Stellar Lumens (XLM) Forum with for newcomers and contributor's rewarded Check here




  • How blockchain technology is bringing low-cost banking to the world’s poor
25 Feb 2016 | by Collaborative Media & Publishing
   

Poor people in Nicaragua and many other developing countries can’t afford to save money in bank accounts. Instead, they’re forced to save in livestock. It makes withdrawing small amounts of money to pay for essential items, such as medicine for a sick child, impossible.

“Payments haven't kept up with the way the internet works,” says Jed McCaleb, co-founder and CTO of non-profit payment platform Stellar. “It’s easy, free and instant to send an email to anywhere in the world but that's not true of a payment.”

A transaction fee of just 50c represents more than one-quarter of the daily income for almost 2.8 billion peopleforced to survive on less than $US2 a day. It is a relic of the way the financial system has evolved, which takes money through a labyrinthine closed system connecting major institutions and payment systems.

“This is hitting the poorest of the poor – it's really material for them if they're spending a significant amount of their money on this remittance fee,” he says. “We're hoping to fix all that.”

A new solution
Stellar, designed by Stanford professor David Mazières, is an open-platform based on a decentralized worldwide financial network. It aims to remove the high-cost barriers to entry which keep many of the worlds’ poorest out of the financial system (read the white paper here).

Creating an open SWIFT-like network, which has no need for a central counterparty, remains the number one priority for the organisation and pilot programs to help microfinance institutions with domestic transfers are currently underway in countries such as South Africa and Nigeria. As the network supports regular currencies like Dollars and Euros, as well as the Nigerian Naira or the South African Rand, it would allow non-financial institutions to easily send money to each other and their customers at ultra-low cost.

“Our challenge is to narrow down the focus and make it work in one small region before we tackle the world,” McCaleb says. “It's permission-less so once it's working in one region in Africa, other regions can join in seamlessly in the same way that the internet grew organically.”

In a recent speech, Stellar’s other co-founder, Joyce Kim, pointed to the success of a pilot which processed 6 million transactions using the Stellar network for just 20c in total fees. By comparison, those same transactions would have accrued $US150 million in fees through traditional wire services or $US2 million through mobile phone money transfer service M-Pesa.

A future with blockchain
The rise of new services using open source protocols built on blockchain technology has forced the established financial services industry to question what it means for their businesses and, at a deeper level, their role in society.

While the debate about blockchain continues, McCaleb says the industry should not view such open networks as a threat.

“It just increases the reach of their organisation,” he says, pointing to a company like PayPal, which could potentially build services on top of Stellar to reach even more people around the world.

“The internet disrupted some businesses but increased the overall amount of information and connectivity in the world and increased overall economic activity which is what we're hoping for Stellar.”

Banks will still have a major role to play over the next decade even as blockchain becomes established.

“It's going to change the landscape but the world will be more similar than we think,” McCaleb says.

Thirty banks from around the world, including the Commonwealth Bank of Australia, National Australia Bank and Macquarie Bank, are working together through the R3 distributed ledger initiative to explore potential uses for blockchain, including an open-sourced shared ledger to reduce reconciliation costs.

Meanwhile, Westpac recently held a blockchain design challenge at Sydney-based innovation hub Stone & Chalk to explore potential uses for the technology.
 This article represents the views and opinions of the author and do not necessarily reflect the opinions of BPAY.
Published by BPAY Pty Ltd.  BPAY is offered by over 150 Financial Institutions. Contact your Financial Institution to see if it offers BPAY and to get the terms and conditions. This is general advice – before using BPAY please review the terms and conditions and consider whether BPAY is appropriate for your personal circumstances.

Read More Read More, Posted by: Rufus
Jed McCaleb BLOG Press
Jed in the media
Quote:For humanity’s benefit, we need to guarantee that AI systems can reliably pursue goals that are aligned with society’s human values. If organizations like MIRI are able to help engineer this level of technological advancement and awareness in AI systems, imagine the endless possibilities of how it can help improve our world. It’s critical that we put the infrastructure in place in order to ensure that AI will be used to make the lives of people better.
Quote:“Our challenge is to narrow down the focus and make it work in one small region before we tackle the world,” McCaleb says. “It’s permission-less so once it’s working in one region in Africa, other regions can join in seamlessly in the same way that the internet grew organically.”
Quote:Before deciding to take the plunge to independently pursue your passion project, leverage the domain expertise of your personal friends, for example, if you are looking to get funding for a passion project, ask your Marketing friends for their opinion on your pitch or for advice on what companies are look for in sponsoring projects such as the one you will be pursuing.
[img=891x0]https://mbewu.files.wordpress.com/2015/05/stellar-dinner.jpg?w=1020[/img]Jed McCaleb with members of the Mbewu Movement in South Africa
Quote:This “internet for money” is still a long way from becoming a working reality—if it happens at all. But those behind Stellar are already deeply experienced in the realm of online money, and the project has received an unusually large amount of attention in the five days since its launch
Quote:One of the key principles that facilitated organic growth of the Internet was its low-level simplicity. With this in mind, we designed the upgraded network with complexity moved to the edges. With simple primitives that can be composed in different ways, the system is robust and maintainable, yet still expressive and powerful.

