIn’s trending job listings.

In 2019, blockchain wasn’t on the listing at all, while cloud computing and artificial intelligence were the most sought after skills from the LinkedIn listing.

The blockchain technology started to gain popularity at the beginning of 2009, promoted by cryptocurrencies, and it eventually evolved into a way to validate and authorise data, due to its secure distributed ledger.

Due to the current shortage of blockchain professionals to serve this emerging industry, LinkedIn urges its readers to start studying the essentials of blockchain engineering.

It’s unclear why blockchain has suddenly been listed on top of the list of most wanted skills by a company, but it might be a sign that the distributed ledger technology is finally shaking off the stigma surrounding it (given by the crypto sector) and moving into mainstream business processes.

The lack of blockchain professionals

Coin Rivet reported in 2018, a 2000% increase in the demand of blockchain experts, based on the UpWork.com freelancer market. The salaries for blockchain professionals ranged from $36,000 to over $200,000 at that time.

During the last year, a significant number of current pioneer companies created blockchain-based products or solutions, legitimising the blockchain’s reputation.

One such example is the partnership between the global remittance supplier, MoneyGram, who has been operating together with Ripple to start new cross-border payment gateways using blockchain.

Another example is Samsung, which has partnered with Syniverse to allow blockchain-powered cellular payments, revealing that the blockchain innovation is a global event.

On top of all these international projects, the Central Bank Digital Currencies(CBDCs) is focusing on increasing blockchain’s demand and legitimacy. This is becoming a priority for authorities in many countries such as China, the USA, and Australia — further increasing the requirement for best blockchain skilled professionals.

Crypto World November 2019: Bitcoin Lightning, BTC ATMS, Ripple acquired MoneyGram

Crypto World November 2019: Bitcoin Lightning, BTC ATMS, Ripple acquired MoneyGram

by | Nov 29, 2019 | News

Bitcoin’s Lightning Network Can Be Used for Private Messaging

Lightning Labs revealed an experimental project: Whatsat, an application of the lightning network which may be utilised to send private messages.

Just like bitcoin, it is censorship-resistant. However, unlike encrypted programs that morph messages to info, securing the text to keep the messages private from prying eyes, there is no central thing to prevent users from using the system.

The developer Joost Jager said:

“Lightning is a peer to peer network in which anyone can participate. There is no central entity that has the ultimate power to decide on [what] users are allowed to communicate.”

Personal messaging is a huge thing in the electronic era, but it is still simple for bad intentioned actors to intercept messages which are not encrypted.

Ghana May Issue Digital Currency in ‘Near Future’

The governor Ghana’s central bank, Ernest Addison, stated that Ghana might issue an electronic form of the country’s currency, the cedi in the”near future”. He also said they are in discussions to develop a pilot project in a “sandbox environment”.

Addison’s opinions, made in Ghana’s Annual Banking Conference, were revealed in a public transcript.

The Bank of Ghana governor said Ghana is experiencing rapid digitization with the help of the mobile banking industry. “Mobile cash” transfers grew by 70% from 2017 to 2018.

Addison said he’d approved that the central bank to issue digital money backed 1:1 by cedi and held electronic wallets Monday. But the digital money is different from cryptocurrency. The governor stated in the press conference:

“It is just electronic money backed by currency,”

So [the central bank] cannot create money; they are only having an electronic representation of the cedi that the Bank of Ghana puts into circulation. So it is not crypto.”

Simon Malls Has 5 New Bitcoin ATMs

Bitstop set up five bitcoin ATMs at Simon Property Group locations within the last month: Carlsbad Premium Outlets in Carlsbad, California, Mall of Georgia in Buford, Georgia, Miami International Mall in Miami, Sawgrass Mills in Sunrise, and The Avenues at Jacksonville, Florida.

They are a part of Bitstop’s drive to woo crypto beginners: individuals who shop at malls, do not know much about blockchain and have a bitcoin wallet.

