Open the Source!
True optimization is the revolutionary contribution of modern research to decision processes. – George Dantzig
Information + Resources
Stellar is an open-source project intending to bring blockchain-based efficient financial transactions to the world with Stellar Lumens, focusing on unserved and under-served communities. Their current initiative is in expanding the blockchain to Nigeria, to make it easier for immigrants to send money home to their families. The ethos is stated in their whitepaper as such:
“We need a worldwide financial network open to anyone, so that new organizations
can join and extend financial access to unserved communities. The challenge for such
a network is ensuring participants record transactions correctly. With a low barrier
to entry, users won’t trust providers to police themselves. With worldwide reach,
providers won’t all trust a single entity to operate the network. A compelling alternative
is a decentralized system in which participants together ensure integrity by
agreeing on the validity of one another’s transactions. Such agreement hinges on a
mechanism for worldwide consensus.”
This helps bring new people into the economy as a whole while simultaneously creating more security. The theory is every new participant creates exponential potential, like adding a node in an already very complex network. Stellar is poising itself to be in the front of that effort, and is a direct competitor to Ripple and NEO (both also open source), though is focusing on linking in poorer communities rather than the big banking industry. Its base algorithm is pretty sophisticated too, as it was created to remove barriers of other blockchain solutions (including Ripple’s), where Bitcoin is still one of the more limited in spite of its staying power and the proprietary APIs being spawned from it like CounterParty and Factom.
Stellar is a serious venture and is fully open source for anyone to join in and contribute to infrastructure via a “decentralized autonomous organization,” or really a glorified forum, blog, and chatroom network of dedicated people for the most part, as internet interfacing generally goes. They have many APIs to get people going in observing and participating in the consensus protocol. Kik even adopted Stellar for their ICO platform, abandoning Ethereum. It’s seen a rocket in value very recently, and I hope they manage to give a lot of opportunity to the new and generally very poor people they’re targeting. Pushing for new economic areas makes it have very high potential for investors, just so I’m clear.
Written Dec. 12th, ’17. Price at the time: $0.188 / XLM