Read More Read More, Posted by: Rufus
Jed McCaleb: About


Stellar.org
Hi, I’m Jed McCaleb. Recognizing that the world’s financial infrastructure is broken and that too many people are left without resources, Joyce Kim and I cofounded Stellar Development Foundation in 2014. At Stellar.org, I’m spending an insane number of hours with the smartest people I’ve ever worked with.


My background
Before cofounding Stellar I made eDonkey2000, an early peer to peer file sharing network. It was the first to implement multi-source downloading and the first implementation of the Kademlia DHT.
I’ve always spent a lot of time thinking about how to improve technologies, and how to use these technologies to improve the world.
[Image: jedmccaleb-300x276.png]
Find me online

Get in touch
Feel free to send me an email: jed@stellar.org


[/url]

Quote:[color=rgba(51, 51, 51, 0.701961)]Jed McCaleb[/color]
[url=http://jedmccaleb.com/]
Stellar Development Foundation
Cofounder and CTO
Jed McCaleb is the cofounder and CTO of nonprofit Stellar.org. Before Stellar, Jed created eDonkey and Mt. Gox, the world's first Bitcoin exchange.
San Francisco,CA
US

i copy this from Jed BLOG http://jedmccaleb.com/
so we know whom this figure is

Read More Read More, Posted by: Rufus
Bonds on Stellar

Setting up this smart contract in Stellar will involve some of the more advanced features of the Stellar protocol. So before you dig in please first read: time bounds on transactions, accounts with multiple signers, and batched operations.

Imagine it is December 2016… Yoyodyne wants to issue a bond to raise money for “research.” It will sell this bond at an auction. The bond will pay $1000 every month for a year. After getting approval from appropriate regulatory bodies, Yoyodyne wisely decides to issue the bond on the Stellar distributed network.
Yoyodyne has a publicly known Stellar account, yoyoAccount with signing key keyA.
To issue the bond, it also creates a new bondAccount.

Yoyodyne adds yoyoKey as a signer on bondAccount. It sets the weight of the bondAccount master key to 0. Now only yoyoKey can sign transactions for bondAccount.
Yoyodyne now creates 12 transactions that look like this:
  • Source Account ID : bondAccount

  • Sequence Number: 1

  • Time Bounds: anytime after 1st Jan 2016

  • Operations: yoyoAccount sends $1000 to bondAccount
  • Source Account ID : bondAccount

  • Sequence Number: 2

  • Time Bounds: anytime after 1st Feb 2016

  • Operations: yoyoAccount sends $1000 to bondAccount
  • Source Account ID : bondAccount

  • Sequence Number: 3

  • Time Bounds: anytime after 1st Mar 2016

  • Operations: yoyoAccount sends $1000 to bondAccount

Yoyodyne signs all these transactions with keyA and makes them publicly available. None of the transactions are valid yet: They need to be signed by bondAccount, and the time bounds haven’t been reached yet.
Now Yoyodyne starts its bond auction. It requests transactions from bidders of the form:
  • AccountID: accountBuyer

  • Operations:
    • bondAccount addSigner(keyBuyer,1)
    • bondAccount addSigner(yoyoKey,0)
    • accountBuyer sends $X to yoyoAccount
  • Signers: keyBuyer
[*]Yoyodyne collects these transactions from people for the duration of the auction. Once the auction is over, it signs the transaction with the highest value of $X and submits it to the Stellar network.
Let’s say Veronica is the highest bidder and buys the bond for $10,000. Yoyodyne receives $10,000 dollars and Veronica is now the only signer on the bondAccount. Veronica also has the transactions that were pre-signed by Yoyodyne. When a coupon date passes, Veronica can add her signature to the appropriate transaction and issue it into the Stellar network.
If Veronica wants to, she can also resell the bond using a similar transaction as above:

  • AccountID: accountBuyer

  • Operations:
    • bondAccount addSigner(keyBuyer,1)
    • bondAccount addSigner(keyVeronica,0)
    • accountBuyer sends $X to accountVeronica
  • Signers: keyBuyer, keyVeronica


[*]Summary
The interesting thing is that bondAccount itself becomes an asset that can be traded between accounts and it will continue to issue the bond interests payments to whatever the current account that owns it is.
It is obviously possible to make more complicated schemes. This should just give you some ideas about what is possible.

