Published
5 years ago on
October 01, 2018
“Using StellarX, costs you nothing. We take no fees and, even above that, we refund all network costs, something no other decentralized exchange can match. All the while, you have sole control over your assets, so whenever there’s interest, it’s yours.”Can it really be this simple though? Surely trading platforms need to take some money in order to be able to afford to run. Well, according to Christian, it’s simply down to the technology used within StellarX. Utter decentralisation means that the platform does not require any capital to function, it’s totally free and fully autonomous:
"How can we afford to do this? In short, we chose the right tech. Trades and orders are native to Stellar, not a layer that has to be superimposed via relayers and smart contracts. And Stellar’s consensus mechanism requires neither ‘work’ nor ‘stake’— that is, it doesn’t use your capital to function. Thus, we don’t need your capital to function either.”What are the benefits of StellarX?Aside from being liberated of fee’s and extraneous payments, StellarX hosts a number of other benefits that are set to help Stellar achieve their goal of world domination. StellarX has a huge amount of FIAT integration and therefore allows users to not only trade crypto to crypto, but also to trade crypto for FIAT too - after mainstream FIAT dominance has been achieved, StellarX want to roll out a full portfolio of FOREX stablecoins too, giving every country the opportunity to access an international exchange:
“We also, today, show tokens for Euros, Philippine Pesos, Nigerian Naira, Chinese Yuan, Hong Kong Dollar, and the British Pound, and we’ll add in-app deposits/withdrawals for these as soon as their issuers support our standards. We anticipate a full suite of forex stablecoins in the coming months: we will be a local exchange for many countries that currently have nothing.”In terms of their cryptocurrency listings, the major currencies are already listed on StellarX, with the team not resting until the majority of Coinmarketcap’s are eventually listed within StellarX:
“On the crypto side, the most important coins are already in place, BTC, ETH, and so on, and we’ll be adding deep into the coinmarketcap top n very soon. We have listings comparable to many legacy exchanges, and we’ll far exceed them in the near future. The ‘X’ in StellarX might seem like a nod to ‘exchange’, but we see it as the algebraic x. Anything. Anyone. Anywhere.”Another huge part of StellarX is their future proofing and moves towards making their platform regulation friendly. One area StellarX is already exploring is compliance. Stellar know that in order for cryptocurrency adoption to become a more realistic option (something that StellarX and XLM can only benefit from) banks, corporations and other financial institutions using StellarX will need to know about who their customers are. This isn’t giving up consumer anonymity, instead, it’s ensuring a fair system of data trades, trades that will eventually prepare StellarX for the next era for cryptocurrency - regulation. The way StellarX does this, is very exciting, by changing the entire ‘Know Your Customer’ (KYC) culture:
“We get that KYC is a thing in the world. We also understand that smart contracts are the wrong place to bury fundamental information. We allow issuers — if they so require — to impose KYC requirements before a person can trade their token. And we give holders human-readable information about what they own, so they can make decisions for themselves.”In short, those who need to know their customers can.Now it might already sound as if StellarX is a complete product, one that doesn’t need to see any upgrades any time soon, however, Stellar have already announced a list of exciting new updates that are set to be added to the platform soon, including:
- Night mode
- A mobile website
- Enhanced token stats and information
- Portfolio management
- Path payment support (allowing payments to be made in one cryptocurrency, but allowing the payment to be received in another)
- Support for airdrops