The co-founder and CEO Andrew Barnard explained these places are similar to the old cliche: “If you build it, they will come.”

“Once you put these ATMs down and you give people easy access, the people go and figure out how to use it,”

With these new places, Bitstop is continuing to build out vulnerability among novices and handhold them through the process of purchasing their very first bitcoin. He explained the kiosks represent a gateway to first-timers.

He said individuals buy from an ATM within an investment, but also to then purchase on the internet or send remittance payments residence.

The average purchase is $160 bucks. And Barnard said traffic is particularly heavy around the 1st and 15th day of every month, which he explained is money back for many consumers.

China’s Digital Yuan Will Target Retail Payments First

Speaking in the Caixin Hengqin Forum at Zhuhai, former leader of the People’s Bank of China Xiaochuan Zhou said the nation will highlight the retail usage of electronic payment to the electronic yuan.

“There are two goals for international digital currencies,”

“The first one, which is also what China envisions is to develop digital payment and its use for retail system in the country, while the other goal is to cross-border payment for international financial institutions.”

According to Zhou, both of these aims will need different technical designs for the electronic yuan, and China may expand its capacities once it implements the electronic payment role.

Zhou said China is a challenging environment to try the new electronic money, and a country with a smaller population might be better because the cycle for money flow is briefer.

“In case there is something wrong, it will be easier to steer the boat into a different direction,”

Ripple Has Acquired MoneyGram For $50 Million

Ripple made the final payment to purchase MoneyGram at a cost of $4.10 per share, which is over a dollar per share of the stock’s recent price of approximately $3.00. The action first started in June 2019.

Ripple owns just under 10% of MoneyGram’s outstanding common stock.

MoneyGram plans to utilize this funding inflow to support its operations, specifically since it expands its usage of Ripple’s On-Demand Liquidity product, the renamed xRapid payment system which uses the XRP cryptocurrency.

Since June, MoneyGram has started using XRP to run trades in Europe, Australia and the Philippines, and now transacts approximately 10% of its own Mexican peso foreign exchange trading volume.

In an announcement, MoneyGram chairman and CEO Alex Holmes said that the venture was “transformative,” noting that the corporation could settle trades “in seconds.”

South Korea Takes Legal Step to Stamp Out Unregistered Crypto Exchanges

South Korea passed a legal amendment to oblige assets exchanges to register with the  Financial Services Commission (FSC).

This change was made to align fight money laundering,  and it asks crypto exchanges to have so-called actual name virtual bank account – sub-accounts for consumers inside a market’s main account – to avoid falling foul of the laws.

The opposition lawmakers had voiced worries that exchanges without real-name digital balances would be made to shut, bringing additional contraction of the national cryptocurrency market.

In 2018, the FSC outlawed anonymous digital balances with the consequence that just four exchanges were abandoned with real-name digital balances through contracts with local banks: Bithumb, Upbit, Korbit, and Coinone.

Ukraine Plans to Tax Crypto Gains at Low 5% Rate

Ukraine’s parliament received a cryptocurrency tax draft bill.

Written by 13 members of the parliament, the bill defines crypto-assets as a “special type of valuable property in the digital form, created, accounted for and disposed of electronically,”, for example, cryptocurrencies, tokens and other forms are not defined in the draft.

“We are confident that the adoption of this [draft] law will create conditions for the launch of the virtual assets market in line with the legislation of Ukraine, taking into account the balance of interests of entities engaged in transactions with virtual assets and the state, which will get additional tax revenue from such transactions,” said the ministry.

If the bill passes parliament, the earnings from trading assets will be calculated as the difference between the buy price and the price received in the sale. Profits should be declared as “other” form of earnings, while reductions might not be balanced to decrease the whole financial result before taxation, the record states.

Crypto income will generally be taxed at the normal speed, which will be 18% in Ukraine. However, in better information for dealers, there is a first 5% rate on private income from the selling of crypto assets to get a five-year period after approval of the invoice (assuming it moves).