Read More Read More, Posted by: Rufus


Stellar: Building a Common Financial Platform - The Future of Money & Technology Summit 2014
Dec 2, 2014


Quote:
Joyce really is valuable

Read More Read More, Posted by: FreeSpeach
Stellar and Stripe Speak at
The Future of Money and Technology Summit 2014
[Image: stellar.jpg]
SAN FRANCISCO, California — December 2, Stellar Executive Director Joyce Kim, Stripe CTO Greg Brockman, and Stellar Lead Developer Jed McCaleb sat on a panel and gave an overview of the Stellar project to the audience at The Future of Money and Technology Summit, a yearly fintech conference that meets to discuss the evolution of money. The panel was called “Stellar: Building a Common Financial Platform”, and the entire session was streamed live and published on YouTube courtesy of Bitcoin Magazine.

“The goal of the [Stellar] platform is to be a ubiquitous layer so Stripe, Western Union, or a bank can plug into it. It’s to be kind of like an IP layer for payments, or the equivalent of SMTP for email. It doesn’t matter who your email provider is, they can all interoperate and talk to each other. Stellar is a similar thing, it doesn’t matter who your payments provider is — it gives them all a common language so that you can speak to any of them.” — Jed McCaleb

Stellar is a gateway based network and a hard fork of Ripple. Like Ripple, the Stellar protocol enables transactions in any currency pair for which gateways and market makers exist. For example, Alice can send 10 bitcoins to a gateway, the gateway will issue Alice a 10 bitcoin IOU on Stellar, and Alice can then choose to send 10 bitcoins worth of US dollars to Bob. Stellar will connect Alice to a market maker that accepts bitcoins and sells dollars, automatically execute the transaction, and deliver 10 bitcoins worth of USD to Bob. The effect is that Alice and Bob can use Stellar to instantly and globally transact in any currency pair.

“Stellar as a protocol is designed to allow bitcoin to move faster, and to allow bitcoin to be more accessible to more people.” — Joyce Kim.

The Stellar Foundation’s distribution strategy is notably different from Ripple Labs’s. On one hand, Ripple Labs plans to distribute ripples to six categories: users, developers, merchants, gateways, market makers, and Ripple Labs. Further details are unknown, and according to Ripple Labs’s website, “[Ripple Labs] will engage in distribution strategies that we expect will result in a stable or strengthening XRP exchange rate against other currencies.” On the other hand, the Stellar Foundation’s distribution strategy is to distribute 100 billion stellars by giving out 50% to the world via the direct signup educational program that requires Facebook user authentication, 25% to nonprofits to reach underserved populations via the increased access program whose details are yet to be announced, 20% to the bitcoin program, and 5% to the Foundation for operational costs. The bitcoin program is designed to distribute stellars to holders of bitcoin and ripples according to their stake in the respective cryptocurrencies. The foundation will take a snapshot of the Bitcoin blockchain and Ripple ledger, and set up a claim page were users can claim and receive their proportional share of stellars. The bitcoin program will distribute 19% of stellars to bitcoin holders, and 1% to ripple holders.

“I read a lot of studies about how financial access plays out in [the] developing world and in communities where there is not a lot of financial services to begin with, and what these studies have shown is that financial access is never enough alone to cause adoption— it has to be paired quite closely with education. For the entire digital currency space to move forward, and for financial access to reach that next level, there has to be an organization that is focused entirely on education of consumers, companies, government officials, and whoever the case may be on how these things work — the pros and cons, and being a non profit allows us to focus on that quite heavily as we move forward.” — Joyce Kim

According to Stripe CTO Greg Brockman, the non-profit nature of the Stellar Foundation was attractive and influenced Stripe’s decision in July to give 3 million dollars to the Foundation in exchange for 2% of stellars.
“Stripe’s formal involvement is that we gave 3 million dollars in exchange for 2% of the stellars, … and one of the things we’re doing is we’re auctioning off half of our stake. The goal there is to get significant chunks of stellars into other companies hands.” — Stripe CTO Greg Brockman.




Tell us what you think about Stellar and Stripe’s announcements below.

