Stellar Network to Power up the Tokenization of Bitcoin via BlockEQ

In the past, say 50 years, there has been little changes in the current payment system. Technical innovation is pacing forward, but none could be seen in these payment networks. Not only the speed hasn’t brought forward any improvements, but the fees are also rather going for a hike as recently Visa and MasterCard have confirmed their plans too. Ultimately, these fees are bear by the consumers.

But this is where decentralized blockchain networks come into the picture as the current status quo which is unchanging present an opportunity for the startups in this space.

Now, Jon Lister, the founder of BlockEQ is ready to capitalize on the lack of innovation in this space. Toronto-based BlockEQ is a year old platform that is planning to build a new global payment network leading to its acquisition by the largest cryptocurrency exchange of Canada Coinsquare for $14 million late last year.

Stellar for Transacting Digital Value

Build on the 8th largest cryptocurrency, Stellar network, the focus of the platform is offering a global, cost-efficient and frictionless transfer of value.

“Block EQ is what’s known as an ‘anchor’ on the Stellar network. Anchors essentially take deposits, whether they’re Bitcoin, Ethereum or other fiat currencies and issue a token that represents that deposit. Once these assets are tokenized, they can be traded on top of Stellar’s ledger. The settlement times are significantly faster than Ethereum [typically 2 or 3 seconds] and the fees are very stable at less than 1/10,000th of a penny,” explain Lister.

BlockEQ already has a Stellar wallet available on Apple which will further expand support to additional cryptocurrencies for trading and fiat currencies, eventually.

“So currently, Block EQ has a digital wallet that’s available on desktop or mobile,” said Lister, it’s available on the App Store and [Google Play], and those wallets allow any Stellar tokens to be sent, received and traded on top of Stellar’s decentralized exchange. We’ll soon be releasing a service that allows users to deposit their Bitcoin and convert it into Bitcoin tokens on the Stellar network, [and] we’ll support a wide range of cryptocurrencies which will allow them to be usable and tradable in a much faster and cheaper format.”

Lister further details that Stellar is good for “transacting digital value” and trading but it doesn’t mean everything should be built on top of one protocol rather different use cases have different protocols that suit their needs best.

He illustrates

“I don’t see a need to build like everything on top of Ethereum when the Stellar protocol can handle the concept of value being transferred and traded at a much faster and cheaper rate.”

Crypto Price Analysis Watch: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and BCH Predictions

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,469FansLike
2,795FollowersFollow
4,232FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

DEX Leader Raises $11 Million in Series A Funding for Uniswap V3 Following an Explosive Month

A popular and widely used decentralized exchange (DEX) Uniswap has raised $11 million in Series A funding led by Andreessen Horowitz with additional investment...

Dapper Labs Raises $12M with NBA Players from the Brooklyn Nets & Miami Heat Participating

Vancouver-based Dapper Labs has raised $12 million in its latest financing round with additional backing from Coinbase ventures and Distributed Global. Its existing investors...

DeFi App Aave Creates First Credit Delegation Loan to DeversiFi Decentralized Exchange

DeFi lending platform, Aave completes its first-ever ‘credit delegation’ as DeversiFi borrows over $230,000 without posting collateral. The service agreement was signed on...

Bitcoin Futures Trading at a High Premium; Already Hitting $12,000 on CME

Bitcoin has yet again gained momentum, with people expecting for $12k to hit soon. According to analyst Mati Greenspan, for a sustainable rally, a...

Polkadot (DOT) Launches The First Parachain Implementation Testnet, Rococo

Polkadot introduces parachain functionality with Rococo testnet, a Proof of Authority (PoA) network, allowing users to send direct messages to the Relay Chain and...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today