Revenue of crypto assets wouldn’t be responsible for value-added tax (VAT).

Tokenized assets would observe another tax program, being described as electronic assets certifying possession or non-property rights. In such cases, tokens are taxed in precisely the exact same manner as the products or services financing them.

Michael Chobanian, creator of this Ukraine-based crypto trade Kuna and president of this Blockchain Association of Ukraine, stated he considers the law would operate, however, there are additional challenges confronting the business which have to be dealt with.

“If the National Bank of Ukraine doesn’t allow banks to open accounts for crypto businesses in Ukraine nothing for the industry will really change,” Chobanian said.

The ministry lately declared a partnership with all the Binance cryptocurrency market for help developing regulations for crypto from the nation.

Coinbase has added support for 5 new crypto options to its Visa debit card

Coinbase declared that holders of Coinbase Card are now able to spend XRP, basic attention token (BAT), augur (REP), 0x (ZRX) and stellar (XLM). These add to the already available options: bitcoin (BTC), ether (ETH), bitcoin cash (BCH) and litecoin (LTC).

Coinbase clients in Bulgaria, Croatia, Denmark, Hungary, Iceland, Liechtenstein, Norway, Poland, Romania and Sweden have also been given access to Coinbase Card.

Zeeshan Feroz, CEO in Coinbase UK, said in a statement:

“By more than doubling the number of assets our customers can spend on Coinbase Card, as well as introducing the card to 10 new countries, Coinbase continues to help drive crypto’s role as a utility, and not just an investment.”

The Coinbase Card has been introduced back in April to function both the U.K. and EU states. Coinbase issues it “immediately” and converts cryptocurrency into fiat money when clients make a trade using the debit card.

According to the company, the card may be used anywhere that accepts Visa. There are charges for ATM transactions over the value of $200 – 1% domestically and 2% international, and fees for some trades.

Coinbase also supplies an iOS and Android program which allows users to create Visa obligations on their cellular devices. The Coinbase Card is issued by Paysafe Financial Services Limited, a company approved by U.K. regulator, the Financial Conduct Authority.

33 Cryptocurrencies Described in Four Words or Less

33 Cryptocurrencies Described in Four Words or Less

by | Apr 19, 2019 | Crypto wiki, News

Bitcoin, Ethereum, Ripple and Litecoin which are the major cryptocurrencies have been good and bad investments. It has been a good investment for all those who have purchased them early and sold them in their high times, at the end of 2017. It has been bad for all those who have purchased in the all-time high and sold it in the recent week when the prices dropped down. The investors who have taken the risk during the dip can be richly awarded for their bravery and patience.

But this the past about these currencies, what can the future be? Are they good or bad investments?

Few economists see cryptos as a more technological invention than a quick to get rich scheme, if someone plans to invest in crypto then they should invest in the technology behind it because it is a technological revolution which has the potential to disrupt the fundamental aspects of the global financial systems.

Bitcoin, Ethereum, Ripple and Litecoin are the major cryptocurrencies right now.

Bitcoin is one of the most battle-hardened networks at present. It is one such cryptocurrency that can be relied upon and with its lightning network in the early stages, great things are coming. Bitcoins correction at present is due to many extraordinary market pressures and can hold value for now.

Ethereum is considered as the general purpose scripted blockchain which is found by the greatest minds of the present generation. It has the potential to one day rival Bitcoin. Ethereum took a large correction after the major market moves with high profile ICOs and is facing pressures from Bitcoin.

Ripple though is not truly decentralized but is lightning fast, it has the power to improve on the legacy banking systems and also help the streamline money transfer internationally.

Litecoin which is Bitcoins younger brother is the first true Altcoin that does not offer any technological developments over the protocol of Bitcoin. But it is likely a permanent fixture in the crypto world for many years yet to come.