Read More Read More, Posted by: FreeSpeach
[Image: canstockphoto3389852.jpg]

HOW TO KILL A CURRENCY
Author -  Marry Shane Date - 12.33 51% attack CounterParty Mastercoin Ripple sanctionsStellar

A lot of people have spelled Bitcoin's doom in the past. From a 51% attack to some other vulnerabilities, a lot of technical pitfalls are well known and documented. There is a whole Wiki page on this subject, and I even wrote a master's thesis on the subject. So while Bitcoin looks like it's around to stay, there are many other cryptocurrencies emerging nowadays that can be wiped out in some interesting ways. Lets discuss some of them.

Destroy the value of a currency

First off, a quick recap of the obvious for completeness sake:

The traditional 1.0 copycoins are perhaps the easiest to bring down. Their network is secured by the miners (in case the coin uses PoW) and in return the miners get paid in coins they mine. However, if the value of the coin was attacked, the miners wouldn't have any incentive to mine it. They would need to be subsidized by the people running the network. As I discussed before when talking about Quark, a repeated 51% attack coupled with double-spending various crypto-to-crypto exchanges would quickly ruin the coin's reputation and get it removed from all services, thus destroying the coin's value.

Now with that out of the way, lets talk about some new stuff.

End the "blockchain bloat"

The topic of blockchain bloat has been a heated topic in the Bitcoin community for a few years now. It started with SatoshiDice sending a lot of 1 satoshi transactions, and the topic got more interesting with the advent of Bitcoin 2.0 technologies. By "Bitcoin 2.0", I mean Crypto 2.0 platforms that use the Bitcoin blockchain as a store of their data. For example - Mastercoin and CounterParty. While those systems use the Bitcoin blockchain because they can rely on it being a universally stored immutable record, at the same time they are reliant on the network accepting and storing their extra data. This could be their potential downfall.

There are some people out there that could be called "Bitcoin purists". They createtransaction blacklists to hamper the propagation of transactions from Bitcoin 2.0s and other blockchain bloaters. While those blacklists might be effective if there are a lot of nodes running this code (which is rather unlikely), a more insidious attack would be to convince the mining pools not to include data from the Bitcoin 2.0 platforms. As mining becomes more concentrated in big pools, and the mining profit margins become thinner and thinner, a few pools might welcome a subsidy from a purist or a 2.0 competitor.

Moreover, due to how Bitcoin works, this blacklisting can be quite easy to execute. Someone wishing the bloaters gone could check each block for those transactions. If there were no such offensive records in the given block, the attacker could just send the subsidy to the address from the coinbase transaction. This way one can reward censoring pools without even knowing who the parties involved are. You just have to let them know the rules of the game through an email or some public announcement.

To counteract this, the Bitcoin 2.0 would have to rely on the goodwill of the honest pools, increased transaction fees to give the pools an incentive to include their transactions or a direct subsidy from the 2.0 developers to the pools to let their transactions in.

All in all, this seems like an easy way to carve out your competition in the future if the competition between the Crypto 2.0 platforms will start to become more and more fierce.

Unenforceable embargoes

Many countries use the banking system and the flow of money as tools in their political regime. There is a lot of pressure to keep some countries, such as Iran or North Korea, from being able to deal with the rest of the world. However, in a decentralized Crypto 2.0 system, either everything goes or the system goes. This may very soon create a situation where the unstoppable force of innovation from the crypto space will meet with the unmovable object of nationalistic policies. In the end, only one will be able to prevail.

This issue affects a system like Ripple and Stellar the most. In those 2.0s one can freely trade between any pair of currencies. This means that if say, we have USD issued by a bank from the States and IRR issued by a bank from Iran, one can trade the USD for IRR just as easy as one would trade USD for EURO.

As the systems don't distinguish or discriminate between any currency or issuer, this makes the monetary sanctions unenforceable in the system without completely shutting the network down.

If this issue would ever come up, this would probably be the biggest legal battle a crypto system would have to face. Can a company develop a software that is by its very inclusive nature allowing some people to break the law? Can such a system be allowed to exist and run? Perhaps a combined pressure from a hegemonic government and oligopolistic banks would be enough to drive the crypto scene underground. However, given another outcome, we would see that the emperor has no clothes and progress cannot be stopped...

Conclusions

There is more than one way to kill a crypto. You can either attack its value to grind it down to dust, pay the miners to censor it into oblivion, or challenge the status quo and see what remains after the battle.

