Stellar is one of the coins that have started the year 2018 with a bang. This year, Stellar has been able to maintain among the top ten biggest currencies by market cap with the current market cap standing at position 7 with a $5.5 billion market cap. As much as it was founded by the same founder of Ripple, it stands a better chance because it is a decentralized currency. Its price has not been left out by the ongoing onslaught among the currencies from time SEC announced that all cryptocurrencies must register. It has seen it price drop by 7.7% according to Coin market cap. However, according to analyst, this year could be one of the greatest years for Stellar.
Stellar makes an investment that could make crypto as easy as having a chat.
Is Stellar settling a tab in the crypto industry?
According to revelation made to CoinDesk, Keybase is in a deal with Stellar at an undisclosed amount and terms that would facilitate the way crypto markets run. Keybase was founded in 2014 with a main aim of providing end to end encryption. The deal between Stellar and Keybase is mutually beneficial to both parties. According to the Keybase founder, Chris Coyne, the arrangement is less formal than a traditional venture. He was also quick to note that this would be like a continuation from his deal in 2000s with a well-known US dating aggregator.
— Chris Coyne (@malgorithms) March 8, 2018
When Coyne was ending his career as a matchmaker, he, together with his partner developed OKCupid which was the first tech company to accept bitcoin payments. Coyne believes that Keybase has built solid infrastructure that would accelerate person-to-person payments after partnering with Stellar and use its cryptocurrency.
The first step is already done; this is the fact that Keybase is already accepting the funds that will enable their clients to hold value in Lumens, stellar’s cryptocurrency.
What product is expected?
Chris Coyne says that he is excited to partner with Stellar because it is fast, and the transaction fees are quite negligible. In addition, there is low energy consumption. Keybase driving force is to facilitate data encryption among all users without any need of handling cumbersome PGP keys. With Keybase, the users will be able to send encrypted chats, files and even collaborations.
The private keys needed for transaction stays in one’s device and the user will not need to trust Keybase. By coming together, Stellar is building Lumens ecosystem that is rumoured to be bigger than just a mere wallet.
The Lumen’s features.
In addition to being bigger than the normal wallet, there are other advantages. Some of the best features are.
- It has the ability to work with IOUs for fiat and it will be backed by institutions like banks, which can be transferred between users.
- The lumens can cross borders due to the use of the blockchain technology.
According to analysts, this investment will see Stellar’s popularity and price increase over time.