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2 April 2023
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Fundamentally, Stellar Lumens (XLM) is Set up to Play Nice with other Blockchains – Justin Rice

Crypto Coin Show (@Cryptocoinshow) on August 17 had an interview with Justin Rice, the Stellar Development Foundation (SDF) head of Ecosystem, on exciting details about the Stellar ecosystem. The interview centered on the responsibilities of SDF as a non-profit organization to the ecosystem, the importance of decentralized exchanges and what stellar is bringing as value to DEXes, and some other exciting features of Stellar protocol.

Stellar Development Fund

In his replies, he stated that SDF was founded to be an education, development, and support hub for the stellar ecosystem. SDF created Stellar Community Fund (SCF) to incentivize developers and encourage them to build cool applications on the stellar protocol. The fund rewards projects with 3 Million Lumens (XLM) every quarter. Projects are selected via a public community vote. SCF also serves as an opportunity to educate the community about projects that are built on the protocol since the fund includes a period where projects interact with the community before elections are made.

Stellar and D’Apps

Justin Rice iterated that Stellar protocol is exciting and very easy to build applications on because tools are already prepared to help developers. He said that there is no need for developers to interact with the backend since there are APIs with detailed documentation or walkthroughs for developers. Aside from this, Stellar provides SDKs which allows developers to build applications on top of the Stellar protocol in any of the multiple programming languages they are comfortable with.

DEXes and Interoperability

While answering questions about Decentralized Exchanges, he highlighted some of its basic advantages which include security and not having a single point of failure. He stated that the only setback is that it lacks liquidity but with the adoption from more people, this challenge will be over. Stellar was built with DEX in mind since its a protocol that wishes to bring fiats on the blockchain and make cross-border remittances as easy as sending emails via fiat-backed tokens.

This also applies to other blockchains. Crypto-backed tokens can also be created and traded on Stellar Dex like StellarX thus interoperable with other blockchain networks. This shows the readiness of Stellar to work together with other blockchains to succeed as Just Rice submitted: 

“We all want to succeed but we can succeed by working together…”

There are more exciting features of the Stellar Protocol that SDF is working tirelessly to reveal to the world. It is driving the adoption of Blockchain technology with every ounce of its mission.

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