Read More Read More, Posted by: FreeSpeach
CRUNCH NETWORK
After The Social Web, Here Comes The Trust Web
Posted Jan 18, 2015 by David Cohen (@davidcohen)William Mougayar (@wmougayar)

[Image: trust1.jpg?w=738]
Editor’s note: [i]David Cohen is the founder and Managing Partner of Techstars, the #1 rankedInternet startup accelerator in the world. William Mougayar is an entrepreneur turned angel investor, founder of Startup Management, and currently raising his first fund.[/i]


“You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete.” – Buckminster Fuller


The bitcoin train is really made up of two revolutions in one: money and finance, based on the bitcoin protocol, and exploiting the “currency programmability” aspects; and decentralized applications, based on the blockchain’s distributed technology capabilities.


Both are grounded in similar roots (crypto-technology), but they have different branching. Both paths are creating disruptive, innovative and system-changing opportunities for startups, investors, consumers and business players. Both are joined at the hip, and that hip is the blockchain, the backbone of crypto-based transactions.


To fully understand the blockchain concept and the benefits of cryptography in computer science, we need to first understand the concept of “decentralized consensus,” a key tenet of the crypto-based computing revolution.


Decentralized consensus breaks the old paradigm of centralized consensus, i.e. when one central database used to rule transaction validity. A decentralized scheme (which the bitcoin protocol is based on) transfers authority and trust to a decentralized network and enables its nodes to continuously and sequentially record their transactions on a public “block,” creating a unique “chain” — the blockchain. Cryptography (via hash codes) is used to secure the authentication of the transaction source and removes the need for a central intermediary. The combination of cryptography and blockchain technology together ensures there is never a duplicate recording of the same transaction.


This degree of unbundling is enabling a new way of writing software, and it is a spark of innovation for money- and non-money-related decentralized applications.


There are different flavors of crypto-technology-related implementations. Some are based on the bitcoin blockchain itself and others on an independent decentralized one. Some are based on the bitcoin currency and others on alternative cryptocurrencies or branded tokens. All these various permutations are creating a rich ecosystem environment for cryptocurrency-based innovations.


To say that bitcoin and its sole blockchain hold a monopoly on the future of cryptocurrency-based implementations is like saying in 2006 that LinkedIn was the only social network needed when it was barely leading, and when Facebook, Twitter and many other social platforms were still babies.


We need to view what is happening today as a rich ecosystem that represents the best blend of computer and cryptography science, and not just as an ecosystem of bitcoin-centric technologies.


A future that relies only on bitcoin and its blockchain is simply not possible. The cat is already out of the bag, and innovation around cryptocurrency technologies is racing. At the center of it, trust is shifting from humans and central organizations to computers and decentralized organizations with an underlying decentralized consensus that governs them.

If the social web dominated the period of 2004-2014, the next 10 years might as well belong to the trust web.

What most people don’t realize is that bitcoin is just a protocol, and a pretty low-level one to start with. Any heavy lifting happens on top of it, just as TCP/IP is the Internet’s protocol and a pretty low-level one. The ecosystem in and around bitcoin is actually helping to enrich bitcoin, more than weaken it.


Companies and projects such as EthereumBlockstreamMaidsafeMastercoinCounterpartyStellar, Factom, Codius and NXT are innovating with new technologies, services and applications that are pushing or testing the limits of Satoshi Nakamoto’s original vision.

Today, the bitcoin landscape is still murky, but patterns are emerging. The picture isn’t totally clear, but here’s an inventory of where we are seeing some of the most exciting and promising entrepreneurial activity, both in the money and decentralized applications segments.



Money services

If you live in the Western world, or a relatively developed country, your banking system and currency are typically stable, and you’re probably happy with the services offered. But according to studies, half the world is unbanked and undocumented, and more than 4 billion people still don’t have Internet access.


To peer into the future of decentralized banking for the masses, look no further than the success of easypaisa in Pakistan and M-Pesa in Kenya. They are both SMS-based, cell phone-centric banking services that enjoy a wide user adoption for paying bills, transferring money, buying goods and services, and several other types of transactions. Easypaisa already holds more than a 50 percent market share in mobile financial transactions in Pakistan, and M-Pesa enjoys more than 70 percent market usage penetration in Kenya (higher than Facebook’s), and accounts for over 30 percent of that country’s GDP.

You might think that SMS-based transactions are a pretty simplistic scheme, but that may be exactly what’s needed: a return to simplicity. Bitcoin is all about that.



