Change of creamery – After have distanced themselves from Ripple and sound XRP in dispute with the DRY, the society MoneyGram moved closer to its main competitor: the project Stellar (XLM). Today, not only is this partnership confirmed, but the Stellar network also shows great ambitions in terms of smart contracts and of Challenge.
MoneyGram now prefers Stellar to Ripple
The company MoneyGram is known to be a specialist in international money transfers between individuals. After being hired by the company Ripple Labs to help develop the token’s payment ecosystem XRP, MoneyGram preferred not to renew his contract. Certainly at least the time that the nature of security of XRP is confirmed by the United States SEC.
On the other hand, in October 2021, MoneyGram came close to Stellar, a crypto project founded by Jed McCaleb (also co-founder of Ripple, before leaving in 2014). The goal being to facilitate conversions between cryptocurrencies and fiat currencies.
Tom Weller, vice president of technology strategy for the Stellar Development Foundation, commented on Twitter on the new Roadmap (roadmap) of the XLM project for 2022. He rightly mentioned the role of MoneyGram in this future development:
“For users, DeFi on Stellar means direct access to a global network of entry/exit exchange ramps [entre crypto et fiat]. The last player to join the network [XLM], MoneyGram, will offer crypto to fiat conversions in 300,000 locations worldwide. »
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Smart contracts and DeFi protocols coming soon to Stellar
Because yes, the major evolution for Stellar in 2022 should be the development of smart contracts on its blockchain network, as well as various applications that accompany them – the essential decentralized finance (DeFi) in the lead.
Even if firsts decentralized exchange platforms (DEX) already existed on the XLM network, Tomer Weller explains that DeFI on Stellar will “step up a gear” during this year. The languages of programming possibilities for the development of decentralized applications (dApps) on Stellar will be the first subject of discussion and study:
“(…) We are exploring different options for languages and VirtualMachines of smart contracts, whether they exist or we develop our own. Our primary considerations are: security, scalability, and equitable access. There is nothing out of the box that meets all of these criteria at once (…) but we learn a lot from existing networks, what works and what doesn’t. (…)”
L’financial inclusion of any actor, even among the most modest, is indeed one of the main objectives of the Stellar project. Through these multiple local partnerships, the XLM network understood that the African continent is the one most in need of low-cost remittances.
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