33 Cryptocurrencies Described in Four Words or Less

In the meanwhile, the value of some lesser known tokens and altcoins can get the potential to fizzle out and certainly, the big players can see a surge in value before it’s too long. So it always doubtful about investing in cryptocurrencies because, if the investment is the speculative gamble for the user then it has the potential for short term gains or losses. But on the contrary, if the investment is a well-disciplined, strategy, academics and diversification for maximum returns, then it is closer to a game of roulette than to investment.

Investing with the major cryptocurrencies can be a risky game for the speculators than the investors, who can afford to lose a part or all the invested funds. If these cryptocurrencies can bring you huge profits, they also carry one more thing and that is to lose money. The predictions won’t always be right. None of them truly knows what is going to happen with the price of cryptos. It is always important to know which strategy works the best and also a good understanding of what makes a good investment.

33 Cryptocurrencies Described in Four Words or Less

The following infographic on 33 Cryptocurrencies Described in Four Words or Less is developed by our friends at Mrbtc.org, check out the infographic and let us know your thoughts.

2018: What happened with cryptocurrency?

2018: What happened with cryptocurrency?

by | Jan 3, 2019 | News

What happened to cryptocurrency in 2018? With highs and lows, here are some of the milestones of crypto in 2018!

January

January 2 – Cryptocurrency was deemed not “a legal tender in India”. Finance Minister Arun Jaitley reiterated the strong stand taken by the government, emphasising on the personal risk in dealing with Bitcoin or Ethereum.

January 16 – Bitcoin prices suffered a severe blow – the lowest in more than a month after the Chinese crackdown. On the radar were online platforms and mobile apps and other currencies like Ethereum (19%) and Ripple (29%) registered a steady decline.

January 19 – Indian government continued coming down hard on traders, entrepreneurs and tech-savvy investors dealing in digital money. Income tax department in the country sent caveats, warning against “Ponzi schemes” and asking to pay tax on capital gains. The regulations echoed hard measures taken by policymakers in Japan, China, and South Korea in the wake of soaring cryptocurrency prices.

February

February 1 – Cryptocurrency outlawed in India. While presenting the Union Budget, Finance Minister Arun Jaitley further pledged to eliminate usage of crypto assets in financing illegitimate activities. The message sparked uncertainty and Bitcoin prices fell as low as $4,000 on Zebpay, an Indian cryptocurrency exchange.

February 7 – Even as policymakers around the world tackled the digital currency crisis, rumours surfaced that tech giant Samsung was forging partnerships to make its own ASIC chips.

February 17 –  Gibraltar led the change, becoming one of the first in the world to introduce ICO regulations.

cryptocurrency

March

March 14 – In a move to “tackle emerging threats”, plans of an ad ban was revealed by Google on Bitcoin and initial coin offerings (ICOs). Following the news, Bitcoin prices fell below $8,000 but for a brief period.

March 26 – Following in the footsteps of advertising giants like Google and Facebook, Twitter announced a ban on adverts for cryptocurrencies.

March 30 – Cryptocurrency hit a new low, sliding to $6,630

April

April 5 – The Reserve Bank of India (RBI) dealt a heavy blow to virtual currency enthusiasts by forbidding financial institutions in the country from providing service to individual and businesses dealing in cryptocurrency.

April 12 – Vietnamese financial institutions came under the scanner following reports of a cryptocurrency scam allegedly worth $658 million.

April 17 – Leading cryptocurrency exchange platforms in New York, including Coinbase, were asked for disclosures on their operations as city’s Attorney General, Eric Schneiderman launched an inquiry into the details of the virtual exchange.

May

May 15 – Circle, a cryptocurrency startup backed by Goldman Sachs, raised $110 million in an investment round and announced a new cryptocurrency that was pegged to the price of the stable US dollar.

May 24 – US Justice Department launched a probe into the price manipulation of popular cryptocurrencies like Bitcoin and Ethereum.

June

June 11 – Cryptocurrency registered a sharp drop in price (Bitcoin tumbled by 10%) after South Korean cryptocurrency exchange, Coinrail confirmed that its systems suffered a “cyber intrusion”.