Microtransactions and money transfer

Bitcoin is perfect for micro-transactions. There is no reason why any web transaction under $10 shouldn’t be done using bitcoin. Credit cards or PayPal really have no place at the low-end of transaction value because transaction fees easily eat into the total transaction itself. Some of the early applications include tipping for a variety of reasons (appreciation, reward, donations, etc.) or as promotional gifts for marketing purposes. Some bloggers are even adding tipping buttons on their sites, perhaps signaling that tipping is the new “liking.”


On the higher end of money operations, money transfers are ideally suited for bitcoin’s native network structure, and the $400 billion-plus global remittance market is waiting to get disrupted, as bitcoin is lowering the costs of transmitting money by orders of magnitude in speed and simplicity. Further, we will soon become regular users of cryptocurrency wallets with built-in logic that will allow you to initiate money transfers or payments via programmatic conditions or rules that are based on smart contracts.



Money as content

One could argue that bitcoin will have a more significant impact than the Internet itself because the Internet didn’t have its own currency. The Internet was missing a native currency, and bitcoin is just that. We can think of bitcoin as an unbundled piece of content, just like content is unbundled all over the Internet; yet it appears well-integrated in websites, applications and services.

Bitcoin allows money to take a new meaning. If you think of this in evolutionary terms, we used to have content in printed newspapers and magazines, then the Internet came along, and allowed content to move aggressively to digital formats. Content that wanted to be free, became freed up on the Internet, and that created new forms of innovations on top of those models. With cryptocurrency, we can easily decouple the transaction logic from the money itself. Bitcoin will become gradually integrated and embedded right into the fabric of the Internet, and we will see it as native content itself.



Blockchain technology stack

There is a new technology topology that is forming for building applications on top of the bitcoin protocol.

Joel Monegro of USV has suggested a five-layer architecture that is blockchain-agnostic: miners and the blockchain; overlay networks; decentralized protocols; open source and commercial APIs; and applications. It is a good depiction of where we’re headed. Whether that exact topology or a variation of it is realized doesn’t matter a lot.



What matters more is that the blockchain concepts, and related technologies are sparking the imaginations of builders and developers who are innovating the form of services, protocols, infrastructure and applications that are decentralized. They are yielding increased consumer power, greater personal data ownership and reduced transaction costs, over the long term.



Digital rights and smart property

If you’re a creator or owner of digital assets, imagine if you could link these assets to the blockchain, binding your ownership (or rights) in irrevocable ways that cannot be undone unless you decide to transfer or sell them. And it’s all within your own control, not someone else’s.


In essence, you would be creating a “smart property,” which is an asset or thing that knows who owns it. The blockchain can be used as an auditable database linked to your cryptographic signature, and your smart property becomes linked to a unique digital fingerprint based on its content. Now imagine the portability, flexibility and discoverability aspects that accompany these capabilities, and that becomes a great lubricator for decentralized peer-to-peer trading and commerce.

Companies like Mine are enabling creators to establish a persistent link between their identity, reputation, a digital file and its meta-data using the blockchain as the proof of ownership. This will unleash new marketplace opportunities for trading these assets securely and efficiently.



Smart contracts based on “proof of work”

A smart contract is equivalent to a little program that you can entrust with money and rules around that money. The basic idea behind smart contracts is that a transaction’s contractual governance between two or more parties can be verified programmatically via the blockchain instead of via a central arbitrator, rule maker or gatekeeper.

Why depend on a central authority if two (or more) parties can agree between themselves after they bake the terms and implications of their agreement programmatically and conditionally? And do so with automatic money releases, while fulfilling services in a sequential manner or pay penalties, if not fulfilled?


At the heart of this undertaking is the key concept of “proof of work,” an integral part of Satoshi Nakamoto’s original vision for the blockchain’s role as the unequivocal authenticator of transactions.

The proof of work is a “right” to participate in the blockchain system. Expect a not-too-distant future where smart contracts based on proof of work and smart property will be dispensed and executed routinely. Smart contracts are potentially Ethereum’s sweet spot, as they represent its atomic unit at the code level, allowing anyone to write them, along with their own rules.



Decentralized peer-to-peer marketplaces

Decentralized peer-to-peer marketplaces are a stepped-up evolution from what we have today in the most successful marketplaces (e.g. Uber, eBay, Amazon). Actually, decentralized peer-to-peer marketplaces threaten to replace some of these existing players that operate semi-centralized markets.

In a decentralized peer-to-peer marketplace, anyone sells and anyone buys, while the center controls less but facilitates more. Trust, rules, identity, reputation and payment choices are embedded at the peer level. Participants arrive already trusted and decentrally acknowledged.


