Top projects in the Stellar network that Nigerians should see – Techpoint Africa

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Stellar started to a huge hype in 2015. Since then, it’s been evolving and growing on the sidelines while some other platforms are getting all the attention. It remains a solid project that has processed over 450 million transitions on its blockchain to date.

The protocol is a decentralized open source financial platform. This means that while it has a native coin, the lumen, it is not focused on forcing developers launching projects on the network to use their native coin. Stellar is very coin / token neutral and encourages all types of assets to be hosted on the platform.

Stellar’s main role is to provide financial services to non-banks. To accomplish this mission, the protocol focuses on being as versatile as possible for an open and transparent financial future. Most of the projects in the network follow this.

The focus on financial solutions of the Stellar project is of particular importance for developing countries like Nigeria. The old financial institutions are lagging behind and the effort to modernize them is enormous. Blockchain, on the other hand, is able to offer modern financial services at a fraction of the cost of conventional systems.

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This is why Stellar is so important in Nigeria. It develops and sells state-of-the-art financial products in emerging countries. These new products can be accessed by anyone with a basic understanding of cryptocurrencies and blockchain. The power of this new economic model will be the key to the future.

To understand the basics of cryptocurrencies and blockchain, check out this article on the Remitano forum for the top 16 courses and books to become a crypto expert.

Let’s get to that … In no particular order, here are the top projects on Stellar –

Anchor USD

This is a savings platform that can accept USD deposits for residents of the United States. The savings accounts offer annual interest rates of up to 8% on various assets. In addition to the US dollar, Anchor USD accepts deposits in Bitcoin, Ether, XRD, Lumens, Litecoin, Bitcoin Cash and many other cryptocurrencies and even some tokens like Basic Attention Token (BAT).

The platform does not charge any fees for deposits of FIAT and crypto assets. AnchorUSD also supports single deposits of up to $ 2500 in value. It also works as an exchange for swaps between USD and crypto pairs or crypto to crypto.

In addition, AnchorUSD has launched its own FIAT-based stable coin called USDX on the Stellar network. The USDX is one of the best stablecoins out there. It is not hosted on the Ethereum network and is showing great acceptance in the crypto market in general.

The USDX is of particular concern to Nigerians. The most popular stablecoins on Ethereum right now are crypto like Tether, TUSD, USDC etc. But at the moment the gas fees on the Ethereum network are very high, so these stablecoins can be very expensive to use.

USDX is a far cheaper alternative by going through the Stellar network. It is very important to become familiar with these possibilities in order not to become completely dependent on a protocol running on a network.

SatoshiPay

Satoshi Pay is a micro-payment platform for small cross-border financial transactions. It started back in 2014 and was developed together with the Stellar network. The company’s business model has made it one of the most affordable options for international payments.

All transactions are secured via the Stellar blockchain. This has created a space for safe and fast micro payments for individuals and businesses. These products have their own web wallet called the Solar Wallet that can store Lumens, Stellar native assets, as well as other cryptocurrencies.

The company has remained solid since its inception. It has an average of $ 3 million in annual earnings since its inception. Another $ 550,000 was raised in May 2020 to continue development and business expansion.

This cross-border payments network, focused on business-to-business solutions, is vital for Nigerian startups. The Berlin-based company has already invested actively in Nigeria through a seed fund in VeggieVictory, Nigeria’s first food company.

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Kelp is a free, open source trading bot that aims to work within the Stellar network. It has a fully customizable user interface that allows users to set up buy and sell orders at spot prices. It is also able to copy orders and trading patterns from different exchanges in the log.

Star expert

This is Stellar’s top blockchain explorer. It is a complete platform for studying network usage, transaction times, locked assets, price history and all the statistics of the Stellar network. Stellar Expert provides API calls for network statistics and has become the main source of information related to the log. It’s completely open source, and its GitHub repository is often updated with documentation about new features and future developments.

DSTOQ

DSTOQ is a peer-to-peer exchange platform using blockchain technology. It uses the principle of tokenization, where users can convert real assets such as stocks and bonds and trade through the platform. Since it is a purely decentralized on-chain exchange, everyone in the world has access to these assets to buy and trade freely.

The platform has created a global, censorship-resistant market for stocks and shares that is open to everyone in the world. This is huge for people who live in developing countries like Nigeria with small or nonexistent local exchanges.

This opens up the opportunity for companies around the world to raise capital from a global pool of investors. By issuing new shares on the platform, these companies can grow without depending on the local markets for money.

DSTOQ also uses Stellar technology and offers low transaction fees for trading on the platform. With a clearing time of just five seconds, DSTOQ is ready to revolutionize the world of investing.

This is a great opportunity for Nigerians looking to get into the global investment market. In addition, there are no fees for DSTOQ, making it economically viable to use for small amounts. Of course, this means anyone, anywhere, can buy bonds, ETFs, stocks, and other types of financial assets that were previously out of the reach of most people in the world.

time

Tempo is a wire transfer service based on the Stellar network. Cross-border money transfers are one of the largest businesses in the world. It was mostly dominated by players like MoneyGram and Western Union. These companies charge high per transaction fees and are very slow.

Tempo aims to change all of that by offering instant transactions at low fees to the whole world. It is currently being tested in the Philippines, with global rollout expected soon. The next expansion market for Tempo is Africa. Nigeria is certainly a very attractive market for wire transfers and this makes it a primary starting point for the platform.

TillBilly

This is a point of sale system completely based on blockchain. The project aims to lower the transaction fees that today’s system charges for credit and debit card purchases. These are very expensive fees, not only for the buyer but also for the shopkeeper, as the transaction fees severely detract from their expected profits. Transactions on Tillbilly would be fully traceable on the blockchain and the release time would be reduced to seconds instead of the days it now takes.

Oradier

Oradian is a low-cost payment network and one of the most promising fintech startups. This project runs entirely through the Stellar network and has significantly reduced the cost of money transfers in Nigeria and other developing countries. The company, which has grown significantly since its inception three years ago, remains one of the best implementations of blockchain in a developing country.

Stellar’s future seems to be getting brighter with every evolution. The platform hosted a large number of decentralized finance (DeFi) projects before the concept even went mainstream. Stellar has quietly built up momentum and appears ready to explode. Many of the protocols introduced on Stellar have been around for years and have driven mass adoption.

Find out more about DeFi and everything you need to know about this project in this current Remitano post.

In fact, many of its users are unaware that these services are actually using blockchain technology. The integration has been so good and Stellar is one of the best projects to watch in the future as great things are expected of them.

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