June 12 – Apple’s updated app store policies banned users from mining cryptocurrency on the device.

June 20 – Almost $31.5 million worth of virtual coins were stolen in Bithumb cryptocurrency theft. The South Korean cryptocurrency exchange was targeted as hackers continued to expose the risk involved in dealing with virtual assets.

July

July 5 – The RBI implemented a cryptocurrency ban after a three-month notice to financial institutions to sever ties with traders and investors of Bitcoin and other similar virtual currencies.

July 9 – Israeli cryptocurrency startup, Bancor lost $13.5 million worth of digital tokens, including Ethereum and Pundi X after a “security breach”.

July 17 – IBM grabbed the spotlight over reports of experimenting with ‘stablecoin’, a digital currency, in partnership with the startup, Stronghold.

July 27 – Google filtered Play Store and banned all cryptocurrency mining apps in a move to protect smartphone, tablets, and PC users.

August

August 8 – Cryptocurrency markets registered a sharp fall as the US Securities and Exchange Commission (SEC) postponed its decision on a proposed Bitcoin exchange-traded fund (ETF) decision.

August 15 – Lawsuit filed against AT&T in US District Court in Los Angeles after a US-based investor lost $24 million in digital money due to alleged “negligence”.

August 23 – China reported shut down of over 120 websites providing access to offshore cryptocurrency exchanges in order to curb trading.

September

September 5 – Goldman Sachs Group abandoned digital currency trading plans over a lack of regulatory framework. The news led to a plunge in cryptocurrencies including Bitcoin (5 percent drop), Ethereum (9 percent), Litecoin (7.1 percent), and Ripple (7.7 percent).

September 15 – The Supreme Court of India postponed the hearing of all cryptocurrency-related cases, including a petition against RBI’s crypto-ban.

September 20 – Zaif, a Japanese digital currency exchange was hacked and robbed of Bitcoin, MonaCoin and Bitcoin cash worth $60 million.

September 25 – Google lifted its blanket ban on advertising for cryptocurrency and announced to roll out new policies in October.

September 26 – Cryptocurrency XRP (informally known as Ripple) regained market position, ranking up as the world’s second largest cryptocurrency by total market capitalisation, just behind Bitcoin (with a market value of $113 billion).

October

October 15 – Prices of Bitcoin, Ether, XRP and other virtual currencies soared as controversial digital token, ‘tether’ fell by more than 2%.

October 23 – Integrating blockchain technology into smartphones as part of its shifting focus, HTC unveiled its first blockchain-based device, Exodus 1, expected to be available to the public by December.

October 26 – The Supreme Court of India sets a two-week deadline for the Central government to present its stance on cases relating to cryptocurrencies.

October 31 – Bitcoin celebrated its 10th anniversary, marking the day when the mysterious Satoshi Nakamoto had issued the whitepaper titled ‘Bitcoin: A Peer-to-Peer Electronic Cash System’.

November

November 1 – Hong Kong’s Securities and Futures Commission (SFC) unveiled detailed guidelines and regulations framework with regards to trading, funds and exchanges in digital money.

November 6 – Popular bitcoin wallet Blockchain announced that it will be giving away $125 million worth of cryptocurrency to boost digital wealth.

December

December 21 – Facebook reported working on its own stablecoin-based cryptocurrency for WhatsApp payments.

What is Stellar?

What is Stellar?

by | Oct 18, 2018 | Crypto wiki, Cryptocurrency

Stellar is an open-source, decentralized protocol for electronic money to fiat money transfers that allows cross-border transactions involving any pair of currencies. The Stellar protocol is encouraged by a nonprofit, the Stellar Development Foundation.

The Stellar network has been used by companies like IBM, KlickEx, Deloitte, Parkway Projects, Tempo, Wanxiang Labs and Stripe.

In March 2019, IBM announced the launching of World Wire, a real-time worldwide payments system constructed on the Stellar network.