Examples of marketplaces and services to support them are being concocted by startups, such as La’zooz for transportation, or OpenBazaar for P2P trading. A decentralized P2P marketplace has a lot less friction at the center than traditional marketplaces. There are a lot more power and benefits at the edges than at the center. Here’s a more detailed description of the characteristics and behaviors of decentralized P2P marketplaces.



Cryptoequity

Not only does bitcoin allow companies to mint their own currencies and tie its appreciation to their success, it can also support the full life cycle of equity issuance, governance and trading.

Classical stock offerings could be replaced by a crypto-crowdfunding scheme. The meaning of “equity” is unbundled, and it is reconfigured on the blockchain, therefore potentially re-evaluating the legal nature of the corporation. This particular scenario is also related to the concept of distributed autonomous organizations (DAOs), as fully automated business entities that run by interacting with autonomous agents that contribute to its value appreciation by virtue of the collective intelligence and actions of its users.

This will allow organizations to have global IPOs from day one of their operations. Although the ramp-up can be slow, value is initially commensurate with the maturity of operations, and as users contribute more value to the decentralized operations, overall value and equity continue to increase. Companies like Swarm are enabling cryptoequity-in-a-box, along with sophisticated programmable governance based on smart contracts building blocks.



Decentralized identity

Your identity is yours and no one else’s. We keep our own passport (although it’s tied to a country) and use it to go anywhere, because it’s widely accepted, but we can hardly move or use our identity from one website to another.

Why not decentralize our identities (and even online reputations), along with their parameters, and own them ourselves? Why can’t we arrive at websites or web services with our own identities and move around that way? A decentralized identity opens the doors to a variety of interesting decentralized applications. Openname is working on decentralized identity as a building block protocol for decentralized applications.



A tech renaissance as the path forward

For bitcoin to succeed, we need to approach the new things that were not possible before. Copying the current system is only a starting point. It’s better to invent new things instead of fighting all things, and it’s easier to create new systems that circumvent the old ones.  Of course, bitcoin can replicate some of what is currently being done, but that’s not where most of the interesting developments are.

To see innovation, you need to look at the applications and usages inside new, pure bitcoin spaces, ones that are not constrained by the cumbersome legacies of the past.

Think about new spaces and businesses where you own your identity online, bind your digital assets to the blockchain, and accept payments or get paid in bitcoin or other cryptocurrency, without the need to have an existing bank account. Think about choosing the rules of doing business via smart contracts that protect you. Then attach yourself as a node onto a decentralized peer-to-peer marketplace in order to get discovered and do business.



That is the future of the trust web

Bitcoin’s economic success will not depend on a permission to transfer value to it from other financial assets. Bitcoin is its own currency and has its own technology stack, and it is creating its own wealth. Bitcoin’s native wealth creation will dwarf the current value we see from the transfer of fiat money into wallets (approximately $5 billion as of December 2014). Fiat transfers were just a starting point to boot it up.

That’s why going head-on against existing stakeholders and regulators is a futile exercise. The bitcoin economy growth will come from the creation and appreciation of its own value around its own ecosystem. For example, users will be paid in cryptocurrency in exchange for real services, decentralized apps members will add crypto value to decentralized organizations by virtue of their actions, and new crypto tokens will continue to be mined and linked to the creation of new business models built on top of blockchain protocols.

This is all starting to happen, and it is unstoppable. It’s more than a new paradigm. It’s a renaissance for technology, computer science and cryptography.

Read More Read More, Posted by: FreeSpeach
(21-07-2016, 06:38 PM)brokenfate Wrote: Hello,where I can gett xlm address

A Stellar wallet is an application that allows you to send and receive different currencies/assets on the Stellar network. If you come from Bitcoin or another cryptocurrency you may already be familiar with wallets. All Stellar wallets are lightweight applications and don't need to download the full ledger history.
Here is an overview of the most popular Stellar wallets.



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Search Centaurus Android wallet Search 
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Centaurus Android wallet is more feature rich. You can get it here:
https://play.google.com/store/apps/details?id=de.xcoins.centaurus

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It will automatically create an account for you and keep the secret key stored in your phone. 
You should export the secret key and store it in a secure location in case you lose access to your phone.
While using the wallet I noticed some small bugs, like the camera view for scanning QR codes is stretched vertically on my Galaxy S6 and it's hard to get the QR code to be recognised.
The description of the application also says:
Quote:Don't hold more Lumens in this app than you need for every day purpose and you can afford to lose in worst case! Use at own Risk.
During my usage I never noticed major issues in the Centaurus wallet.
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Search Lobstr iOS and Android wallet Search 
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The Lobstr wallet has a really nice design. You can get it here:
https://lobstr.co/

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I had it previously installed on my phone, but didn't use it. After I sent some Lumens to the wallet the transaction didn't show up in the view, but the account balance showed that the Lumens arrived. Then I tried to send some Lumens but it asked for a password that I couldn't remember. I went to their website and reset the password.





