CRYPTOMARKET

An Introduction to the Stellar Lumens Community

With no doubt, I can say that Stellar has one of the strongest communities around its token in the crypto space. The most important part of their community that drives the innovation is the Stellar Build Challenge. It’s responsible for funding the most useful tools build upon Stellar. Let’s take a deeper look!

Introduction to Stellar Build Challenge

Approximately every three months Stellar launches a new challenge for its community members incentivizing them to create useful tools and spreading the word about Stellar. There are three general rules for participating in the challenge:

  1. Submissions must be live and available somewhere so people can use/review them.
  2. All entries must be announced on Galactic Talk (Stellar forum).
  3. Code must be open source, this means it’s freely available for everyone to view and modify.

SBC Projects

Development of SDKs

Stellar consists of a wide range of software development kits in many different languages which allows developers to interact with the Stellar Horizon API using their native programming language. One of the latest additions is the Stellar SDK for iOS so app developers can integrate Stellar-based operations in mobile applications. It’s great to see such variety in SDKs that help to further increase developer support so any dev can adopt Stellar.

Stellar Token Wallets

Many wallets have been developed over the past year, Lobstr.co is an online secure Stellar wallet that supports all Stellar assets. Why is it worth mentioning just this wallet? During the 7th SBC, Stellar announced that they wanted to see UI and UX improvements to the existing wallets. Lobstr.co introduced a clever idea where they credit each new account 1 XLM as that’s the base amount to activate an account on the Stellar network. For many new users, this is a huge UX struggle as they must sign up at an exchange (go through the slow KYC process) to buy a small amount of XLM just to activate their wallet account. Because of this struggle, many users just leave their XLM holdings on the exchange wallet which is less secure compared with a wallet like Lobstr.co where you own the private and public key. By giving this one XLM, Lobstr.co can remove a big UX hurdle for new users adopting Stellar.

If your wallet is inactive for 20 days or more, Lobstr will delete your Stellar account to return the credit. However, your account will be available anyway. Besides that, you won’t be allowed to keep the 1 XLM credit. As soon as you receive funds to your Stellar account, the 1 XLM credit will be paid off.

Stellar Token Exchanges

Stellarport.io is an SBC product that is widely used by the Stellar community. Stellarport.io stands for a secure and reliable portal to the stellar network. Using their intuitive portal, users can create and manage their wallet, send payments in all stellar assets, and trade on the stellar decentralized exchange.

Other Relevant Projects

Through the SBC challenge, many relevant projects regarding security were developed. For example, Stellar Authenticator is a tool for creating accounts and validating transactions on Stellar. Besides that, Stellar Authenticator helps you to securely create transactions while keeping all your private data encrypted.

StellarGuard is an extra security plugin for your Stellar account to protect it from security flaws. Whenever an attacker is able to access the private key of your account, StellarGuard helps to prevent him from stealing your funds. StellarGuard utilizes the Stellar network’s multisignature functionality to protect your account. It’s actually very simple, you create a StellarGuard account and add this public key as an additional signer to your main account containing all your funds.

Stellar Partnership Grant Program

Stellar.org is accepting proposals from leading organizations that are building on the Stellar network to improve the global financial landscape and promote financial inclusion. Exceptional organizations who develop and operate products and services that are crucially important to the Stellar Network may receive up to $2,000,000 USD worth of lumens per grant. In total, Stellar has allocated in total 25 billion Lumens into the Partnership Grant Program.

Stellar and Keybase Partnership

One of the fruits of this Partnership Grant, is the partnership Keybase acquired with the Stellar Foundation. Keybase has created a general set of cryptographically secure tools (chat, file storage, git) which will be supported by Stellar.

Stellar is mostly interested in their ground-breaking effort to link strong cryptography to real-world identity. They see a future where, say, I can send my friend 100XLM, and, via Keybase, I can send it to her by knowing only her Twitter or Reddit handle. I won’t need some long string of digits as a key, just a human-readable username that I already know. In short, I can interact with her financially in the same way I interact with her socially. The end product would be like a global, decentralized Venmo, where “you can send around every asset under the sun, not just your local currency—that’s where money is heading”, and they want to get Stellar started along the path.

The Bottom Line

Stellar is doing a great job building, incentivizing, and growing their community. On the one hand, developers get a chance to get rewarded for their hard work, on the other hand, Stellar users can profit from all these new tools being developed. Stellar has one of the largest communities due to all the efforts they put into their community. It’s great to see that amazing projects like Keybase partner with Stellar to pursue amazing things like building one global currency.

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