How would you like an exchange that’s completely free? Or one where you are in full control of your assets? An entirely transparent one, to...
How would you like an exchange that’s completely free? Or one where you are in full control of your assets? An entirely transparent one, to both users and token issuers? How about one that lists all types of assets out there? StellarX is set to become all these and more.
While no one can guarantee the future, especially when a development team chooses to remain in the shadows, here’s what the co-creator of StellarX — who introduces himself as simply Christian on Medium — promises.
‘We’re a Totally Free Trading Platform, Almost Certainly the Only One’
Most exchanges turn profits off each transaction you make. Those that don’t turn profits use your idle funds to make money in return. While decentralization seemed to solve the problem, most Ethereum-run DExchanges of the kind encounter high costs — which doesn’t solve anything.
The company claims to afford this thanks to Stellar’s unique consensus mechanism that doesn’t need capital to work. That’s why, Christian says, using StellarX is free and they even refund all network costs where the case may be. Plus, check out this welcome message displayed to users receive upon registration:
‘StellarX Is a User-Friendly Way to Trade All Types of Assets — Fiat, Crypto, Bonds, Whatever’
StellarX already features crypto tethers, fiat tethers, and native tokens, confirming the company’s determination to list everything there is out there. The exchange currently hosts tethers for fiat currencies that are not available in other places, such as the Nigerian Naira.
Even more exciting are the assets yet to come. Christian writes via on Medium:
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. […] On the crypto side, […] we’ll be adding deep into the coinmarketcap top n very soon.
The ultimate goal, nevertheless, is to list every economic element out there: bonds, stocks, real estate, and commodities. While it’s not yet clear how exactly they’re planning to do this, the same announcement explained that the StellarX team is planning to develop the “right protocol” for this over time.
Transparency for Traders, Transparency for Issuers
On the traders’ side, StellarX promises to remove smart contracts and other complications of the kind and handle cryptocurrencies through protocols themselves. For issuers, on the other hand, the team offers an optional feature that allows them to know their customers’ identity if they really need to.
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
— all while remaining a P2P platform nonetheless, the StellarX co-Creator continued.
Is StellarX going to prove every cryptocurrency trader’s dream or nightmare? Time will tell, as always. For now, given that the project is still only a few months old, one could say that they’ve seen some important achievements already.
What are your thoughts on StellerX and it’s prospects for the crypto community? Let us know in the comments below!
Images courtesy of StellarX, Shutterstock.
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