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Search Stellar.org account viewer Search 
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The minimal data that represents an account is a public/secret keypair. You can generate a new keypair on this site:
https://www.stellar.org/laboratory/#account-creator?network=public


It is important to safely store and never let anyone get access to your secret key. Or she/he will have complete control over your assets in this account. If you lose access to your private key you will also lose access to all assets that this account is holding.

Now you can use Stellar.org's account viewer to see your account balance and send Lumens:
https://www.stellar.org/account-viewer/


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The account viewer is a simple application that gives you only a minimalistic interface without much functionality. You are left on your own to secure your account's secret key. Another drawback of the account viewer is that you can only send Lumens (XLM) and no other assets.







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Search Scotty's Wallet  Search 
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Another web based wallet is Scotty's wallet:
https://sacarlson.github.io/my_wallet/

It is the most feature rich wallet exposing almost all options of the Stellar platform. It allows you to hold multiple assets, place orders on Stellar's distributed exchange and perform many other actions. This makes it also the hardest to use.

[Image: ONAVPJP.png]

Notice that the wallet points to the test network when you first navigate to the website. If you want to use the live network you need to go to Advanced => Change Settings and set it to live network.
I noticed some small issues while using it. Like the export QR code for Centaurus not being accepted by Centaurus, but most of the core functions work as expected.



Quote:Usually cryptocurrencies differentiate between wallets that are full nodes or thin clients (SPV). There is no need to have a full node as your wallet. Reason for bundling everything together are mostly historic. The first Bitcoin implementation was a full node, wallet and miner in one.
Stellar started from scratch and used a much better separation of concerns.

Read More Read More, Posted by: san2ok
Are there any instructions on how to claim the Lumens giveaway for BTC holders via Poloniex yet?

I was asking in their trollbox but didn't get an answer and Google doesn't turn up anything useful either...

Thanks in advance!

Read More Read More, Posted by: stellop
The American Dream - understanding Money and the Bank








this is why Satoshi Nakamoto remain Hidden

all Deflation Currency the good one must have hidden creator



its very good movie so funny and easy to understand  Cicicute please everyone watch this and spread

Read More Read More, Posted by: lidya.fransisca
Hi administrator, i'm so sory if i'm wrong make this thread, i think this forum need make mobile web version, cause this site its very fat/big/ or low bandwith and easy to crash if i access from browser my android. Please launch in next month mobile version , thank you.

Read More Read More, Posted by: tumere
what do you will use cash payment or crypto payment ?

Read More Read More, Posted by: ades99
Wtb
0.5 Btc in paypal
Pm me
Angry

Read More Read More, Posted by: brokenfate
Welcome to myStellar.org

This Stellar Forum is dedicated for "Stellar Foundation, a not for profit Organization - Lumens XLM"

we believing in the goal of Stellar to Fight and Help Ending Poverty,  thats why we help, 
everyone could having fun, be CREATIVE while being PRODUCTIVE at myStellar.org 
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by posting and blog about anything, you will receive STELLAR LUMENS (XLM) as payment and rewards.. (PAID TO POST)
doing so, we encourage people to make stellar transaction between others and to exchange
so everyone could see the benefit of stellar, Stellar almost NO FEE, that's why stellar is suitable for local and international money transfer, the feature is filling the gap which lacking in other cryptocurrency


Not only we help an evenly distributed Stellar Lumens ; 


We also try to support every Developers and their Stellar product,
by promoting your stellar product ONLY at myStellar.org you becoming the shareholder of this forum, therefor everytime this forum gain income by advertisement or any winning prize, not only there will be New Giveaway programs in release, but also the developers promoting their Stellar product ONLY at myStellar.org will ALWAYS get bonus shares. (This is how we are being different from all the others, and how we combat unfairness)



Quote:
Jump we help build the FUN in stellar community, also provide anything that community needs.  Jump
so don't go anywhere, this media forum is a backup and 1stop news portal for every Stellar Related
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UP UP NOTE=
IF anyone needs any custom or anything from this forum, please don't hesitate to give any thought, we will cooperate and provide the best we can, also 
kindly inform us, if there is a suitable media for us to free advertise, to help build the community

Read More Read More, Posted by: Admin

FINANCE with a MISSION to FIGHT POVERTY



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