Cardstack CARD to Stellar XLM Exchange

Crypto Pair Details: CARD to XLM

Cardstack CARD

Cardstack is an open-source framework and consensus protocol that makes blockchains usable and scalable for the mass market, creating a decentralized software ecosystem that can challenge today’s digital superpowers. Cardstack Token (CARD) is a utility token allowing end- users and businesses to use applications that interact with multiple blockchains, decentralized protocols, app-coin-backed dApps, and cloud- based services while paying a single on-chain transaction fee. The main value proposition of the Cardstack ICO is to breakdown the user experience of disparate software, cloud and blockchain silos which now exist on various levels of the digital world, allowing both developers and users to engage in customizable workflows. To overcome these disparate app silos, Cardstack offers a new UI, deployed via the web or as a peer-to-peer app, which turns each service created by open-source developers into a “card”. Each card comprises a visual embodiment of key information, whereby users can then connect related cards for any type of workflow or utility they desire. These cards are the point of interaction between local services, cloud-based services and blockchain services all on one interface called Cardstack Hub. Underlying the Cardstack ecosystem is the Cardstack Token (CARD), an Ethereum-based ERC20 token. The Cardstack Team comprises many open source contributors. Check out the full list of contributors here. Heading the development of Cardstack is Christopher Tse. Christopher holds a BSc in Computer Science from Columbia University and is the Co-Founder of Monegraph and dotBlockchain Media. He has also served as Senior Director of Innovation at Businessweek. Ed Faulkner is the Lead Developer at Cardstack. He holds a Master of Engineering in Electrical Engineering and Computer Science from MIT. He has founded three of his own tech ventures of which all are currently operational. Hassan Abdel-Rahman is the Lead Blockchain Developer for Cardstack. He holds a BSc in Computer Science and Mathematics from Colorado School of Mines. Previous roles include over 2 years as Senior Software Designer at Monegraph and Principal Engineer at McGraw-Hill Education. One of the most important features Cardstack will deploy is an entry channel payment system that does not require users to purchase cryptocurrency from an exchange. Users can simply pay with fiat, such as a credit card, to purchase CARD tokens directly on the platform, bypassing the need for any prior familiarity with crypto. Once users purchase CARD tokens, they are stored on a native wallet accessible from the Cardstack Hub. CARD tokens held in the native wallet are then used to purchase SSCs for every app and service they users with to access. To make any project appealing to the mass consumer market, this type of simplified entry into the cryptospace is a necessity. Cardstack have made some progress on the development front. The code for over 30 initial modules on the Cardstack platform has been made available via their Github. Also, the Solidity code for the Scalable Payment Pool has already been open-sourced. The Scalability Payment Pool is one of the core back-end mechanisms of the platform that issues rewards to developers for their work. Cardstack aims to create an economically-sustainable software ecosystem that avoids the problems of today’s centralized platforms. It’s an “experience layer” for the decentralized internet of the future, allowing users to combine services across cloud apps and decentralized apps. The ecosystem revolves around the use of Cardstack tokens, or CARD.

Stellar XLM

The Stellar network is an open source, distributed, and community owned network used to facilitate cross-asset transfers of value. Stellar aims to help facilitate cross-asset transfer of value at a fraction of a penny while aiming to be an open financial system that gives people of all income levels access to low-cost financial services. Stellar can handle exchanges between fiat-based currencies and between cryptocurrencies. Stellar.org, the organization that supports Stellar, is centralized like XRP and meant to handle cross platform transactions and micro transactions like XRP. However, unlike Ripple, Stellar.org is non-profit and their platform itself is open source and decentralized. Stellar was founded by Jed McCaleb in 2014. Jed McCaleb is also the founder of Mt. Gox and co-founder of Ripple, launched the network system Stellar with former lawyer Joyce Kim. Stellar is also a payment technology that aims to connect financial institutions and drastically reduce the cost and time required for cross-border transfers. In fact, both payment networks used the same protocol initially. Distributed Exchange Through the use of its intermediary currency Lumens (XLM), a user can send any currency that they own to anyone else in a different currency. For instance, if Joe wanted to send USD to Mary using her EUR, an offer is submitted to the distributed exchange selling USD for EUR. This submitted offer forms is known as an order book. The network will use the order book to find the best exchange rate for the transaction in-order to minimize the fee paid by a user. This multi-currency transaction is possible because of 'Anchors'. Anchors are trusted entities that hold people’s deposits and can issue credit. In essence, Anchors serves as the bridge between different currencies and the Stellar network. Lumens (XLM) Lumens are the native asset (digital currency) that exist on the Stellar network that helps to facilitate multi-currency transactions and prevent spams. For multi-currency transactions, XLM is the digital intermediary that allows for such a transaction to occur at a low cost. In-order to prevent DoS attacks (aka spams) that would inevitably occur on the Stellar network, a small fee of 0.00001 XLM is associated with every transaction that occurs on the network. This fee is small enough so it does not significantly affect the cost of transaction, but large enough so it dissuades bad actors from spamming the network. The collected fee is then redistributed and added to an inflation pool. This inflation pool releases Lumens at a rate of 1% each year.

SOURCE: COINGECKO

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