That is good news: by simply linking controlled financial institutions into the speed and flexibility of Stellar, World Wire intends to replace the heritage correspondent banking platform with easy point-to-point transactions. From the gate, World Wire affirms 47 monies in 72 nations, and it is just likely to rise from that point.

Original author(s) Jed McCaleb, Joyce Kim
Developer(s) Stellar Development Foundation
Initial release July 31, 2014; 4 years ago
Repository https://github.com/stellar/stellar-core
Written in C++, Go, JavaScript, Java, Python, Ruby, Shell
Type Real-time gross settlement, currency exchange, remittance, blockchain, cryptocurrency
License Apache 2.0
Website Stellar.org

Stellar is a payment network that supports use of its native asset called Lumens (XLM). According to stellar.org, the non-profit behind the Stellar network:

“One lumen is one unit of digital currency, like a bitcoin.”

Stellar was initially forked from Ripple but gained its place as a unique network with the introduction of its Stellar Consensus protocol.

How was Stellar created?

Prior to the official release, McCaleb formed a site known as “Secret Bitcoin Project” searching alpha testers. The nonprofit Stellar Development Foundation was made in cooperation with Stripe CEO Patrick Collison and the job formally established that July. Stellar obtained $3 million in seed financing from Stripe.

Stellar was published as a decentralized payment system and protocol using native money, leading. In its start, the system had 100 billion stellars. 25% of these might be given to additional non-profits working toward fiscal inclusion.

Stripe obtained 2% or two billion of the first stellars in exchange for its seed investment. The cryptocurrency, initially called stellar, was afterwards known as Lumens or XLM. In August 2014, Mercado Bitcoin, the initial Brazilian bitcoin market, announced it would use the Stellar network.

From January 2015, Stellar had roughly 3 million registered user accounts on its own stage and its market cap was nearly $15 million.

The Stellar Development Foundation published an updated protocol using a brand new consensus algorithm in April 2015 that went live in November 2015. The algorithm utilized SCP, a cryptocurrency protocol made by Stanford professor David Mazières.

Back in September 2017, Stellar declared a rewards program, a portion of its Stellar Partnership Grant Program, which will award partners around $2 million value of Lumens for job development.

Back in September 2018, Lightyear Corporation obtained Chain, Inc.. The organization’s portfolio comprises StellarX.

 

What is Stellar? What is Stellar used for?

In 2015, it had been declared that Stellar was releasing an integration to Vumi, the open-sourced messaging system of this Praekelt Foundation. Vumi uses mobile talk time as money with the computer-based protocol.

Deloitte declared its integration using Stellar in 2016 to create a cross-border payments program, Deloitte Digital Bank. Back in December 2016, it had been declared that Stellar’s payment system had expanded to comprise Coins.ph, a cellular payments startup at the Philippines, ICICI Bank in India, African cellular payments company Flutterwave, also French remittances firm Tempo Money Transfer.

The cross-border payment method created by IBM comprises partnerships with many big banks such as Deloitte.

In December 2017, TechCrunch declared Stellar’s partnership with SureRemit, a Nigerian established non-cash remittances platform geared toward resolving the challenges of remittance from Africa, India, and the Middle East.

In January 2018, it had been declared that ZED Network will be creating an integrated international payments platform utilizing the Stellar distribution system and its own blockchain technology. That exact same month, Mobius Network conducted its first coin supplying (ICO) on the Stellar network. Additionally in January 2018, reluctantly gained press attention if online payment firm Stripe announced it could add support for Steller’s cryptocurrency, lumens.

what is stellar used for?

What problem is Stellar solving?

Whenever someone sends cash past foreign boundaries (e.g. sending USD in the United States to somebody in Japan accepting YEN) the trade is charged high prices (from trade rates, and also the lender’s bill ). Also, but the trade will occasionally take days to achieve its destination.

Because of this, Stellar fixes this issue by making it simpler to move money across boundaries.