Just like you know what, StellarX has a mysterious figure behind it: a co-creator who maintains anonymity and is only known as Christian. He has spoken of StellarX’s (XLM) end of Beta testing and the start of the world’s only fully-decentralised, no-fee cryptocurrency exchange with which it is prepared to “take over the world”.
So, how is Christian and his firm planning to accomplish that objective? Well, firstly, by “starting with a few basic values” such as being “a totally free trading platform … almost certainly the only one”.
The Robinhood cryptocurrency exchange, for example, claims to be free, but it “profits from its customers’ idle funds”, Christian claims. “Using StellarX, on the other hand, costs you nothing. We take no fees and, even above that, we refund all network costs, something no other decentralised exchange can match.”
‘Not here for a cut’
But that’s not all, on StellarX’s platform, “you have sole control over your assets, so whenever there’s interest, it’s yours. We’ve even written our own fee out of our agreements with deposit partners, who, we’ve found, often put in a percentage by default. We aren’t here for a cut. We’re here to redefine how assets move around the world”.
Christian says his firm can afford to be free because trades and orders are native to its platform and not a layer that has to be “superimposed”. Stellar’s consensus, unlike other exchanges, does not require proof of work nor state. “That is, it doesn’t use your capital to function” and “we don’t need your capital to function either”.
Full suite of Forex stablecoins
In the coming months “we anticipate a full suite of Forex stablecoins… We will be a ‘local’ exchange for many countries that currently have nothing”.
Also, “StellarX will one day have bonds, stocks, real estate, commodities, and so on all side-by-side with essential currencies, but these new assets take time and the right protocol to digitise.”
Christian has also addressed transparency, saying that “everything meaningful that happens on StellarX is on-chain, and so, yeah, the world can see it. Transparency for traders means “our tokens behave expectedly. There are no smart contracts to unravel ownership or to catastrophically fail. For issuers, because “if you choose, you can see who your customers are and confirm their identity before they interact with your token”.
Ultimately, as Stellar is free, flexible and functional, “we’ll win” and thus “take over the world”… well, at least the crypto exchange world.