Stellar is Aiming at Overtaking Ripple: Here’s How

Stellar payment infrastructure eyes to make the cross-border remittances better through partnering with Keybase company – and ultimately overtake the Ripple.

Stellar is the open-source, XLM (distributed payments infrastructure) that is, in fact, aspiring to outstrip Ripple (XRP); the goal is through partnering with the company Keybase to accomplish cross-border transaction improvements.

The payments infrastructure recently stated they are teaming up with the company Keybase who is well-known for its free mobile and computer security apps. Both companies are aiming to enhance cross-border deals with the purpose of connecting people with financial services costing lower than what users pay now, and this way, fight against poverty by developing the potential of each individual.

The previously detailed service is actually offered by Ripple, who through its blockchain platform (Rippkenet) counts with a pool of allies of over a hundred member financial institutions and banks. That makes the Stellar purpose not so easy to get, but the company is definitely committed to succeeding on its path.

To make this possible, both Keybase and Stellar are expecting that asset holders and investors have the possibility of making cross-border operations without the usually-required lengthy string of the digits. Instead, they want to create a platform that allows access only with a username readable by a human easily. In this particular matter, Stellar declared:

“In short, I can interact with her financially in the same way I interact with her socially.”

Overall expectations are to have an end product like a decentralized global Venmo, which means an application that enables users to transfer currencies by using a mobile app or the web. The idea is to be able to send not only one type of cryptocurrency but instead, all crypto assets.

Mt Gox exchange created by Jed McCaleb, who also founded the real-time reimbursement system Ripple, made a very consolidated system; and from the point of view, both altcoins are very similar one to the other; both were conceived with the idea to be functional on commercial establishments.

Nevertheless; in spite of the similarities, Stellar is conceived as a non-profit organization and on the other hand Ripple is, in fact, a firm operating for profit. Besides, Ripple is developed as a centralized operator, while Stellar is actually considered decentralized on its operations.

As a matter of fact, Ripple is the number three cryptocurrency when it comes to the value of market cap — and shows up as a solid competitor for Stellar. Nonetheless, this is actually not stopping the company from improving its services with the hope climbing up from the seventh place.

Related to the previously exposed, the expectations are that after the alliance with Keybase, Stellar could improve their services and provide better attention to their customers; meaning, of course, increasing customer satisfaction and the possibility of overtaking Ripple on the field.

In conclusion, Stellar may overtake Ripple as the go-to platform for cross-border payments, it all seems to take us there as all the foresight are being made. Nonetheless, it’s only a matter time to see what can happen; we never know what Ripple may have to fight back this strategy.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Derrick Noh via Flickr